How much coverage do I get with Renter’s Insurance?
When you are renting a property, it is important to make sure you don’t rely on your landlord’s insurance policy for everything because in times of disaster, you may find yourself without any coverage. A large portion of the living spaces in New York City are rented and therefore, renters should be ready for the unexpected. The laws in New York state that the landlord must have insurance on the building but this does not apply to your personal belongings inside of your unit. Your landlord’s insurance is only applicable if the structure of the building is damaged due to water damage, a fire, or high winds. In addition, if you are injured on the property, you may have to cover your own medical expenses.
In order to protect yourself in times of an emergency, you should absolutely consider getting renter’s insurance. With the high cost of rent in New York City, many renters may be hesitant to add another expense but it may be worth it. Renter’s insurance isn’t as costly as you’d think. You may be able to get about $50,000 of coverage for just around $300 a year, which breaks down to $25 each month. If your belongings are damaged in a fire and you don’t have coverage, you will probably have to spend more than $300 replacing everything anyway so it is better to be safe than sorry.
Renter’s insurance can also be used when your belongings are damaged outside of your rental unit. For example, if your car is broken into and someone steals something from it, you may be able to have it replaced through renter’s insurance. Of course, like any other insurance policy, it may not cover everything. If you have questions about renter’s insurance in New York City, you should speak with an experienced insurance law attorney who can assist you.
The Law Office of Craig A. Blumberg is an experienced New York City insurance law firm. If you require quality assistance after having suffered property loss, please contact our firm to schedule a free initial consultation.