Rental Insurance in New York
While renters don’t have the same liabilities as a homeowners would, they still need the protection offered by renters insurance. Without it, they could be liable for injuries that occur in their rental unit, for replacing their personal belongings lost in a fire or natural disaster, or for their living expenses if their living space becomes uninhabitable.
If you are renting an apartment or house in NYC, or anywhere else in New York State, HCP can help you obtain a renters policy that will compensate you for covered losses. If you think rental coverage will be too expensive, think again; it may be more affordable than you think and it’s one of the best ways to protect yourself from losses as a renter in New York. When compared to the cost of replacing your personal belongings, paying a guest’s medical bills, or paying for lodging if your apartment becomes unlivable, it’s certainly worth it. Get in touch with our friendly agents today for a renters insurance quote for your apartment in NY.
Why is It Important to Have Renters Insurance?
Many people who rent apartments and houses in New York go without renters insurance and don’t experience any issues, but that doesn’t mean it’s unnecessary. All it takes is one fire, one break-in, one accident, or one natural disaster to make your policy worthwhile. Without it, you could be left paying to replace your belongings, or for a friend’s medical bills. You could be on the hook for accidental damage to the rental unit. You could even be left without a place to live if your rental is damaged in a way that makes it unlivable. These events happen far more often than you might think, which is why you can’t afford to go without rental coverage.
What Does Renters Insurance Cover?
Renters insurance covers three main types of perils:
- Personal Property – If you lose your personal belongings due to events like fire, theft, or water damage, your policy can cover them up to a limit. If you have any particularly valuable belongings, you may want to purchase a separate policy to cover them beyond that limit.
- Liability – This covers accidental damage to another’s property as well as injuries to guests in your apartment if you are found liable for their injuries. Your policy can cover the cost to repair the damage or to compensate your injured guest for their medical bills.
- Additional Living Expenses – If your rental unit becomes uninhabitable, your policy will cover the cost of finding other living arrangements while it is being repaired. For example, if your apartment catches on fire, your policy would allow you to live in a hotel until the damage is cleaned up and the rental unit becomes livable again. As always, each policy has limits and will only cover living expenses up to those limits.
You may think that this type of coverage is unnecessary, but these situations occur more frequently than you might think. Don’t take a chance on losing your prized possessions because of a covered peril! If you are a landlord, you should also know that a renter’s policy does not cover damage to the building itself, so you will need your own policy to cover it. HCP can assist you in finding landlord insurance in NY, or give you a quote on any other type of policy you may need.
How Much Does Renters Insurance Cost?
A rental policy is one of the most affordable types of coverage you can get, which makes it a no-brainer for anyone who rents an apartment or house in New York. While we can’t tell you exactly how much your policy will cost, we can tell you that in NY, an average policy costs less than $20 dollars per month. You may even be able to reduce the cost of your policy further by bundling it with your car insurance or other policies.
You could have your possessions, liability, and additional living expenses covered for less than one dollar per day, which makes a rental policy one of the best investments you can make, whether you live in NYC or New York State.
Rental Insurance is Different than Landlord Insurance
As we mentioned, a rental policy is different from a landlord’s policy. If you are a landlord in NYC or NY State, be aware that your tenants’ policy will not cover your own losses. Their policy will not cover damage to the unit itself unless that damage is caused by the tenant accidentally, nor will it cover any structures located outside the unit (like fences, garages, or other outbuildings). You can purchase a landlord policy that will cover these perils, and it may also cover certain equipment like lawn mowers and snow blowers that are left at the property for maintenance.
Process for Filing a Renters Insurance Claim
The friendly agents at HCP make it simple for you to take advantage of the protection provided by your policy. All you have to do is get in touch with us and file a claim; we will take care of the rest. Once you have paid your deductible, you can be compensated up to the limits of your policy for any covered perils.
Just because you are renting an apartment or house in NY doesn’t mean you don’t have to be concerned about your own belongings, liability, and additional living expenses. Even if your landlord is insured, their policy will not cover any of these items. Luckily, the nation’s best insurers have policies available to cover you, and they are very affordable. The team at HCP is waiting to connect you with a policy for your rented apartment or house, so get in touch with us right away to get protected. We can also help you find a range of other policies to cover you and your business, so don’t hesitate to contact us.