FAQ

Question 1

What Is Apartment Insurance?

Accepted Answer

Understandably, the idea of apartment insurance, also known as tenant insurance, can seem strange to someone who is new to the idea. Since apartments aren’t traditional houses; there doesn't seem to be a need to insure anything. After all, the apartment is your landlord's responsibility, right? Well...yes and no.

Firstly, yes, the apartment itself is your landlord's responsibility, so you don't need a home insurance policy to protect that. However, there are other things home insurance provides that you won't be covered for. These include personal liability insurance, contents insurance, and insurance for additional living expenses. While your landlord almost certainly has this in their landlord insurance policy, contrary to the common tenant's insurance myth, your landlord's coverage won't protect you in areas you need it. In the event of a fire, for example, damages your apartment, your landlord's insurance will cover the property damage. However, if your personal belongings are damaged and/or you must live somewhere else for a few months, you're on the hook for a lot of money. If you have apartment insurance, your insurance provider can reimburse you for your damaged personal belongings, as well as the cost of renting elsewhere for a short-term solution.

Question 2

Who Needs Apartment Insurance?

Accepted Answer

Anyone who resides in a rental property can use the protection of apartment insurance. This is because apartment insurance can give you a level of financial protection that you might not even know you're exposed to. You might think that something like car insurance would be the only protection you need, but you almost certainly have some possessions that would cause financial hardship if they needed to be replaced. You're also exposed to having to pay any legal fees if someone chooses to hold you liable for an incident, even if the claim is baseless. Apartment insurance coverage protects a policyholder from these possibilities.

Question 3

Why Do I Need Apartment Insurance?

Accepted Answer

As mentioned, apartment insurance can provide protection to your most valuable possessions, protect you in liability cases, and reimburse you for needing to adjust your temporary living situation if your current home becomes unlivable. However, there is more to it than that. Many landlords might reject a renter who doesn't have the protection of apartment insurance. You never want to face the heartbreaking situation where you were turned down from your dream apartment due to the fact that you didn't bother to get apartment insurance.

Question 4

Where Can I Get Apartment Insurance?

Accepted Answer

You can get an apartment insurance quote at Morison Insurance. Morison Insurance has been providing custom coverage options and assisting clients with insurance claims and packages for over a century. With 5-star coverage, you are safe with us. Fill out the form below or call us at 1-800-463-8074 to get started with your apartment insurance policy.

Question 5

What Does Apartment Insurance Cover?

Accepted Answer

Rental apartment insurance can cover a series of very specific things. These coverages include personal property, additional living expenses and liability, voluntary medical and property damage, sewer backup, and overland water. Some of these protections are included by default, while others are optional coverages that ensure protection from a wider range of perils than a base plan. If you would like to know which level of protection is right for you and get personalized coverage, it is best that you speak with your Morison Insurance broker.

Question 6

What Is Not Covered By Apartment Insurance?

Accepted Answer

Sadly, apartment insurance doesn't cover every single thing that could go wrong with your apartment. Even if you go beyond having the standard named perils coverage and instead go for extra comprehensive coverage, there will still be items not covered. Even all-perils coverage, contrary to what its name suggests, doesn't cover everything. Some situations where your apartment insurance will not cover you include:

Damage done intentionally by the property owner.
Damage due to wear and tear over time.
Damage done due to poor maintenance by the policyholder.
Certain natural disasters, such as earthquakes, might not be covered.
It should be noted that although it does cover your immediate family living with you, it does not cover roommates.
It is important to remember that this is not a complete list of items not covered by apartment insurance. If you would like to know more about what apartment insurance is unable to compensate you for, please speak with your Morison Insurance broker.

Question 7

How Much Does Apartment Insurance Cost?

Accepted Answer

Apartment insurance is relatively inexpensive, considering the coverage it can provide. Usually, for less than $60 per month, apartment insurance is much less expensive than home insurance and provides many of the same protections. However, it does not have a set cost due to the wide range of factors that could impact it. Two different insurance companies will almost certainly give the same potential client two different quotes. The factors that could impact an apartment insurance quote include the following:

The location of your apartment.
The level of coverage you desire, as well as any additional coverage you desire.
Whether or not you have roommates.
Your credit score.
Your claims history.
The age of your building and how well-maintained it is.
Safety precautions taken by both the tenant and landlord.
The length of time the policyholder has been insured.
The number of occupants.
Please note, however, that this is not a complete list of factors that could impact your apartment insurance quote. Please contact your Morison Insurance broker if you would like to know more factors that could impact your insurance premium or would like an accurate quote.

Question 8

How Can I Lower The Cost Of Apartment Insurance?

Accepted Answer

With all the factors that could potentially impact your apartment insurance quote, you might be thinking that there must be some way you can lower it. Luckily, if you have enough ingenuity, there are things you can do to get a slightly lower quote. They include the following:

Increase your deductible.
Avoid making claims on small losses to keep your claim history clean.
Remain insured for longer to gradually lower your quote.
Increase your credit score.
Bundle it with your car insurance.
Please note that this is not a complete list of things you can do to lower your apartment insurance quote. If you would like to know more ways you can do so, it is best that you ask your Morison Insurance broker, and they will be happy to let you know.

Question 9

What Is The Difference Between Apartment And Home Insurance?

Accepted Answer

The differences between apartment insurance and home insurance mostly come down to the difference between owning and renting a dwelling being lived in. While both types of coverage can compensate for contents, liabilities, and additional living expenses, as well as insuring against various other perils if the policyholder desires, there is a difference. Home insurance will provide protection to the physical structure of the home, while apartment insurance doesn't protect the rental unit, as that is the responsibility of the landlord.

Question 10

What Is The Difference Between Apartment And Condo Insurance?

Accepted Answer

Condo insurance and apartment insurance might seem to have a lot in common. However, as with home insurance, condo insurance also covers something that the policyholder owns. It is also important to note that condo insurance policies also assist in insuring the condo corporation for the common areas inside the condominium building, such as the lobby, stairs and amenities.

Question 11

Does Apartment Insurance Cover Roommates?

Accepted Answer

Typically apartment insurance will not cover roommates unless they are listed as additional insured on your insurance policy. If they are not listed as additional insured, they will require their own policy to provide financial protection for their personal belongings in the event of a loss.

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