Are you one of the nearly 60 percent of renters without renters insurance? If so, you’re missing out on valuable protection that can help in case you’re a victim of a burglary, accident or even a disaster.
Not sure how to get started? We took a look at the comprehensive guide prepared by Consumer Affairs and complied a list of the best insurance providers in New York. Here’s what you should consider when you purchase coverage.
Pros and Cons of Renters Insurance
If you’re a renter, you may have wondered if you should bother purchasing renters insurance. The benefits of having coverage include:
- Protecting your possessions – If your belongings were stolen or destroyed in a fire, could you afford to replace them? Renters insurance would cover those costs. Though your landlord is required to carry insurance on your building, that coverage does not include your personal items should something happen to them.
- Protecting your assets – If someone sues you for an injury they sustain in your rental unit, renters insurance will protect your assets.
The biggest downside for most people is usually the cost. If you purchase renters insurance, you’ll be adding to your monthly expenses. You’ll also be responsible for paying a deductible should you file a claim. Keep in mind, though, that renters insurance tends to be considerably less expensive than homeowners insurance. It’s quite likely you can find a policy that offers $50,000 worth of personal property coverage for as little as $15 a month.
Choosing Your Coverage
There are three basic types of coverage you can choose:
- Personal Property – There are two types of personal property coverage. One type covers the replacement costs of your lost items. The other covers the actual cash value of your lost items, meaning it accounts for the depreciation of your belongings. Choosing a plan that offers replacement costs will have a higher premium than one that doesn’t. Items that are lost or damaged outside your rental, such as in your car or storage unit, may also be covered.
- Personal Liability – This coverage protects you should someone have an accident in your home, such as a fall or a dog bite. Most policies include some liability coverage, although you may opt to purchase an umbrella policy to increase your coverage.
- Living Expenses – This coverage can provide money for living expenses if you’re forced to vacate your rental unit. Maximum limits may apply.
Cost is often a deciding factor when it comes to choosing renters insurance. To help keep your costs low, take advantage of discounts. These could include multi-policy discounts, or those offered for having security systems or for paying annually. Be sure to inquire about what types of discounts are available.
Insurance Providers in New York
According to Consumer Affairs, these are the best-rated insurance providers that offer coverage in New York. Click on the link to learn more and get a quote.
If you’re ready to start comparison-shopping for renters insurance, you can also let PolicyGenius help you. This website allows you to plug in your specific information to get quotes for your area. You can get information for other types of insurance as well including life, health and pet insurance.
If you’d like more information about renting in New York, please click here to speak with an agent from Platinum Properties. We’re always available and happy to answer any questions you may have.