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Why You Should Have Renters Insurance

How to Protect Your Belongings

If you own and drive a car, you’re legally required to have car insurance. Renters insurance, though, is optional – and maybe that’s why only about half of all renters insure their belongings. 


At The Wylde apartments, we require our residents to carry renters insurance. Even though you might never need to file a claim, not having renters insurance is a gamble. 

What Renters Insurance Covers

Generally, renters insurance covers your personal property damage or loss – inside and outside your home – that is not a result of your own actions or a natural disaster. It also covers medical expenses and personal liability claims against you (up to a certain amount) should a guest in your home suffer injuries in an accident. 


If you were at a restaurant, and someone ran by and swiped your cellphone off your table, your renters insurance would likely cover that loss. But if you lose your phone accidentally, your insurance wouldn’t cover the loss. 


In the unlikely event that your neighbor accidentally started a fire, and that fire consumed your apartment and all your belongings, your insurance would cover your loss (up to the maximum values defined in your policy). Most policies limit coverage for high-value items, so if you have individual items that are worth $500 or more, you may want to look into an insurance rider. (Different insurers may set different limits on coverage for individual items). 

What a Renters Insurance Rider Does

Portable, high-value items (jewelry, watches, art, electronics, and musical instruments, for example), are some of the most frequently stolen objects. A rider is a separate insurance policy that covers damage and theft for a particular item – and unlike a standard renters insurance policy, it may also cover replacement costs when you accidentally lose an insured item.

A Residents First-Attitude

The Wylde recommends renters insurance because it helps our residents have peace of mind, whether they’re at home, at work, or out enjoying some fresh air at nearby Eagle Creek Park. And we also have a partnership with an insurer, so our residents can get good rates on their rental insurance policies. Come see why The Wylde is such a great place to live. Call today to schedule your visit: (317) 934-2724.


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