If you rent your place then you need to be thinking about renters insurance. You may be a careful, responsible person, but your new neighbors may not be. Between accidents, injuries, and natural disasters, insurance is the best way to protect yourself and your property.
Insurance for Renters
There are several reasons why renters might avoid renters insurance. They may think that they take good care of their belongings and their apartment, so nothing bad can happen. Unfortunately, doors get left unlocked, ovens get turned on and forgotten, and bathrooms flood. When you live in an apartment building, you are often at the mercy of your fellow tenants.
Other renters erroneously believe they don’t need insurance because their landlord’s insurance will cover them in the event of a fire, flood, or theft. The truth is that your landlord’s insurance only protects them, not their tenants. It covers them against structural damage and, in many cases, damage that renters cause. However, your personal property won’t be covered without a renters insurance policy.
Another reason renters shy away from insurance is because they don’t believe they have anything worth covering. But the truth of the matter is, renters tend to have more valuables than they did a few decades ago. When you’re considering the value of your belongings, remember to include:
- Furniture
- Televisions
- Laptops and assorted electronics
- Gaming systems
- Smart speakers
- Jewelry
- Antiques and heirlooms
- Clothes
- Renter-owned appliances (washer and dryer, microwave, etc.)
You may be surprised by how quickly these all add up. Do some research to determine how much your possessions are worth based on replacement cost. So, how much would it cost you to replace your TV? Make sure your policy will cover everything, and talk to your insurance broker to make sure you have the coverage you need.
Covering Your Furry Friend
There could be as many as 1.1 million pets living in New York City, according to the NYC Economic Development Corporation. That means hundreds of thousands of pets living in rental apartments. If you’re living in a rental with your pet, here’s what you should know to keep them covered.
Therapy and service animals are becoming more popular recently. According to New York state law, service animals are permitted in all public and private housing accommodations, including hotels and other lodges.
However, support animals, such as therapy pets and emotional support pets, are not necessarily required to be permitted by landlords. If you have a support animal, talk to your landlord about your situation to find out whether or not your pet is permitted.
With that said, it’s important to note that your pet is not included in your renters insurance policy. This goes for service and support animals as well. Since they are not property, they won’t be covered in the event of an accident or if your pet is injured. Fortunately, if your furry friend is the one causing damage, there are provisions that cover pet-related damages in most renters insurance policies.
For example, if your dog chews through a fixture in the apartment, such as a railing, the damage would be covered under your liability policy in most cases. Likewise, your pet would be covered in the event that they bit someone in your apartment. Note that damage caused by your pet is not covered if the pet was living there illegally, or without the landlord’s knowledge.
If you or your landlord are worried about your pet damaging your apartment, invest in a renters insurance policy. It’s an easy and inexpensive way to protect your personal property. Talk to your insurance broker for more information about finding the right policy, today.
