Do you want to rent your apartment? Are you looking for companies that provide you with adequate apartment insurance?
Apartment insurance is a type of insurance policy that protects the inhabitants of that property from financial loss due to theft or damage.
It is a highly required coverage, especially if you rent within a complex or condominium.
Additionally, it has coverage for personal property, civil liability, and additional living expenses.
Due to the importance of renters insurance, in this article, you will learn about the best apartment insurance in the USA.
In addition to learning more about its importance, costs, and additional advice.
Let’s start!
Why do I need apartment insurance?
While apartment insurance is not required in the United States, it is highly recommended for all renters.
Without apartment insurance, you would be responsible for replacing or repairing damaged or stolen belongings.
You would also have to pay legal fees if someone is injured inside the apartment.
What are the best insurance policies for apartments in the USA?
There are different insurance policies for apartments in the United States. Today we will present you the best companies that offer this type of service.
Here are the details:
State Farm
State Farm is one of the most recognized insurance companies in the USA for its different types of policies, including apartment insurance.
They offer customizable coverage options to meet your specific needs, and their policies include:
- Accidents due to falling objects that damage the apartment, fire, smoke, and others.
- Climatological impacts.
- Vandalism or robot.
- Cover additional expenses so that the family can settle elsewhere in case the apartment becomes uninhabitable.
Allstate
Allstate, another of the most recognized apartment insurance companies in the USA, offers policies starting at $4 a month.
The following coverages are part of standard apartment insurance:
- Personal Property Coverage
- Living expenses
- Medical coverage for guests who suffer an accident in the apartment.
On the other hand, Allstate has a mobile application that makes it easy to manage your policy and carry out other types of procedures related to your insurance.
Progressive
Progressive is a safe and affordable apartment insurance, offering competitive rates and full coverage options.
On the other hand, Progressive policies include:
- Personal property coverage.
- Civil liability.
- For additional living expenses.
- Loss of use
- Medical payments
American Family
American Family has protection in its policies that can be customized to fit the needs of an apartment renter.
Keep in mind that if your apartment is equipped with one or more smart devices such as a fire alarm system and other risk prevention systems, you could get a better rate.
Nationwide
Nationwide, this security for apartments offers different coverages, such as:
- Personal property
- Civil liability
- Additional living expenses
On the other hand, the approximate cost of apartment or renters insurance varies depending on what type of coverage and deductible you select, however, it is around $20 per month.
Liberty Mutual
Liberty Mutual is an insurance company that offers personalized apartment insurance policies.
All policies include personal property coverage, liability coverage, and additional living expenses coverage
It also provides optional coverage for high-value items with prices starting at $5 per month.
How does apartment insurance work?
Just like car, life, health, or work insurance that seeks to protect you and your assets, apartment insurance also aims to protect the place where you live, your assets, and you.
You determine the time frames and type of your insurance coverage depending on the plan the insurer offers you.
This, is after carrying out an inventory of your belongings, the location of the apartment, and the terms and conditions established by the insurer.
How much does apartment insurance cost?
According to Value Penguin, Apartment insurance can cost an average of $18.00 per month.
However, as we can see in some apartment insurance policies, this price may vary depending on factors such as:
- The insurance company you go to.
- The place where you are living, both the state, the city, the building, the conditions of the apartment, and your belongings.
- And your income.
What is the difference between apartment insurance and home insurance?
Both apartment and home insurance may seem the same, but the truth is that they have many differences. Below are the differences:
| Apartment | Case |
| Property policy | |
| It is designed to protect tenants, their belongings, and damage to rental property. | While the house ensures the home and its inhabitants. |
| Roof | |
| It only covers damage to personal belongings, civil liability and minimal repairs to the property. | It covers the entire structure of the house and the people who live in the house. |
| Costs | |
| CostDue to its coverage, it usually has a lower cost. | Prices are higher depending on the size of the house or its location. |
| Civil Liability | |
| Although civil liability is offered, the risk of being sued for damages to third parties may be lower. | There is a greater risk of lawsuits for accidents or injuries inside a home. |
Conclusion
Protecting your belongings in a rental apartment is of utmost importance, which is why different insurance companies seek to cover this type of need.
Usually, this type of insurance is more accessible in terms of price, a big difference from other types of insurance.
We hope we have provided you with the best insurance alternatives for apartments. Remember to always research each company before choosing.
If you have questions, remember that you can make your questions for free with us or leave them in the comments. See you!
