Insurance is extremely important in Louisiana, from your car and health to property, it is present in every aspect of our life. When it comes to a rental apartment, the property owners carry insurance that protects them against the loss of the apartment buildings, garages, office space, common areas, fences, swimming pools and storage buildings, as well as any business personal property that is kept on the premises and used to maintain or service the buildings and grounds. But their commercial insurance does not cover contents in the rental units.
What is Renters Insurance?
Renters insurance provides coverage to your personal property such as furniture, electronics, clothing among other possessions. This insurance only covers your personal contents, injury you may cause to the building or someone else and as such is far more affordable. Renters Insurance cost about the same a couple going out to a movie once a month.
Why is it Important?
Fire, theft, flood and other hazards can devastate a household. But most important is that it ensures your assets are covered. Renters insurance covers your belongings from theft and damage, but it also provides liability coverage in case someone is injured while in your apartment.
What does it cover?
The damage or loss of your personal property from fire, lightning, explosion, theft, a falling object, smoke, vandalism, weight of snow or ice, riot, or damage caused by vehicles and aircrafts. Also, while your belongings while off-premise if you are traveling and lose your luggage or laptop.
We should mention that wind damage is not covered. It has been excluded throughout most of Louisiana by underwriters.
Liability – This section of your rental insurance will cover any accidents on the rental property caused by you or family.
Living Expense - If you are displaced by flood or fire. Here, renters insurance can pay for interim lodging until the property has been restored to livable condition.
A few facts about Rental Insurance in Louisiana
Also, having an insurance for the damage caused by you doesn't make you exempt from any liability. The damaged party’s insurance company can sue you for the amount they have paid to cover the loss. If you are liable, your insurance policy will defend you and pay for the losses but only up to your policy limit.
When you are apartment shopping in Louisiana, renters insurance is probably the last thing on your mind, but we highly suggest you take the time to investigate this low-cost protection that most insurance offer. It should only take a few minutes of your time. To rent a luxury apartment in Lafayette, LA, take a virtual tour of our apartments right away!
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