If you're renting an apartment, listen up.
If you haven't done so already, now might be a good time to check into renter's insurance.
Having adequate renter's insurance can be crucial. Too often we hear about consumers who have lost personal items due to theft, fire or other damage that occurred in their dwelling. Sometimes these people might also incur the added expense of having to find a temporary place to live while their dwelling is being repaired.
It is important to know that a landlord's insurance on the dwelling will not cover a renter's personal items or costs associated with relocating. But, renter's insurance can help with these types of losses as well as provide coverage if items are stolen from a vehicle, someone gets injured in your apartment or if injury or damage occurs due to you or a family member's negligence.
When shopping for renter's insurance, make sure to ask questions about how much coverage will be provided for specific incidents such as:
- If you will be compensated based on actual cash value or replacement value
- If you will have coverage for temporary lodging while your unit is being repaired
- Will you need a separate rider for expensive jewelry, art or antiques, items you use for business and the procedures for filing a claim
For more information about purchasing insurance, visit the Wisconsin Office of the Commissioner of Insurance's website.