You have been looking for the apartment of your dreams. You take a tour of it and fall in love! Now you're in the Leasing Center about to sign your paperwork for your brand new place! But wait! Did you forget something? Renting an important is a huge step in anyone's life so you want to make sure you have the right and proper coverage for your new home! Here we will tell you the importance of having E-Renters insurance for your apartment.
Grady Management has taken steps to ensure your property by requiring liability insurance from residents. Requiring renter's insurance protects residents. They will have the opportunity to purchase personal property coverage. With eRenterPlan, residents will have a continuous policy, options for additional overages, a variety of payment methods and payment frequency options.
Benefits: The benefits of eRenters Insurance include:
- Same day coverage-less than 3 minutes after you sign up.
- Up to 5 roommates can be included on 1 policy at no additional charge.
- There are no rate increases once you file a claim.
- Cover water damage to resident's unit and all other impacted units.
- Replacement cost value.
- Theft (forces entry not required)
- Premiums are by state (or territories within state), not individual
- No credit checks.
Real life scenarios: Life happens every so often. It is imperative that residents purchase an eRenters insurance policy in case one of these events happen to you. Here are are list of events that can occur where renters insurance would prevail.
Resident overflows a toilet or breaks a pipe in their apartment
and floods their own unit and multiple other apartments in their building.
Apartment owner and other residents sue them for damages.
Solution: Purchase renters insurance with liability
insurance in an amount that will cover them for other people’s damages and any
legal fees they will incur defending such claims.
Resident’s children while engaged in a pillow fight, break a sprinkler head
in the ceiling and their unit and multiple other apartments in the building are
flooded. Apartment owner and other residents sue them for damages.
Solution: Purchase renters insurance with liability
insurance in an amount that will cover them for other people’s damages and any
legal fees they will incur defending such claims.
Resident causes a fire that destroys their own apartment and
multiple apartments in their building. Apartment owner and other
residents sue them for damages.
Solution: Purchase renters insurance with liability
insurance in an amount that will cover them for other people’s damages and any
legal fees they will incur defending such claims.
Harsh storms cause drainage
ditches to overflow and water and sewage enters apartment and damages personal
belongings. Apartment owner will not reimburse for damages to personal
property.
Solution: Purchase renters insurance with a flood insurance
rider to cover seepage of underground water and sewage to reimburse for damages
to personal property. Flood insurance may not be available through ERenters
insurance program. Flood insurance may have to be obtained from another
insurance carrier.
Resident returns home to find
their apartment has been broken into and their personal property has been
stolen and/or vandalized.
Solution: Purchase renters
insurance to cover their stolen and/or vandalized possessions.
Note: Jewelry or high priced items must be itemized and listed with
insurance carrier.
Apartment Resident #LifeHacks was created in 2018 by Grady Management, Inc. Grady Management was founded in 1965 and continues to provide a full service residential, commercial, and consulting real estate firm in the greater Washington and Baltimore metropolitan area. Learn more from our website or Facebook page.
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