Do I need to have renter’s insurance?

When a person makes the decision to rent residential or commercial property from a landlord, it is important that they consider renter’s insurance. In many cases, the landlord will require a tenant to obtain renter’s insurance before they can move into the space. Unfortunately, many people do not realize that when a disaster occurs on the property that they are renting, their personal belongings are not covered under the landlord’s insurance for the building. Typically, the landlord’s insurance will only cover the physical property and structural damages that the property may face in a flood, fire, break-in, or another disaster. Renter’s insurance is relatively inexpensive and typically only costs renters about $300 annually. This type of insurance can cover personal property that includes:

  • Furniture
  • Electronics
  • Antiques
  • Collections
  • Jewelry
  • Clothing

It is important to note that some items that have very high values may require additional insurance to make sure they are covered. This is typically the case when it comes to antiques, collectible items, art, and jewelry.

If you have been the victim of damaged or stolen property and your renter’s insurance policy won’t cover you, it may be beneficial to consult with an experienced insurance claims attorney who can provide you with assistance.

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.