Renting A House Vs. An Apartment

Imagine it now. You've spent over a month searching around for a place to rent and have found the spot you would like to call home. Naturally, you are excited about signing that lease, being handed the keys and hauling in all your worldly possessions. Before you do, however, it is wise to think hard about renter's insurance. Like many renters, you may assume that your landlord carries the responsibility for any damage that may occur to your belongings if something should go wrong. While it is true that landlords and property owners carry insurance, it is merely for damage done to the structure, not anything you own.

After you've established that getting renter's insurance is the wise thing to do, but now you are wondering if that other property that had caught your eye would be more beneficial for your insurance premiums. It only stands to reason that one type of property will help you with your personal bottom line.

As it turns out, there really is no difference in coverage or premiums when it comes to renting an apartment versus a single-family home. In each case, the landlord or property owner insures the structure and you, the renter, are responsible for the possessions inside the unit.

The difference between insurance if you are renting a house versus an apartment comes down to the details. For example, your renter's insurance may cover water damage if your five-year-old floods the bathroom, but you may need additional flood insurance if the house you are renting is in a low-lying area and subject to seasonal rains. You would not need that additional flood insurance if you are renting the top floor of a high-rise apartment building.

Renter's insurance protects against burglaries but carefully considers the area you are interested in. The apartments have traditionally been thought to have higher crime rates, but a new study on America's housing policies has debunked that myth. There really is no difference in rates of crime between apartments and houses. That new apartment building in a great part of town with a secure entrance may be a better bet than a seemingly roomier house.

Consider that incidences of fire are more likely in apartments but that those high-occupancy buildings are usually equipped with fire prevention sprinklers. If you rent a stand-alone house, you may be less likely to suffer fire damage from a neighbor's negligence, but you are not as likely to have those sprinklers installed.

With all things considered and with regards to your renter's insurance, it isn't especially important if you lease that pretty home with a big back yard or the apartment with a view. What is most important is that you simply get the renter's insurance to make certain that you and your family are protected.

Give Absolute Integrity Insurance Group a call at 888-566-7771 for a free California Renters Insurance quote.

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