In the state of New York, landlords are required to have insurance on the building that you rent. But what does this mean for you as a tenant? Many people believe the landlord’s insurance coverage protects their personal belongings however this is not true. The coverage that the landlord is required to have protects only the building and premises if either were to be damaged. In the event a fire were to damage or destroy your building as well as your belongings, your property will only be protected under a Renter’s Insurance policy. Whether you rent an apartment in Buffalo, or a townhome in Niagara Falls, Willoughby Insurance can help you select a renter’s insurance policy that is right for you.
In addition to protecting your belongings, renter’s insurance can also protect you in the event someone is injured while on the property that you rent. If such an injury were to occur, you can be liable for medical and hospital expenses the injured party might incur. Renter’s insurance can also pay for you to rent a different property or for a hotel stay if you are forced to live elsewhere while damage to your current rental is repaired. Belongings stolen from your car or workplace may even be covered under your renter’s insurance policy.
Many people think they don’t need renter’s insurance and others think that it is expensive, but fortunately that is not the case. The average cost of a renter’s insurance policy nationwide is as low as $20 per month and can offer up to $50,000 in coverage in some instances.There are even discounts available to renters similar to those that are offered to homeowners.
As with most insurance policies, there are typical coverages and there are less common coverages that can be added to a policy.
Common coverage under a rental insurance policy includes:
- Protection for personal property and belongings
- Personal liability coverage
- Medical payments to other parties
- Loss of use coverage in the event you need to relocate temporarily
Some optional coverages that might be valuable additions to your policy include:
- Coverage for high-value items such as jewelry, collectibles, and antiques
- Flood insurance
- Replacement value coverage which will reimburse you for full replacement costs rather than depreciated value of your belongings
Don’t make the mistake of avoiding renter’s insurance because you think you don’t need it or because you think you can’t afford it. Willoughby Insurance will help you find a great rate on a renter’s insurance policy that will provide you with the coverage you need to protect all of your personal property and belongings.