If you rent, you need to think about renter’s insurance. You may be a careful and responsible person, but your new neighbors may not be. In the event of an accident, injury, or natural disaster, insurance is the best way to protect yourself and your property.
Insurance for renters
There are several reasons why renters avoid purchasing home insurance. They may think they are taking good care of their property or apartment and that nothing bad will happen to them. Unfortunately, the doors stay unlocked, the oven stays on, and the bathroom floods. When you live in an apartment, you are often at the mercy of your neighbors.
Some tenants also mistakenly think that they don’t need insurance because their landlord’s insurance covers them in case of fire, flood, or theft. This is because the landlord’s insurance only covers the landlord, not the tenant. It also covers structural damage and, in many cases, damage caused by the tenant. Personal property, however, is not covered without the tenant’s insurance.
Another reason tenants are reluctant to purchase insurance is that they think they are uninsurable. The reality is that renters are generally worth more than they were a few decades ago. Consider this when estimating the value of your property.
- Television sets
- Laptops and other electronics
- Game consoles
- Smart speakers
- Antiques and souvenirs
- White goods belonging to the tenant (e.g. washing machines, dryers, microwaves).
These items can add up faster than you think. Do some research to find out how much your possessions are worth based on replacement cost? For example, how much would it cost to replace a TV? Make sure your insurance policy covers everything and talk to your insurance broker to make sure you have the coverage you need.
Insurance to protect your furry friend
According to the New York City Economic Development Corporation, 1.1 million pets live in the city. This means that hundreds of thousands of pets live in rental apartments. If you are living in a rental apartment with your pet, there are a few things you need to consider to ensure their safety.
Therapy and service animals have become increasingly popular in recent times. New York State law allows service animals in all public and private facilities, including hotels and other residential areas.
However, service animals, such as therapy animals and emotional support animals, must not be allowed by the owner. If you have a service animal, talk to your landlord about your situation and see if you can keep it.
It should be noted, however, that pets are not included in renter’s insurance. This also applies to service animals and service animals. Since this is not a property, your pet is not covered in the event of an accident or injury. If your furry friend causes damage, most renter’s insurance policies have a clause that covers damage caused by pets.
For example, if your dog chews through a railing or other device, the damage will most likely be covered by your liability insurance. Similarly, if your pet bites someone in your home, it is covered. Please note that damage caused by pets is not covered if they are living in the home illegally or without the owner’s knowledge.
If you are concerned about your pet damaging your unit, you should purchase renters insurance. It is a simple and inexpensive way to protect your personal property. Talk to an insurance broker to find the right policy for you now.
Lily Poole is a Property and Home Insurance officer by profession. She is pretty well experienced in the best renter insurance nyc and accounting field and has an impressive profile in the training and development industry.