All your hard work has finally paid off and you’ve found the perfect apartment. It's located near all your favorite spots and has a breathtaking view. The catch? You need renter’s insurance as part of the lease agreement, but you have no idea how much you need or how it works.
Most landlords require you to have renter’s insurance with liability protection. You can choose the coverage limit based on the value of your possessions, and the deductible and premium based on your budget.
How Does It Work?
Most landlords will require you to carry liability insurance to protect them in case you damage the premises. For example, if you accidentally leave the water running in your tub and flood the apartment, liability insurance would cover the cost of the repairs to fix the damage that you caused. The liability portion of your renter's policy can also provide coverage if a guest injures themselves in your new apartment.
For example, maybe your accident-prone friend trips over your coffee table or area rug and breaks their arm or leg. In this case, your liability insurance would help pay for your friend’s medical bills.
A renter’s policy also protects the stuff inside your apartment if it is damaged by a covered loss, like a fire, or stolen while you aren’t home. This can be very helpful for protecting important items like your Apple MacBook Pro, or your bike you use to commute every day. Surround’s new Starter Pack covers both your liability and damage or loss of your property.
How Much Insurance is Enough?
Renters insurance protects all the things that make up your world. When you’re deciding how much coverage you need, there are two components to consider. One is the coverage limit and the other is the deductible. The coverage limit is the most money the insurer will pay to you for repair or replacement of your things.
Add up all the things that make your apartment a home to figure out your coverage limit. Things like your furniture, your clothes, your dishes, your electronics. You get the point. If you have $10,000 worth of stuff, you'll want coverage for $10,000.
You'll also have to decide on a deductible. A deductible is an amount you must pay if your stuff is damaged before insurance will pay you. Deductibles range from $250 to $2500. The lower the deductible, the more expensive your premium is (Wait, what’s a premium again? Oh yeah, it’s the amount of money you pay to the insurance company for the insurance policy). If you have a claim, you must pay the deductible first, so choose one that makes sense for your budget, and balance that against the annual premium cost.
Insurance for the Way You Live
Insurance can be confusing, but it doesn't have to be. The insurance geniuses at Surround understand your lifestyle is not the same as your parents, so your insurance shouldn't be either. Imagine having all the coverages you need, when you need them, without worrying about the stuff you don't. We get it. And we are changing the way insurance works for you. Surround’s Starter Pack includes renter’s insurance with liability coverage, as well as Non-Owned Auto Insurance to cover you when you ride your bike. When you’re ready to sign that new apartment lease, you can feel confident that you’re covered by Surround.