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Do I really need to get apartment insurance?

Apartment Insurance For You And Your Roommate

In the United States and Canada, most landlords require tenants to carry apartment insurance. Apartment insurance will cover your possessions in the event of a fire or water damages originating within the apartment, explosion, damage caused by vehicles, theft, vandalism, and a variety of other things depending on the insurance company, the type of apartment or condo, and the extent of the chosen insurance policy.

The landlord probably has insurance, but that only covers the building structure, not the personal belongings of you and your roommate. You and your roommate should take an inventory of all of your personal belongings (television, any electronic equipment including stereos, dvd players, etc.), your furniture, clothes, etc. Take a video camera and go through the apartment to get a snapshot of all that you and your roommate own. Keep the videotape in a safe place, preferably not in the apartment, so that you can access it to show the insurance company should a disaster happen.

If you and your roommate are considering getting apartment insurance, you should know that there are a variety of things that will impact the cost of your premiums including where you live, your deductible, your insurance company, and whether you need any additional coverage. If you don't already have apartment insurance, talk to your roommate about getting some.

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