One of the biggest misconceptions among renters everywhere is that renters’ insurance in NYC is too expensive. Since rent here is already so high, why should you pay even more for something you may or may not really need? Contrary to popular belief, the average cost of NYC renters’ insurance is just $15-$20 per month. That’s roughly the same cost as your Chinese takeout! Additionally, most people don’t realize renters’ insurance is much cheaper than homeowners’ insurance. Renters’ insurance covers just your possessions, whereas homeowners’ insurance also covers the home structure.
A recent survey revealed that more than half of adults age 23 to 29 do not have renters’ insurance. Half think it is unnecessary, yet three quarters of people surveyed are afraid of a fire or break-in. Purchasing renters’ insurance in NYC can protect your possessions in such cases, but it’s important to know what’s covered under your insurance policy.
Things to consider:
The best renters’ insurance policies cover the majority of your belongings such as furniture, clothes and electronic devices. Additional coverage can be purchased for more expensive items, such as jewelry and silverware.
What if I have a dog?
Good news for dog owners! If your pooch bites someone, your renters’ insurance will most likely cover it, whether it’s inside or outside your apartment. One caveat is if you have an “aggressive” breed such as a Rottweiler, Pit Bull or wolf hybrid.
Is my roommate covered?
Although renters’ insurance policies typically cover spouses and immediate family members, roommates can also be included. Some insurance companies will add your roommate’s name to your policy for just an additional $2 per month.
Do you have additional questions regarding your NYC renters’ insurance policy? Just ask your insurance company or consult Platinum’s Renters Guide.
Lack of awareness and misconceptions are the main reasons why more than half of all renters don’t have renters’ insurance. Now that you’re informed, you won’t make the same mistake! If homeowners buy homeowners’ insurance to protect their homes and possessions, why shouldn’t you purchase renters’ insurance to do achieve the same goal?
Interested in knowing more about being a smart renter in NYC? Read Life Hack: Renting Apartments in NYC!