When you buy a home (or an apartment) it’s a pretty well-known fact that you will need some kind of homeowners insurance. But what happens when you’re renting an apartment? The picture becomes a lot less clear (and, ergo, much riskier). Plenty of renters decide that they don’t need to insure their new apartment. It might be because they don’t know that they need coverage, or it might be because they don’t want to spend more than they need to (which we understand). Either way, you will still need to get NYC renters insurance policy to protect your home and belongings from theft, disaster and inclement weather. But, how do you get the best coverage possible?
NYC Renters Insurance Policy – The Questions You Need to Ask
To get the best coverage possible you’re going to need to know exactly what your policy covers, as well as understanding under what situations you are covered. Unfortunately, not every insurance company is going to make you aware of what is covered. They might give you a general idea but, they’ll probably gloss over the fine print that could come back to bite you. Here are the questions you need to ask to get the best NYC renters insurance policy possible.
1. Which of my belongings are covered?
Most insurers will have a NYC renters insurance policy that will cover most of your personal property (your sweaters, TV and comfy sofa). But, there are usually limits on some of your property (like jewelry). You are free to play with those limits depending on the level of coverage you feel you need.
2. Under what horrible situations, disasters and perils are you covered?
Disasters happen. A lot. Luckily, the right renters insurance could cover you in the event of a theft, fire, injury and some kinds of water damage. For protection against floods (if you live on the ground floor) you will need some kind of flood insurance in order to achieve complete coverage. There are other minute details to watch out for so be sure to go over the specifics with your provider.
3. Who does my policy cover?
If you have a spouse or family living with you, your policy should cover them. But, if they’re not related to you there is a high likelihood that they will not be covered. You might be able to name two of your roommates on your insurance policy but, it’s not guaranteed. And if you do sign with your roommates make sure your relationship is rock solid (because things can get a little nasty when relationships go sour).
With the right questions (and the right answers) you should be able to get NYC renters insurance policy that provides you with some proper coverage. Coverage, which we hope helps you sleep a little easier at night. Take care!