What should I know about renter’s insurance?

What should I know about renter’s insurance?

If you are renting for the first time, or are considering renter’s insurance for a new lease, continue reading to understand what is protected through renter’s insurance and what the best option for you might be. Some renters might make the mistake of assuming that they are covered under their landlord’s insurance policy. If a disaster were to occur in the rental property, only the property is covered under the owner’s insurance. This does not include your personal belongings that may have been destroyed. This is a great example of why you should consider purchasing renter’s insurance. If you have renter’s insurance and face a claim dispute from your insurance company, contact our firm today for a consultation with The Law Office of Craig A. Blumberg.

What is protected through renter’s insurance?

Given the circumstances of a disaster to happen on the property you are renting, you want to be sure that your personal belongings can be accounted for. This is why most people will look into renter’s insurance. Renter’s insurance will add additional insurance coverage of your possessions inside the home that is not initially covered by the property owner’s insurance plan. This protection can cost around $300 a month. This is typically much less than people expect renter’s insurance to be. It is well worth the money in the case of an unexpected disaster. Your renter’s insurance may be able to cover up to $50,000 worth of protection. This could be covered during a fire or flood. Renter’s insurance may also be able to cover the cost of any damage including damages to appliances, electronics, clothing, furniture, and more. However, other belongings such as antiques, collectible items, or valued jewelry are not covered under this plan. It is possible to cover these specific items under additional insurance protection. To begin the process of obtaining renter’s insurance today, contact our firm to guide you toward the best insurance plan for your situation.

Is renter’s insurance required?

Renter’s insurance is not required by law. However, depending on your landlord, they may require proof of renter’s insurance before signing a lease. In most cases, it is entirely your call to decide if renter’s insurance is right for you. For most people, renter’s insurance is a responsible, smart investment that ultimately prevents you from paying out of pocket to replace anything that may be damaged.

What events does renter’s insurance reimburse you for?

The following events are typically covered under renter’s insurance:

  • Fire
  • Lightning
  • Smoke
  • Explosion
  • Riot or civil commotion
  • Theft
  • A falling object
  • Freezing of certain household systems
  • The weight of ice, snow, or sleet
  • Accidental cracking or burning of certain household systems.
  • Accidental discharge of water from certain household appliances.
  • Windstorm
  • Hail

Contact our experienced New York City firm

The Law Office of Craig A. Blumberg is an experienced New York City insurance law firm. If you require quality assistance after having suffered a property loss due to a fire, a flood, a severe storm or a robbery, please do not hesitate to contact our firm to schedule a free initial consultation. A knowledgeable attorney on your side in your time of need can make all the difference.