Why Should we get Renters Insurance?

If you are Renting a Home or an Apartment, you will need an insurance policy to protect your belongings.

The landlord insurance does not cover the personal possessions of the tenant, it only covers the losses to the building/ property itself.  This is a piece of information that seems to come as a shock to many tenants after disaster strikes.

A staggering number of renters in New York do not carry renters insurance. If you rent, look around. You probably have a pretty substantial amount invested within those walls you do not own. A stereo, high-def TV, a business and a leisure wardrobe, all of those small appliances in the kitchen, the electronics in the study; even if your furniture was bought second hand or from low cost stores,  it all adds up and should disaster strike, everything will have to be replaced out of pocket.

And there is the matter of liability, too. Should your television repairman trip on the front walk he will probably sue your landlord. But if the repairman takes a swan dive over a poorly positioned coffee table inside your apartment or if sweet little Fluffy decides that his ankle looks like lunch it will not be your landlord’s problem. It will be yours.

Tenant’s insurance covers personal property within a home or apartment against the same types of loss covered by homeowners insurance – fire, theft, vandalism, and water damage (but not flood damage and probably not earthquake damage either) as well as protecting your interests should someone have an accident within your dwelling unit for which you might be held liable. Losses resulting from floods and earthquakes are not covered in standard policies. A separate policy or rider is required for these perils. In addition, a separate rider might be needed to cover wind damage in areas prone to hurricanes. And renter’s insurance policies don’t cover losses caused by your own negligence or intentional acts. For example, if you fall asleep with a lit cigarette and cause a fire, the policy most likely will not cover the damage.

Make a list of what you own beyond the ordinary and go over the list item by item with an experienced insurance agent, like us. The cost of renters insurance will also vary depending on the deductible chosen, typically $250, $500, or $1,000, meaning that the insured will have to pay that much toward any claim before the insurance kicks in.

Don’t Hesitate and pass by our Agency or give us a Call to get a quick free quote on a Renters Insurance for your Apartment.

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