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Why You Need Renters Insurance in New York State

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Burning apartment building
Did you know that more than 50 percent of apartment tenants go without renters insurance?

As more and more apartment landlords require their tenants to take out a renters insurance policy, it’s still surprising how many people choose not to get this important coverage when they are not required to do so. Some estimates reveal that more than 50 percent of renters do not have coverage.

Wrong Assumptions Made By Apartment Tenants

Most people would agree that protecting all of your personal belongings from loss due to perils such as fire, theft, and water damage is a smart move, but common misconceptions sometimes get in the way.

A common one is that renters insurance is too expensive and not worth covering meager belongings. People who think they don’t have enough “stuff” to make it worth their while to take out a policy might be surprised at how much value is in their belongings. It’s important to keep in mind that a renters insurance policy covers a loss at replacement cost, not the current market value of property. So even though you have old furniture, home entertainment system, kitchenware, housewares, and clothing, the cost to replace all of those items will run into multiple thousands of dollars. After a fire, where everything in the apartment is lost, you could be giving up a very significant amount of money for items that you thought were not worth much.

A typical renters policy for someone who covers less than $20,000 in personal property is between $10 and $13 per month, an amount that most people can include easily into their monthly budget.

What If Someone Is Injured In Your Apartment?

Many people think that renters insurance policies are only to cover their personal property but they also cover the tenant for liability exposures with a minimum liability coverage limit of $100,000. The minimum limit can be increased up to $1,000,000 for a nominal premium increase depending on the insurer.

This protects you in the event someone is injured in your apartment and sues you for your injury.  For instance, say a guest accidently trips on a throw rug, falls down causing a serious head injury and sues you for $100,000. Without a renters policy you could be in for a serious financial predicament.

What If Your Apartment Building Burns Down With All Your Stuff In It?

You’ve probably seen local news reports after an apartment building burns down with a tenant standing out in the cold with no money, no possessions, and not knowing where they and their family will go, even for that night. The Loss of Use Coverage endorsement included on renters policies will protect you in this situation to provide immediate lodging out of the cold and also assist until you into your next home as it makes up the difference between your current rent and the cost of temporary lodging up to the limit held on your policy.

You Can’t Afford Not To Have NY Renters Insurance

Assessing the cost of a renters policy in comparison to the protection it provides, it should seem like a no-brainer to get covered. Not only to protect your personal belongings but also to cover you for liability exposure along with loss of use coverage when you really need it.

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