New York City Renters Insurance
Unlike the situation just a few years back, more and more New Yorkers are finding themselves renting now than in any other time frame within the past thirty years. Some people are forced to rent because they may have lost their previous home due to foreclosure, some find it as a more economical way of living, some are only around for a short time on business, and still others just do not want the responsibility and headaches that owning a home and property entail. New York City is the mecca of rental properties, more so than any other location in the country. Tight real estate and buildings that keep getting higher and higher make it a prime spot for rental units. Although many renters neglect to realize it, if you are renting in New York City, then you need New York City renters insurance.
Most individuals that rent across New York City are under the impression that they are covered under their landlord’s policy for any damage or loss they may incur while renting at their residence. Nothing could be more of a misconception. Although New York City renters insurance isn’t required if your son throws a baseball in your rented unit and it breaks a window, it should be there in case of loss, theft, fire, damage or vandalism of your personal items. Your landlord is required to insure the actual dwelling, but anything contained therein or any minor changes you may make to the dwelling should carry New York City renters insurance. The owner of your building legally bears no responsibility for your belongings, regardless of what may happen to them.
Many apartment property owners require New York City renters insurance in their actual policy or lease agreement. This is because of incidentals that may occur due to the negligence of one apartment holder which can easily ruin the dwellings of others in the same building. For example, if you leave the bathtub running and it overflows and creates a flood, there is a good chance that the flood of water will cause damage the apartment beneath. If the apartment beneath you becomes damaged or if the property contained therein gets damaged the building owner and the person renting in the apartment beneath yours could file a claim against your insurance policy for any damages that your negligence may have caused. New York City renters insurance makes certain that, not only will you be covered for your own losses, but others may have a way of recuperating their own losses as well. Policies can vary greatly and depending on the type of structure and its location, there may be additional options that could help you get the right amount of coverage. No two policies are alike, so if you currently have renters insurance and believe that you may be over or under insured, have one of our dedicated professionals review your policy and get you the perfect coverage for your individual needs.