Renters insurance is more important than the average New Yorker realizes. Not only does it help protect you from liability if someone is hurt on your property, but it also helps to replace items that may be damaged, destroyed, or stolen in a covered event. Below are five of the most common insurance claims made against renter’s insurance policies today – and compelling reasons to consider purchasing renters insurance in NY for your apartment or rental home.
5 Common Renters Insurance Claims
1) Apartment Fire
The thing about apartment fires is that it doesn’t necessarily matter how careful you are. You have neighbors. And it only takes one of them to have a grease fire, fall asleep while cooking, or place a space heater too close to their furniture for a fire to start that damages your apartment too. You need to be covered for the damage to your apartment whether the fire started there or not so that you can replace your destroyed possessions.
If the fire originated in your apartment, you could be held responsible for the structural damage to the building as well as any loss of property due to fire, smoke, or water damage as well as medical emergencies, injuries, and deaths that may occur as a result of the fire. Your renters insurance will help you cover those costs as well.
2) Stolen Electronics Device
Theft is a big problem among people who live in apartments. People move in and out frequently so it’s barely a blip on the radar for neighbors to see someone walking into or out of an apartment carrying a television, computer, or stereo equipment. Some expensive electronics items will never be seen if you own tablet devices, mobile phones, and laptop computers.
These devices are easy for people to grab and go and that makes them a common target for thieves who are thieves of opportunity looking for a quick score. Renters insurance will help you replace these stolen items quickly and efficiently in the aftermath of a break-in or robbery.
Electronics items aren’t the only things thieves targets from apartments and rental homes. If you look around your home, there are probably many items you own that are valuable enough to make attractive targets for thieves. These things include computers, sporting equipment, televisions, entertainment systems, gaming systems, stamp collections, art, jewelry, and more. While you may need rider policies to cover items of exceptional value like jewelry, furs, and some electronics, your renters insurance in NYC can help replace many of the items that are stolen during a burglary.
4) Personal Injury in Apartment
Just as there is no such thing as a minor surgery, there is no such thing as a small personal injury. Personal injuries that occur in your apartment, no matter how minor they seem at the time, can turn into big deals, financially, for you. This is especially true if you do not have the liability protection that a good insurance policy for renters provides.
Not only does liability protection from the policy help to cover the medical expenses that arise from these injuries, but also any legal fees that may arise as a result – up to the coverage limit. If you are concerned about the possibility of injuries or live in an area where these types of lawsuits are common, you might consider an additional umbrella policy in addition to the liability coverage that is included with a standard renter’s policy.
5) Additional Living Expenses
One thing few people think about until they find themselves in need of it is additional living expenses that arise while your apartment or rental home is under repair. While some damage may not render the dwelling unlivable, there are some that may require you to seek alternative accommodations for the duration of the repairs – whether that period of time is a few weeks or a few months, additional living expenses coverage on a renter’s policy can help cover the burden of these additional costs.
The right renters insurance policy can make a world of difference for your financial health and wellbeing in any one of these five situations and many more similar circumstances.