What is Renter’s Insurance?

 

What is Renter’s Insurance?

Millions of people come to live in New York. It is very common to see people choose to rent a home instead of purchasing one. This may be due to expenses or a person does not know how long they plan to live in the area. Renting a place can be more convenient for some. In doing so, it is important for an individual to maintain a good relationship with their landlord. When a landlord rents their property, they have insurance plans that cover the physical property. However, it is important to know that if a disaster were to happen, the renter’s personal belongings may not be protected under that plan. This is why it can be beneficial for renters to purchase renter’s insurance to assist them in these situations.

What is Renter’s Insurance?

When someone owns their property, they generally have insurance to cover the property as well as the assets in their home. This is to ensure the protection of their cherished belongings. When it comes to rental properties, individuals may not have this same protection. In order to have this, renter’s insurance is available. When renter’s insurance is purchased, it can protect a person’s belongings in the event of a disaster on the property they rent.

What Can Be Protected?

If a renter decides to purchase additional insurance for the property they rent, it can provide them with the protection they desire for their belongings. It is important to know that this insurance may cost an additional $300 a month to the plan they already have. However, this can be very beneficial for renters in the event that there is a disaster that damages their personal belongings. Insurance companies may cover up to $50,000 worth of protection if a fire or flood occurs on a renter’s property. This only allows protection for certain items. This can include damaged or stolen furniture, electronics, clothing, home appliances, and more.

However, there are certain things that are not covered under these insurance plans. This can include valuable items such as expensive jewelry, collectible items, antiques, and more. There are things that are cherished and important for people to protect. To receive coverage for higher valued items, a renter may wish to purchase additional insurance protection.

Contact our Firm

If you are looking to purchase renter’s insurance and wish to speak with an experienced attorney about your options, contact The Law Office of Craig A. Blumberg today.

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.