Does Renter’s Insurance Cover Theft and Vandalism?
New York is largely a city of renters. Many people prefer renting over buying because it cuts out the responsibility and cost of maintenance and repairs. However, it is still strongly advised for renters to take the initiative towards protecting themselves and their rental property. As in buying into a renter’s insurance policy in the unlikely yet unfortunate event of a fire, storm, flood, or namely, act of theft or vandalism. With that being said, follow along to find out whether your renter’s insurance policy covers theft and vandalism and how a proficient NY & NJ renter’s insurance claim attorney at The Law Office of Craig A. Blumberg, P.C. can ensure you receive the coverage to which you are entitled.
Does my renter’s insurance policy cover theft and vandalism?
You may rest easier knowing that renter’s insurance policies generally cover the cost of replacing any property stolen, damaged, or destroyed after an act of theft or vandalism. Specifically, it may be set to compensate for electronics, clothing, furniture, appliances, sports equipment, certain jewelry pieces, and certain collectible pieces, among other things.
The most common example of a covered cause of theft or vandalism is a break-in to your rental property. It is worth mentioning, though, that your renter’s insurance may also work to cover acts of theft or vandalism outside of your rental property. For example, if your laptop is stolen from a common room; your clothing is taken from the laundry room; or your workout equipment is stolen from the locker room in your rental property complex.
Should I consider getting additional coverage with my renter’s insurance?
You may be able to comfortably afford a basic renter’s insurance policy, for approximately $300 per year that may grant you $50,000 worth of coverage. However, you may be under certain circumstances in which buying into additional coverage is in your best interest.
For example, if you keep a significant amount of high-value items throughout your rental unit. To reiterate, your basic renter’s insurance may only cover a limited selection of jewelry and collectibles, along with only certain pieces of artwork, antiques, and firearms. With this, you must consider whether the total value of these assets exceeds the maximum coverage allotted by your basic policy. In addition, if you have a home office or store a significant load of your business’s assets in your home. This is because your basic renter’s insurance may only cover a limited amount of your work-from-home equipment and your business’s inventory.
We understand just how delicate this situation may be for you. If you need an emotional support system that doubles as a legal support system, look no further than The Law Office of Craig A. Blumberg, P.C. Retain the services of one of the talented New York residential theft insurance claim attorneys today.
