5 Reasons You Need Renter's Insurance

August 22,2018 | By Hillel Realty Group

5 Reasons You Need Renter's Insurance

There are many benefits to renting an apartment or house including not having to worry about paying property taxes, ongoing property maintenance, or feeling stuick in the same place for too long. Too oftern renters think insurance is something they don't need to worry about either since the building isn't theirs. However, many renters do not know that their landlord's insurance policy will not protect them. Renter's insurance is extremely valuable and should be a top priority for tenants.

Here are five reasons you need renter's insurance.

1) Protect your belongings.
Renter's insurance covers your property in the event of a fire, break-in, or other covered loss. Before you decide to skip renter's insurance, consider the value of your items. Even the little things can add up to a lot. According to Nationwide, 68% of renters surveyed estimated it would cost approximately $5,000 to replace their belongings. Renter's insurance includes coverage for furniture, jewelry, clothing, household items, appliances you own, and electronics.

Many renters' insurance policies also include coverage for unforseen living expenses. If your apartment becomes uninhabitable, your insurance will assist you in relocating or provide temporary housing expenses.

2) It includes coverage away from the property.
Plenty of New Yorkers commute to work daily or enjoy traveling. If your property is stolen or damaged while you are away from home, a renter's insurance policy could pay to replace it, depending on how it was damaged.

3) Protect yourself from liability claims.
Accidents are unpredictable, and so are people. Even friends and family have been known to file lawsuits against their loved ones when they are injured while visiting. Renters insurance includes personal liability for incidents like these by paying medical expenses, legal expenses, and settlement amounts up to your policy limits.

It also provides coverage in the event that your property causes damage to another party. For instance, if your dryer causes a fire resulting in structural damage to the building or house, you could be held responsible for the claim and expenses to rebuild.

4) Many landlords require it.
Most landlords today require that tenants purchase a renter's insurance policy, naming them as an additional insured. Before deciding not to purchase it, review your rental agreement to see if it is required and the limits they expect you to carry.

5) It's not as expensive as you think.
While a homeowner's insurance policy can cost hundreds to thousands of dollars per year, renters insurance is relatively cheap. Many policies cost about $125 per year depending on the limits, where you live, and the company you purchase the policy from. Considering it can cost thousands of dollars to replace your personal property, a small investment today will save you a financial headache later on.

If you are ready to rent an apartment or house in New York, contact our team at Hillel Realty Group. We are ready to help you find a home that meets your needs and wants.