Renters insurance is an important investment if you’re living under someone else’s roof in New York.
Your landlord will have insurance which will only protect the structure of the building, no personal properties of yours.
Renters insurance is designed to cover the expenses of replacing or repairing your property in the event of a listed peril. This can include a fire in the building, theft, vandalism, hurricanes, and more.
Before you buy renters insurance, take inventory of your belongings. The higher value of your items, the more coverage you’ll need. Standard policies include coverage for valuables like expensive musical instruments, art, and jewelry, up to a certain limit. Be sure to make a list of your possessions along with photographic documentation for inventory purposes. This will help to move the process of filing a claim as the insurance company will be able to note what was destroyed or taken.
A cash-value policy covers your possessions but takes into account the items’ depreciation, whereas replacement-cost coverage takes into account the cost of replacing the item. This an important factor to consider when choosing your insurance policy.
Gaps in Coverage
While your renters insurance covers perils like vandalism, theft, windstorm, and fire, it won’t protect you from damage caused by earthquakes or floods.
For water damage in your rented property, such as if a window breaks and rain pours in, you are covered. If there is a flood from a nearby river, you will not be covered under a renters policy. As floods and flash floods has occurred within all 50 states within the past 5 years, flood insurance is an important policy to consider.
You can add earthquake coverage to your existing renters insurance policy or you can buy it separately. Around 5,000 earthquakes happen each year in the United States, so don’t pass this insurance up without consideration.