As a renter, you may not think about homeowners insurance. Just because you are not a homeowner, doesn’t mean you can’t benefit or do not need New York homeowners insurance. You can get renters insurance policies from the same reputable insurance companies in New York that offer homeowners insurance.
Do I Need an Insurance Policy if I Rent
If you are renting either an apartment, condo or a home, you most likely will need some form of homeowners insurance. The structure that you live in will be covered by a policy paid for by the owner, but you will need coverage for your belongings, loss of use and liability coverage to protect you from lawsuit.
Also, depending upon the policy of the property owner, you may need coverage for interior items of the home that are not your property. In many instances, if interior items such as cabinets or bathtubs or flooring are damaged, you will be responsible for the repairs unless you have your own policy.
Protect Yourself with Liability Coverage
If someone is injured while in/on your rented property, then you may be liable for medical expenses and other damages. If you have no New York renters insurance policy, then you will be facing these costs on your own and the possibility of a hefty lawsuit. It only takes one accident to be severe enough that you are on the hook and can be ruined financially.
One of the major reasons for getting a policy as a renter is to provide you with liability coverage. The policy will pay the expenses associated with injuries or other damages to someone while they are in your rented space if you are determined liable.
Make an Inventory List
Because the owner’s policy does not offer any protection for your belongings, you will need a renters insurance policy that covers your belongings. This will mean making a list of all your belongings, how much they cost and a physical description of each object. This will help to ensure that if something does happen and your personal property is damaged, you will be reimbursed and will be reimbursed an appropriate amount because you made an accurate list.
Renters Policy and Flood Damage
Flood damage to your personal property if you are a renter can be a tricky situation. Standard policies do not cover flood damage to a structure or personal belongings. A separate flood policy must be purchased from a branch of FEMA. This means that if you live in the first floor of an apartment in a structure that is prone to flooding, you will have to look for a policy that adds to your renters insurance policy to protect your personal property from flood damage.
If you are in a flood prone area, a flood policy can be worth its weight in gold if you are indeed flooded. Water damage due to flooding is incredibly destructive and if you don’t have a policy in place, you may loose your belongings and have no funds to purchase new items.
Getting Homeowners Insurance Rate Quotes
Just because you are not getting a regular New York homeowners insurance policy, doesn’t mean you shouldn’t take the time to get rate quotes and comparison shop. You can visit the same websites that offer online rate quotes on traditional homeowners insurance policies to get your renters insurance rate quotes.
All you need is about 15 minutes, information about yourself, knowledge of the items you want covered and you will then have 3 to 5 New York homeowners insurance quotes at your fingertips. These quotes can help sort through the various policies and pick the company that offers you the best deal.