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Do You Need Renters Insurance For Your Sylvania Apartment?

Life is full of risk, but you still have means to safeguard against the unexpected. If you think you don't need insurance unless you are a homeowner, you could need to take another look. By investing in renters insurance for your Sylvania apartment, you can buy back items lost due to a storm, flood, fire, or other devastating event.

Take a look around your place. Can you take on the financial burden to buy new replacements for your furniture and electronics if a disaster occurred? Regardless of the size of your space, you likely possess over $10,0000 in belongings that should be covered.

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

What Is Renters Insurance In Sylvania?

In contrast to a typical homeowners policy, a renters plan is not designed to cover the physical building. Renters insurance for your Sylvania apartment is used to replace those expensive electronics, jewelry, and other items in the event of a theft or fire. Keep in mind that earthquakes and flooding are most often excluded unless added as a rider, so take your time and read through the policy before purchasing a plan. You may not be aware, but you can buy renters insurance for short-term rentals.

Be sure to consider that insurers offer two types of reimbursement options: replacement cost and actual cash value. An actual cash value plan is less expensive as it reimburses based on the value of items at the time of loss. If your leather sectional has been around for awhile, the payout will factor in depreciation. On the other hand, replacement cost agreements give you the ability to replace the covered belonging with a new one similar to what you had.

View of Sylvania living room

What Amount Of Renters Insurance For My Sylvania Apartment Do I Need?

You may be shocked at how much your belongings are worth when you add them all together. Create an inventory of your personal effects and give an approximate value . The resulting sum will give you a good idea of how much protection you will want to carry.

It’s OK if your final calculation seems too large for you to insure. Even tenants with thousands of dollars in belongings can get cost-effective plans that won't break your budget. After all, you're only insuring your possessions, not the structure.

Liability Insurance Offers Peace of Mind

When a person is injured within your unit and takes legal action, a renters insurance policy can protect you. You can expect to find $100,000 in liability coverage for circumstances that involve serious personal injury, damage to property, and even legal defense. Your liability insurance might even protect you when something happens away from your apartment. But keep in mind, your insurance may only submit reimbursement for personal injuries but not legal representation.

Coverage For Loss of Use

In the event an emergency forces you to leave your apartment, you have to locate temporary lodging. Your renters insurance may cover costs associated with extended-stay hotels and food expenses.

Rental insurance application

Choose The Best Deductible For Your Budget

Once you understand the important facets of renters insurance, you need to select the deductible. This is the expenses you will need to put in before the policy kicks in. A larger deductible means lower monthly premiums, while a reduced deductible means higher premiums.

To illustrate, consider that you choose a $1,500 deductible . Sometime later, your unit is impacted by a natural disaster resulting in $5,000 in damage or liability claims. Your insurance only covers $3,500 or anything beyond your out-of-pocket deductible.

Looking For An Apartment In Sylvania Before Getting a Plan? 

Before you can invest in renters insurance, you have to pick the most suitable accommodations for your lifestyle. You will enjoy spacious units with a range of sought-after amenities at SOMO Flats. Book your tour right now and discover a range of options that will accommodate your lifestyle.
SOMO Flats
6455 Monroe St , Ste 100
SylvaniaOhio 43560
Phone: (419) 843-0855
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Office Hours
  • Monday  9:00 - 6:00
  • Tuesday  9:00 - 6:00
  • Wednesday  9:00 - 6:00
  • Thursday  9:00 - 6:00
  • Friday  9:00 - 6:00
  • Saturday  CLOSED
  • Sunday  CLOSED
Owned & Managed By
J.C. Hart is an equal housing opportunity provider.
SOMO Flats
SOMO Flats is a luxury apartment community located at Main Street & Monroe Street in Sylvania. Owned and operated by the J.C. Hart Company, SOMO is committed to helping our Residents feel at home. We offer many floor plans and amenities to fit your lifestyle, and our Residents love living near Harroun Park.
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