Should I get renter’s insurance?

Before owning a home, some people choose to rent from a landlord. A lot of young people choose to rent an apartment or other living space due to the limited amount of finances that they have available. Although renting may seem easier than buying a home, maintaining a relationship with your landlord is an important aspect of renting a place. Your landlord-tenant agreement may have certain guidelines that provide you with an accurate description of how this relationship should work out. Some landlords like to be in control of most aspects of the property. This may cause them to include guidelines where they should be summoned when something in the home breaks. This may give them the opportunity to fix it themselves or provide the name of the company that they would like the tenant to use. For renters, they have the ability to acquire renter’s insurance, which can benefit them in future circumstances.

Although a landlord’s property is protected, your property inside of the space you rented, may not be protected. Due to this, you should acquire a renter’s insurance plan. This may be able to protect your possessions if an accident were to occur where your assets where damaged. This can include a natural disaster or other incidents that caused damage. It may also include instances of break-ins and robberies. For these plans, you may only have to pay $300 a month to have your property protected. However, an insurance company may only provide up to $50,000 of coverage if something were to occur. Since insurance companies need to make money for themselves, they may not always be as willing to cover the total cost of your loss. However, it is beneficial to have some coverage rather than having no coverage for the cost of property.

What items can renter’s insurance cover?

Under renter’s insurance plans, there are certain items that can be covered if they were to be damaged during a disaster. These items may include damaged or stolen furniture, electronics, clothing, home appliances and more. The bigger, more expensive items may be the most beneficial to have covered under your insurance plan. Replacing these items would be the most difficult since they are valued at a higher price. Some items, such as expensive jewelry, may not be covered under a renter’s insurance plan. This can also include antiques and other collectible items. Due to this, you may wish to seek other means for insurance on these items.

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.