Living in an apartment is different from owning a home. It doesn’t carry near as much responsibility, but that doesn’t mean you shouldn’t be concerned about protecting your interests. Owning a home means insuring not only the house and property, but the furniture, clothing, appliances, and personal items inside the home. Apartment dwellers need only be concerned with what’s inside the apartment, not the building itself. For the most part, the building owner’s insurance doesn’t cover you, so you need to protect yourself. Following are a few insurance tips for people who live in an apartment.

Decide How Much Coverage You Need

To determine how much insurance you will need, you should take the time to inventory your possessions and then assign a monitory value to them. This procedure will be arbitrary on your part, but it should reflect the true replacement value of your possessions. To be properly protected, your figures should reflect the amount of money it would take to replace what you own, and not merely what they’d actually be worth. For instance, if you have a four-year-old television set, it probably isn’t worth a whole lot, but if you lose it to theft or a fire you won’t be able to buy a new one for that amount--so you should be covered for whatever amount it would take to buy a comparable television. You’ll more than likely have to pay a bit more for insurance for replacement value coverage, but actual value coverage could leave you struggling to replace items you really need.

Find an Agent

Once you decide on the extent of coverage you’ll need, then it’s time to go shopping for a company that can offer you the coverage you want at a price you can afford. Before actually talking to an agent, you should have a good idea of how much you’re going to have to pay. A little research can help you in this regard. Get a few quotes from online insurance companies and you will be more prepared to talk to an agent. Most people are more comfortable talking directly to another person than the type of impersonal communication you get over the Internet. There are a number of options that will available to you, so talking face to face with another human being can be beneficial. After collecting a few online quotes, you can begin contacting local insurance agents and find one you are comfortable with. If you already do business with an insurance company and are comfortable with your agent, then you’re a step ahead of the process.

Bundling Policies

Most insurance companies will give their customers a discount if they carry multiple policies with that company. If you own a car, ask your agent about combining your apartment renter's policy with your car insurance. The same bundling discounts apply if you carry life or health insurance with that company.

High Deductibles

It is standard practice within the insurance industry to offer a reduction in premiums if you raise your deductibles. Carrying high deductibles will not only reduce your payments, but allow you to stash some money in a savings account that will draw interest until it’s needed. Be sure and keep this money separate from a regular savings account, and designate it strictly for emergency use, such as paying an insurance deductible. If you never have to file a claim, you’ll have a nice nest egg later on.

Safety Features Save Money

Insuring your possessions as an apartment dweller isn’t really any different than it would be if you owned a home. The same principles apply. If you install safety features, you can save money on insurance payments. Although some of the safety installations may be the responsibility of the building’s owner, if they aren’t willing to do it, it may be worth your while to install deadbolt locks or a security system. Your insurance premiums should go down in direct proportion to the quality and number of safety devices you put in. Smoke detectors and storm-proof shutters are examples of the type of safety equipment that will more than likely reduce your insurance premiums. Be sure and check with your landlord to ensure your additions are all right with them, and that they won’t break your lease.

Guest post from Casey Lynch. Casey writes about home insurance for HomeInsurance.org.