• Flood Myths
• Home Insurance Tips
• Your First Apartment?
• Winter Energy Tips

Congratulations! Your First Apartment. What Now?

So, you just got your first apartment. You've decided where to put your stereo, your computer and your mom's old couch. Now what?

Many people believe that their landlord or building management will cover the costs of replacing personal property inside their apartment if the apartment floods, a pipe bursts or a fire races through.

The truth is, it's not your landlord's responsibility. It's yours. Your clothes, stereo, furniture, television, bicycle, jewelry, personal computer and artwork aren't covered by your landlord's property insurance.

Can you afford to replace all your stuff if a disaster occurs?

If not, renters insurance could help protect you against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm and water damage from plumbing. The policy could also cover people who don't live with you, such as a visiting friend or relative, if they are injured at your apartment. This coverage could even include legal defense costs if you're taken to court.

Renters insurance is a great idea for every person who rents a living space, but remember these tips when purchasing it:

• Take an inventory of everything in your apartment to make sure you have the right amount of coverage.
  
  
• Ask your agent about theft limits, possible policy restrictions and discounts.
  
  
• Determine whether you want a claim to give you the cash value of your belongings or the amount it would take to replace them.
  
  
• Find out how much the deductible affects your bill.
  
  
• Review your policy to make sure it fits your needs.