Apartment life: What you need to know about renters insurance

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Soon, I will have a new keys to add to my key chain. But before that happens, I’m learning about renters insurance. iPhone photo by Ashley May

Big news: I’m moving into my first post-college apartment! The lease is signed and the keys are on their way.

I’ve been searching for a place for almost a year now; so, finding this apartment was exciting! But, also, really stressful.

I’m at the stage where I just want to throw up my hands and say, someone please tell me what I need to do, because I’m swimming in paperwork, added expenses and insurance questions — and, I haven’t even bought a piece of furniture yet.

The topic I’ve been stuck on this week: Renters insurance. Before I went to sign my lease, I’d never even heard of it. And, I guess I’m not alone; according to a study done by apartments.com, most people never heard of it as of 2007.

I just bought a coverage plan this week through State Farm and I will shed a little light on what it is, why you need it and some of the details.

What is it? Renters insurance will reimburse you if someone steals your personal belongings, you accidentally damage your apartment or someone sues you because of an incident that happened in your apartment.

Why do you need it? Because life happens. Also, some landlords require you to have it, because the landlord’s insurance won’t cover your personal belongings if something happens. So, if your new iMac and your big screen TV goes up flames because of an accidental fire, your landlord is probably not responsible to pay for them.

How much does it cost? About $10 a month.

What exactly does it cover? Some of what State Farm’s insurance covers is damage from fire or lighting, windstorm or hail, freezing of plumbing system and theft.

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