Renter's Insurance

Renter's Insurance

Why is it required?

We want to make sure your belongings are protected against fire, theft, vandalism or any other damage during the time you are residing in our property. How much is your entertainment system worth? Your computer? What about your jewelry or other valuable possessions? In the event of a fire, do you know that the value of all your furniture, clothing and other possessions probably add up to tens of thousands of dollars? Most people do not realize that the insurance the apartment building carries only covers the building itself against fire or similar losses. It does not cover your property or costs in the event of situations like fire, burglary or your guest being accidentally injured because of a hazard you allowed to be left in your unit. Also, if you, a member of your family or a guest causes damage to the building itself, the building's insurance will cover the damage, but will then go to you to recover their losses. If you do not have a Renters Insurance policy, they will take you to court. There is a lot you can lose by not having your own insurance.

How much does it cost?

A Renters Insurance policy typically costs $150-$250 per year. If you are already carrying auto insurance, adding Renters Insurance through the same company may cost you very little more. Most insurance companies can offer a "multi-policy" discount if you add renters insurance to your current policy. This will save you some money.

What type of coverage is required?

• You must purchase a policy with a liability coverage limit of at least $300,000, and a personal property limit of at least $20,000
• The policy you purchase must be a separate policy; it cannot be a rider on homeowners or any other insurance.
• If you have a pet, the policy must cover pet attack and pet damage.
• In the case of multiple leaseholders or roommates, there must be a separate policy for each person, or otherwise the policy must name all leaseholders/roommates as policy holders.

How do I provide proof of insurance?

We will require an Additional Interest Certificate from your insurance company to prove you have the proper coverage in place. An Additional Interest Certificate is a document issued by the insurance company that is used solely to verify the existence of insurance coverage.

• The document must list the effective date of the policy, the type of insurance coverage purchased, and the types and dollar amount of applicable liability
• It must NOT add the management company or building owner as an additional insured party. Only as an additional interest party.
• It must be issued to: Downtownian.com Apartments Management Center P.O. Box 4883 Baltimore, MD 21211.
• The insurance company must email the certificate to us at leasing@downtownian.com, or mail it by postal service to the address above.
• The insurance company must send us the certificate directly; we cannot accept the certificate if it is sent by you.
• We must receive the certificate prior to your move in, and prior to every renewal date thereafter.