This is a boring but necessary subject for apartment dwellers.
Homeowners are required by the bank to carry homeowner’s insurance, but apartment insurance is something that is completely optional for us renters. I actually did not have apartment insurance at one time, thinking it was an unnecessary expense. Until I started thinking about what would happen to the family if we lost my belongings for some reason or other. I did not really want to think about it, but it was something we needed to do, especially now that I have a small amount of stored food and emergency supplies. If you feel you don’t need it, consider this: how much do you think you would need to replace your stuff if something happened to your apartment? Do you have enough money in your savings to replace everything you own?
I checked into rental insurance and found the cost to be reasonable. The premiums are around $30-$40 per month, and you can get a discount applied if you have your auto insurance policy with the same carrier. Coverage includes replacement coverage for belongings. If you do decide to obtain a renter’s policy, read everything in the policy and ask the agent questions about what is covered and what is not covered, and details about what happens if you had to file a claim.
Apartment insurance may not be one of the most exciting aspects of being prepared, but worth some consideration as part of a well rounded preparedness plan.