How Much Does Renter’s Insurance Cost?
New York State does not necessarily require renters to purchase an insurance policy for their dwelling. However, some landlords may demand this as part of the lease agreement, while also asking that the renter include them as an interested party in their policy so that they may remain informed if they wrongly cancel it or make changes to it later on. Nonetheless, you may be hesitant to enter such an agreement merely based on how much it will cost you in addition to your monthly rent. Well, please continue reading to learn how much renter’s insurance typically costs and how an experienced NY & NJ renter’s insurance claim attorney at The Law Office of Craig A. Blumberg, P.C. can help determine whether this investment is one worth making.
How much does renter’s insurance cost in New York State?
Surprisingly, the cost of renter’s insurance may be less than you initially assumed. In New York State, it is approximately $14 per month, which is essentially 21 percent less than the national average. However, your specific renter’s insurance policy may vary in price based on the following factors:
- The general size of your rental unit or house.
- Whether your rental is located in an area with higher crime rates or more prone to natural disasters.
- Whether your rental is set with security features like alarm systems, deadbolt doors, and smoke detectors.
- Whether you add more coverage for high-value items like artwork, jewelry pieces, technological equipment, etc.
Is renter’s insurance worth the investment?
As the saying goes, it is better to be safe than sorry. This is why we always recommend our clients pay the extra $14 or so per month for a renter’s insurance policy. In the end, this investment may be far less than what you would have to pay should you, unfortunately, experience an incident in your rental unit.
For example, say that the property where your rental unit resides experiences serious flooding from a heavy rainstorm. Well, your landlord’s insurance may cover the cost of replacing or repairing your wooden floors that got warped from the prolonged standing water or heavy moisture during and after the flood event. This may be in addition to your unit’s electrical systems and plumbing systems afflicted by water damage.
However, their insurance may not be responsible for compensating you for your couches, chairs, and other pieces of furniture that experienced flood damage. You can also forget about getting help replacing any other personal items (i.e., phones, laptops, etc.) you had to leave behind when evacuating your rental unit for a safe haven during the flood event. A situation like this is where your renter’s insurance policy gets put to use and is ultimately deemed handy.
There is no sense in waiting any longer if you already know you need to make a renter’s insurance claim. So please reach out to a skilled NY & NJ renter’s insurance claim attorney from The Law Office of Craig A. Blumberg, P.C. today.
