Renters Insurance in New York (2023): Everything You Need to Know

If you’re renting your home or apartment, renters insurance is a policy that can provide you with protection for your personal property, personal liability, medical payments to others, and loss of use.

What does renters insurance cover?

  1. Renters insurance provides personal property coverage that covers all the items you own, such as furniture, clothing, and electronics from damage or theft.
  2. It also covers personal liability, which means that if someone is injured at your home and sues you, it will cover legal defense costs.
  3. Renters insurance will also cover medical payments to those who are injured on your property.
  4. Loss of use is coverage that will pay for any hotel stays you might need if your apartment becomes unlivable.

Who needs renters insurance?

Renters insurance is important because in certain circumstances when you were sued, your future earnings could be affected to pay off someone. If your apartment is uninhabitable, your renters insurance would help you live somewhere else while your apartment was being repaired.

How much does renters insurance cost?

Renters insurance can cost anywhere from $100 to $300 a year or $8 to $25 a month. Your premium will vary depending on your location, building factors such as age and materials, the coverage amount you decide to purchase, and more.

What are some examples of renters insurance claims?

Renters insurance claims include fire, theft, water damage from burst pipes, liability loss for dog bites. Renters insurance would cover all of these. Renters insurance will also cover your belongings outside of your apartment.

What if I have a child in college?

If you have a child in college on campus, your home insurance will typically cover their personal property at 10% of your home’s personal property limits, subject to your deductible. There are also some insurance companies that will offer dorm insurance for any students on campus. If your child is off campus in an apartment, then they will need to get their own renters insurance policy.

Does renters insurance cover my business needs?

If you have foot traffic related to your business, then your renter’s policy will not cover you. It’s a good idea to purchase a commercial policy or business owners policy to properly cover your business.

Why should I review my policy every year?

It’s a good idea to review your policy every year. If you experience any life changes, including getting a pet, changes in marital status, or making any big purchases, you’ll want to reach out to your agent ASAP to make sure your policy is adequately covering you.

How can I document my belongings?

We always suggest creating an inventory so that if you ever do have a renters insurance claim, you have proof of what is damaged or stolen. You can also take photos, videos, or use an app like Sortly or Encircle to create an inventory of the items you own.

Why do landlords want renters to have personal liability policies?

Landlords want you to have a personal liability policy. They also want to protect themselves from legal liability if there is an accident.

In conclusion, renters insurance is a personal policy for renters that covers the personal property you own, as well as personal liability, medical payments to others, and loss of use. It’s important for anyone