What does renters’ insurance protect me from?
Instead of buying a place to live, many people choose to rent. This may be a more affordable way for them to find a place to live in. When people rent a place, they often have to deal with landlords. Some landlords can be pretty reasonable while others may pay attention to tiny details. It is important to have an agreement made up with your landlord to outline your rights and what you expect from them. The landlord may be responsible for fixes to the rental property or utilities. These landlords may have plans in place that protect their property. If something happens where damage is caused, their insurance policy may cover this. However, as a renter, your property that is located inside the rental may not be accounted for. Your possessions and other items inside your home may not be covered under this insurance policy. To have your property covered, you may wish to seek alternative means. You should look into getting an additional insurance plan that covers damage to your possessions. To protect your personal belongings, you should opt to get an insurance plan that protects your assets. Your landlord’s insurance plan may only be for the physical structure, leaving your property unaccounted for.
What is protected through renters’ insurance?
Since renters are living on someone else’s property, they may not be covered under that property owner’s insurance plan. Due to this, they can opt to get an additional insurance plan that can account for their possessions that are inside of the home. This protection may cost an additional $300 a month for the renter. However, this can be beneficial if an unexpected disaster occurs and causes damage to your possessions. Your insurance company may be able to cover up to $50,000 worth of protection if a fire or flood were to happen on your property. Through this additional insurance coverage, it may be able to cover the cost of damage to furniture, appliances, clothing and more. There are products that are not covered under this plan though, including higher valued jewelry, antiques and collectible items. These items may have to be covered under an additional insurance protection. We understand your possessions can be meaningful to you. We can help guide you toward the right insurance plan.
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.
