Apartment Insurance: Why Every NYC Renter Should Have It

Finding the perfect apartment in New York City took you time. But now that you’ve found it, it’s time to protect yourself and your belongings with adequate apartment insurance coverage. It really is something you can’t afford to live without in New York City.

Why Buy Apartment Insurance in NYC?

So many people make the mistake of believing that apartment insurance is optional insurance coverage and not something that is really necessary. Unfortunately, many do not learn until it is too late and they’ve lost everything in a fire, had an apartment cleaned out by burglars, or had leak in the bathtub that destroyed the priceless painting in the apartment below.

Others may have found out just how important apartment insurance is when they’re paying for alternative housing while repairs are being made to their apartment –  that’s in addition to the rent they’re paying on their apartment.

Having apartment insurance in NYC offers protection for all these situations. Apartment insurance also protects NYC renters if there is an:

  • Injury to another person while in your apartment.
  • Damage to another person’s property while it’s in your apartment.

The following types of coverage are important components of renters insurance – so make sure they’re included in the apartment insurance you purchase.

  • Personal Property Coverage
  • General Liability Coverage
  • Temporary Living Assistance

There’s no denying that New York City is an exciting place to live. But accidents, break-ins, injuries, plumbing problems, fires happen all the time – even when they are no fault of your own. Insuring your apartment helps to protect you from the worst of the financial fallout that happens afterwards.

What You Need to Know about Apartment Insurance in NYC

There is more involved in finding the right policy for your needs than simply asking for and receiving a policy. It’s important to get the right kind of protection and you may need additional protection above and beyond a standard policy.

This includes things like additional protection for valuable items in your apartment. For instance, if you own furs, jewelry, antiques, art, and high value items along these lines, you might need rider policies to provide extra protection for these high value possessions.

The same holds true for furniture and electronics. Most policies have strict limits, in the neighborhood of $2,000 on each type of product (though policies limits may vary), which means the maximum they will pay for all items of that type, is $2,000. One nice television and computer can exceed that. In homes with multiple televisions, computers, sound equipment, etc. it is worth the investment in additional coverage.

The same holds true for liability coverage. The general liability coverage that comes with your policy is a great beginning, but you may want to purchase additional protection when insuring a New York City apartment.

The reason is that if a kitchen fire starts in your apartment and spreads to several apartments around, below, or above you, you may be liable for the fire damage to those apartments, the water damage from sprinkler systems, damage to property in common areas, and any injuries that occurred from the fire or attempts to evacuate the building. The costs add up quickly and may easily exceed the limits of your policy. –

Don’t forget the legal fees. Liability coverage also extends to legal fees. In the scenario above, you could be facing multiple lawsuits from multiple people, and the apartment building owners as well. Legal fees alone, in cases like this, may exceed the coverage limits of a general liability plan. To avoid this, you’ll need to purchase an additional liability coverage plan beyond the apartment insurance coverage and may want to invest in an umbrella liability policy as well.

As you can see, it’s incredibly important to not only have apartment insurance, but also to have an adequate amount of coverage to protect yourself, your family, your prized possessions, and your apartment when disasters strike.

if you’re looking for apartment insurance in NYC, speak with an independent NYC insurance agent to discuss your coverage.


NYC Renters, Co-Op and Condo Insurance