In a state such as New York, many renters’ budgets can be stretched thin, so there is no extra money in the event of a disaster. If there are hundreds of tenants in a building, the action of one tenant can quickly affect others. Whether it’s a neighbor letting their bathtub overflow or a kitchen fire, renter’s insurance can help you replace belongings quickly without any out of pocket expenses. Renters insurance can also play a role if you are the one that accidentally starts the fire or overflows the bathtub. Not only do you have to pay for damages to your own property, but you could be on the hook for your neighbors as well. While the owner of the building may still insure it, this will only cover his or her liability and damages and has nothing to do with tenant negligence. Renters insurance can also do more than just cover belongings. It can cover expenses if damages to your rental unit make it unlivable.
Know if your policy covers actual cash value. This means that depreciation will be taken out and you won’t get back the full cost for your items. Replacement coverage will pay the amount it would cost to replace your belongings with the same kind and quality. Check with an agent at The Wasiczko Agency to see what your policy covers. Renters insurance won’t cover damages that are caused by earthquakes or floods. Renters insurance is easy to get, and you may even apply online at some companies. There will be limits on coverage for jewelry or other expensive items. You can also choose to get an endorsement or rider for additional coverage for these items. If cost is a concern to you, there may be available discounts to lower your premium. Speak with an agent if your building has smoke detectors or a security system. A higher deductible will allow you to pay less in premiums.
Contact The Wasiczko Agency to get a quote on renter’s insurance.