Your New York and NYC Renters Insurance Quote Source
If you lease an apartment or home anywhere in New York State or NYC, you need to have renters insurance to protect your belongings in the event of a fire, water damage, theft of your property, along with many others.
The vast majority of people who own homes take out a policy to protect themselves, yet less than 50 percent of renters have coverage. Why is this?
- Assuming the Landlord’s Policy Covers Tenants: This assumption is incorrect as a landlord policy covers losses to the building itself and not the personal belongings of the tenants.
- Undervaluation of Personal Belongings: Many people who lease their home feel that their belongings are not worth much, so why pay to insure them?
What they fail to realize is that adding up the value of everything they own, including furniture, clothing, electronics, housewares, and other items will often add up to a significant sum of money if they lost everything in a fire and had to replace each item. Most renters policies are written on a replacement cost basis which is much more valuable than the fair market value of personal belongings.
At the NY Insurance Hub, we are specialists and pride ourselves on finding the right coverage for your needs while providing quality service and competitive pricing. We have hand-picked the carriers that provide the best insurance options in NY to protect you properly, and better yet, give the best rates for virtually any circumstance.
We tailor to your needs and risks and run manual quotes to compare amongst our top-rated carriers to zero-in on the best policy option for you.
More Reasons To Get A New York and NYC Renters Insurance Policy
Besides protecting your personal belongings, a renters policy provides other benefits such as:
Affordability: There are not many things in the world of insurance that are cheap, but a renters policy is one of them. On average, most people pay between $12 and $20 per month depending on how much coverage is required.
Landlord Requirement: Most owners of large apartment building complexes require all tenants to be insured. In recent years, it’s become more and more common for individual landlords owning single and multi-family properties to require tenant coverage as well.
Replacement Cost Reimbursement: Most standard policies reimburse damaged or lost property at replacement cost as opposed today’s fair market value of any item. Say for instance, your apartment is broken in to and several items are stolen, including a 50 inch TV that was 10 years old. The value of that TV today is only $25 due to its old technology. But, to replace that TV, it will cost you $400 today. Your insurance reimbursement amount would be $400, not $25.
Additional Living Expenses: This is a very important protection included as a base protection on most standard policies. It helps pay for increased costs you incur if you are temporarily unable to live in your home due to a covered loss, up to the limit you carry on your policy.
For example, say you have a fire in your apartment that makes it uninhabitable until repaired. Your Additional Living Expense protection will qualify you to be reimbursed for the additional costs you incur had you not been forced to vacate your home. Items such as:
- The difference in cost between the rent at your damaged apartment and the cost to procure a new living space at another location. (For example, if your rent was $1,200 per month at the damaged home and your new temporary living space is $1,500 monthly, your reimbursement would be $300)
- If you temporarily relocate to a place that doesn’t allow pets, it can help pay for your pet boarding costs.
- Cost for storage unit for personal property if needed.
- Cost of meals at a restaurant if you don’t have access to a kitchen.
- Cost of laundry if you don’t have access to a washer and dryer.
- Cost of the difference in utility expenses between your old home and new relocation space.
- Cost of the difference in fuel expenses in the event you are relocated at a further distance to where you commute for work or school.
It also provides peace of mind that you literally don’t have to be left out in the cold. Think of all the local news reports you’ve seen after an apartment building burns down and some unfortunate people have no belongings and nowhere to go. It’s nice to know that you can call your insurance company to secure lodging and help with basic necessities when you need it, right away.
Liability Coverage: Most standard renters policies include Personal Liability protection. It covers you if you cause injuries to other people or damage to their property through an accident or negligence.
Say for instance you have friends over to your apartment and one of them trips and falls incurring a serious injury. If a liability claim is made against you for the accidental fall, your personal liability coverage is there to protect you with the cost of legal fees and any settlement or judgment made against you.
It also can cover accidental injury or property damage caused away from your home by the insured, insured’s children, or even pets.
Most policies start at a minimum limit of $100,000 but can be increased significantly and even covered under a personal umbrella policy.
Common Covered Perils for New York and NYC Renters Insurance
Most renters policies are written using the Broad Form level of coverage as follows.
- Windstorm or Hail
- Aircraft or Vehicle Collision
- Riot or Civil Commotion
- Sinkhole Collapse
- Volcanic Activity
- Burglary and Break-in Damage
- Falling Objects such as Trees
- Weight of Ice and Snow
- Freezing of Plumbing
- Accidental Water Damage
- Artificially Generated Electricity
It’s important to not that common exclusions are causes of loss due to flood, earthquake, power failure, neglect, war, nuclear hazard, intentional acts and ordinance of law.
In light of the common exclusions, you can see that the Broad Form covers most typical causes of loss to personal property that a tenant might encounter.
Bundle Discounts – Choosing the Best New York and NYC Renters Insurance Company
There may also be other coverages that you many want to consider in addition to your basic policy. These may include, automobile, personal umbrella, motorcycle, RV, boat, among others.
We have access to companies that offer the best bundle discounts and make them available to you.
Our agents at NY Insurance Hub can help you understand your other risks and help you evaluate whether you may need additional coverages.
We service clients for Insurance Policies in the Albany, Schenectady, Troy, Latham, Cohoes, Watervliet, Clifton Park, Saratoga Springs, surrounding Capital Region areas and all of New York State from NYC to Buffalo. Each one of our clients is given a dedicated expert to work together to proficiently address all your concerns.
Whether you are simply looking for the Best Insurance quote in New York or want a thorough consultation for your insurance policy needs, we are here to help.
Frequently Asked Questions (FAQ) for New York and NYC Renters Insurance
Company A may be great with monoline policies in unprotected fire zones, while Company B may be the best option for higher personal property limits for people with an excellent credit rating.
Company C may be the best option for when the bundle discount is applied and on and on.
That is why we work with each quote as a unique opportunity and manually quote with the top companies for that specific scenario of qualifying factors.
We do this without sacrificing coverage and commonly upgrade protections while still saving customers up to 50%. Our number one goal with every quote opportunity is to find the lowest cost option that provides the protection you need and deserve, while educating you on the most important aspects of your policy.
In a greater sense, we do make out better by spending extra time with our customers and building relationships with them because we get a lot of referrals for new clients, and our interactions are like talking with friends and family. We simply care about our people and want to make sure they are taken care of.
Having multiple policies with the same carrier makes it so much easier for you to manage your payments, retrieve policy documents, and centralizes your point of contact for any customer service inquiries.
The best way to determine your limit amount is to take an inventory of all your possessions and go online to find out how much it would cost to replace all those items.
Keep in mind that there are normally special lower limits of reimbursement for certain personal items such as expensive jewelry, fine art, collectibles or collections, goldware, silverware, platinum, firearms, and furs. In this instance you might consider scheduling those types of items on your policy or even getting a separate stand-alone policy.
We have hand-picked our A-Rated companies and are directly appointed to the ones we feel are the best for the people of New York for both price and coverage options. We do not use automated rating tools that sometimes result in a higher premium or miss important endorsements, instead we manually quote for your best option. It takes a bit longer, but won’t cost you more, in fact, we feel it gives you an additional benefit.
Our experience is also a benefit to our clients and those seeking a NY insurance quote. With the multitude of major rating factors combined with discount eligibility, our experience has taught us how to compare and contrast these elements from amongst our targeted companies to give you the absolute best deal we can find.
Last but not least, we’re an agency that cares, cares about you as a person, cares that you are properly protected, and cares that your experience with us is a good one.
Contact Us Today at 518-783-0105 to speak with one of our trusted agents about your NY and NYC Renters Insurance Options & get answers to any questions you may have.