Many people are often surprised to learn that they need renters’ insurance when they move into an upscale building like The Luxe. They’re paying for the convenience of living in a building that’s safe, well-managed and continuously cared-for. What need could they possibly have for renters’ insurance? Do you really need renters’ insurance for an upscale apartment? Absolutely. Despite all the care, attention and safeguards high-end apartment buildings receive, they’re still not immune to life’s uncertainties.
A busted pipe during one of Minnetonka’s frigid winters. An electrical short in your unit. A slip and fall accident by a guest. These are things you can’t predict or control—but you can plan for them. It’s why renters’ insurance is such a big deal.
What does renters’ insurance cover?
Renters’ insurance offers protection from the unexpected, no matter what forms it might take. Here’s a look at what renters’ insurance covers and why it’s important for any Minnetonka renter.
- Personal possessions.Flooding in your unit absolutely destroyed your favorite Italian handbag. Renters’ insurance covers the cost of replacing it. The same goes for any other possessions damaged by fire, flood or unpredictable circumstances beyond your control.
- Property damage.A small grease fire in your kitchen damages the cabinetry. The accident wasn’t your fault; renters’ insurance covers the cost of repairs to affected cabinets and any smoke damage your kitchen may have suffered.
- Displacement costs.An electrical problem causes your unit to lose power for 48 hours while it’s fixed. Renters’ insurance reimburses the cost of staying at a hotel while contractors are working in your apartment.
- Personal liability.You invite the neighbor over for a cocktail and they accidentally slip on your freshly-polished kitchen tile. Renters’ insurance covers the cost of their medical expenses when they visit urgent care for an x-ray.
Even in luxury apartments, these situations are all too real when they occur. In fact, they might never occur—but it’s best to be prepared if they do. Renters’ insurance is your first and best line of defense at protection from high costs caused by unforeseen circumstances.
Mitigating the cost of accidents
There’s a reason high-end buildings like The Luxe require renters’ insurance from all tenants. In the event of property damage or an accident, the costs associated with repair and replacement are going to be much higher. Think about the cost of replacing Viking appliances after a fire or your wife’s collection of Manolo Blahniks after a flood.
High-end renters’ insurance claims easily total in the tens or hundreds of thousands of dollars as they cover luxury brands and materials.There’s also the cost of the building’s amenities to consider. If an accident originates in your apartment and spreads—a washing machine leaks into a lower unit, for example—there’s going
to be repairs. From new electrical to replacement for luxury materials, it all adds up fast.The reason? High-end, luxury buildings demand high-level service. More expensive professionals and more expensive materials are often worth the cost.
How much renters’ insurance do you need?
While everyday renters in Minnetonka might get coverage averaging $30,000 for a simple apartment, luxury renters should expect to get coverage that’s about 10x times that. For example, The Luxe has a minimum required insurance policy of $300,000(per occurrence) for bodily injury or personal property claims. Again, this is required and accurate.
The higher costs associate with luxury living necessitate coverage and demand higher policy levels, regardless of income or assets. It might not seem like you need a $300,000 renters’ insurance policy if you’re bringing home much more than that annually… but that’s not the point. The point is the guarantee of an insurance company and its ability to cover even the most catastrophic damages.
Even Luxe living demands renters’ insurance
You pay for the luxury of living in a sophisticated building with high-class amenities. You pay for safety and convenience. You pay to be surrounded by other tenants who care about the facilities as much as you do. It all adds up to a standard of living that’s worth the cost—and worth protecting. Renters’ insurance is a simple way for Minnetonka renters to protect themselves, their apartment and their fellow tenants from the unforeseen and unexpected, so they can continue to enjoy the luxuries and elegance of high-class living.