4 Common Misconceptions About Apartment Insurance

The number of homeowners in the United States is on the rise. As rental rates increase exponentially, millennials are finally moving toward buying houses and apartments, instead of renting them.

Buying a house or an apartment represents a significant investment. So it’s essential to take the proper steps to protect the investment. However, when it comes to insurance policies for apartments, there are several misconceptions floating around.

Let’s take a look at some of them:

Myth # 1: My Personal Property Might Not Be Worth Much

One of the biggest mistakes apartment owners make is not understanding the value of their possessions. From expensive jewelry and clothing to flat-screen televisions and laptops, most residences are full of valuable items that can add up to a surprising amount. Apartment insurance ensures that all possessions will be duly compensated for by the insurance company in case of damage.

Myth # 2: My Landlord Is Required To Provide Coverage

One of the most prevalent myths about apartment insurance is that the landlord is responsible for providing coverage.

While getting coverage for the building and the grounds fall under the landlord’s responsibilities, coverage for the apartment and its possessions is not their responsibility.

Myth # 3: The Landlord Is Responsible If My Guests Get Injured

Injuries can happen at any time and in any place. It’s unfortunate if a guest gets injured while on your property and sues you for medical expenses.

Many people believe that the landlord is responsible for such damages, but that’s not true. If you have apartment insurance, the compensation will be paid for by your insurance provider. If you don’t have insurance, the funds will come out of your pocket!

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Myth # 4: Apartment Coverage Is Very Expensive

A lot of people are surprised to find out that insurance coverage for most apartments is quite affordable. The average insurance premium for apartments was $180 in 2017. With the average amount of property damage being $12,474, this seems reasonable.

 

Are you still confused about getting Apartment Insurance MA? Our agents at Western Mass Auto Insurance can help you!

We offer affordable Home and Apartment Insurance in MA and flexible insurance policies. 

Get in touch with us today and find out what your property is worth and the kind of premiums we offer!



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