What You Need to Know About Renters’ Insurance
No matter how healthy your lifestyle is or how careful you try to be, there will always be accidents waiting to happen. This rule is especially true when renting off-campus NYC housing or other accommodations. As much as you might not expect a fire, a leak, or other home afflictions, you still need to prepare for them to happen. It is for these situations that you need to consider renters’ insurance.
You can try to include renters’ insurance as part of your lease when you bargain the rent, or you could get it after you’ve already signed the lease on an NYC apartment. Either way, knowing what renters’ insurance is and what it covers is important as you decide where to live.
What renters’ insurance covers
There are several different kinds of insurance that you can invest in, from car insurance to life insurance. What most people misunderstand about renters’ insurance, though, is that it does not cover the establishment or the place you are renting. Instead, it protects the tenant and his or her belongings.
The major benefit of renters’ insurance is that your insurance policy will have to compensate you if your things get stolen or damaged. This amount can be as much as the cost of the damaged property itself. In other cases, it may be the amount of cash you need to replace it. A good idea is to keep an inventory of your valuables or prized possessions so that you would know which ones need replacing, and how much each is worth.
Renters’ insurance on an NYC apartment rental can help you save a whole lot of money, too! With most problems in an apartment, the expenses it takes to fix them add up and can eventually cost you a hefty sum. The good news is that having an insurance policy can lift the bulk of the weight of these expenses. Not only will this keep you from spending more than you otherwise would, but it also prevents you from getting bogged down in debt.
It can be surprisingly inexpensive
What you may be most excited to learn is how affordable renters’ insurance actually is. The annual average for renters’ insurance in New York is $211. That’s barely over $200 a year for up to $50,000 in coverage for lost property.
With that being said, you should know what’s included in your renters’ insurance to make sure that everything you need is covered. You can pretty much count on it applying to all major thefts, fires, leaks, and other common home disasters. Even in the worst possible case where you end up losing your home to an accident or an unforeseen calamity, your insurance policy can help pay for your living expenses and help you weather the road to recovery.
Once you’ve found the perfect NYC apartment, don’t take the risk of remaining without coverage and vulnerable to potential disasters. At Short Term Rentals NYC, we help you find your dream apartment. Then, you can purchase the renters’ insurance policy that ensures your stay goes smoothly and safely.