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Why Should You Get Renters Insurance For Your Indianapolis Apartment?

Life may throw you curveballs, but there are ways to defend against unforeseen events. If you think you only require insurance if you purchase a house, you could be making a costly oversight. By investing in renters insurance for your Indianapolis apartment, you can get back some money after a fire, theft, or other emergencies.

Take a look around your place. Could you take on the financial burden to purchase a new flatscreen, couch, or other items if a flood or fire caused excessive damage? It doesn’t matter the square footage of your place, you probably have accumulated over $10,0000 in belongings that require insurance.

Living room in Indianapolis apartment
Model Living Room at Ivy Towns and Flats

What Exactly Is Renters Insurance In Indianapolis?

Unlike homeowners insurance, your renters policy doesn't cover damage to the actual apartment building. Renters insurance for your Indianapolis apartment is used to replace your furnishings, electronics, and valuables in the event of a natural disaster like fire or wind. Flooding and earthquakes are usually not covered but might be specifically added, so take your time and read carefully during signing the contract. You even have the choice of getting renters insurance for short-term rentals.

Just remember that insurers offer two types of reimbursement options: replacement cost and actual cash value. A cash value plan is less expensive as it considers the value of items when you make a claim. If your flatscreen TV has many years of use, the compensation will be impacted by depreciation. Then again, replacement cost policies allow you to replace the insured possession with a comparable new one.

View of Indianapolis living room

How Much Renters Insurance For My Indianapolis Apartment Is Enough?

You might be surprised at the dollar amount of your items when adding them up. Carefully document and give an approximate value . The resulting sum will provide a clearer picture of how much insurance you will need.

Don't worry if your asset total seems too large for a monthly premium. Even renters with some expensive heirlooms can get cost-effective plans that won't break your budget. Remember, you're only insuring your possessions, not the entire apartment.

Liability Insurance for Property Damage And Personal Injury

When someone suffers an injury in your apartment and takes legal action, a renters insurance policy can protect you. You will typically have $100,000 in liability insurance for incidents including property damage and personal injury. Your liability insurance may even apply when something happens at a different location. Even so, many policies will only cover a settlement to personal injuries but not legal representation.

Do You Need Temporary Lodging?

In the event an emergency requires you to vacate the premises, you have to book temporary lodging. Your renters insurance may cover costs associated with extended-stay hotels and food expenses.

Rental insurance application

Determine The Best Deductible For Your Budget

Now that you know about the important facets of renters insurance, don't forget to consider the deductible. This is much you have to pay from your savings before the policy kicks in. A high deductible equates to more affordable premiums, while a smaller deductible means higher premiums.

For instance, say you decide on a $1,500 deductible for your policy. Then, your unit is impacted by a natural disaster occurring $5,000 in damages and liability. Your plan will reimburse $3,500 or the remaining part beyond your out-of-pocket deductible.

Need An Apartment In Indianapolis First? 

Before you can invest in renters insurance, you’ll need to find the most suitable accommodations for your lifestyle. You have access to spacious apartments with plenty of great features at Riverview Apartments. Make an appointment today and choose from floor plans that make sense for your busy life.
Riverview Apartments
460 N. White River Parkway West Drive
IndianapolisIndiana 46222
Phone: (317) 751-4053
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Office Hours
  • Monday  9:00 - 5:00
  • Tuesday  9:00 - 5:00
  • Wednesday  9:00 - 5:00
  • Thursday  9:00 - 5:00
  • Friday  9:00 - 5:00
  • Saturday  10:00 - 5:00
  • Sunday  CLOSED
Apartments Close to Indianapolis, IN
J.C. Hart is an equal housing opportunity provider.
Riverview Apartments
Riverview Apartments is an apartment community located at 460 North White River Parkway in downtown Indianapolis. Riverview Apartments is owned by Riverview Partners, LLC which is a joint venture between Goodwill of Central and Southern Indiana and Strategic Capital Partners, LLC. The community is managed by the J.C. Hart Company. This partnership is dedicated to providing one-a-kind workforce housing in downtown Indianapolis.
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