Should you get renters insurance coverage? 

As a renter, you may be tempted to skip the thought of purchasing renter’s insurance coverage. After all, you don’t own the space and you only have a few belongings – coverage can’t help you that much, right? Think again. All people who rent an apartment or condo should consider taking out a policy to protect their belongings, wallet, and more. Here’s why.

What does renter’s insurance cover?

Most renters are under the impression that the landlord is responsible for repairing and replacing their property after an incident, such as fire or theft. This is a costly assumption to make. The landlord will have insurance that covers the whole building, excluding your own personal property. This means that if you don’t have insurance, you leave your belongings and pocket vulnerable to risk.

Renter’s insurance covers:

  • Personal property damage: If your personal property is damaged in a covered peril, your renters insurance company will cover the cost of the damage up to your policy’s limits. A covered peril is a damaging event listed in your policy such as fires, wind, and certain type of water damage.
  • Personal liability: If someone is injured on your residence, and the event is found to be due to your negligence, your policy will cover the costs of legal liability. A standard policy covers up to $100,000 in liability costs.
  • Additional living expenses: If your rental home or apartment becomes uninhabitable, your renters insurance policy will cover the expenses.
  • Medical Payments: Coverage for medical costs if a guest is injured on your property.

Common perils include:

  • Fire and lightning
  • Wind and hail
  • Explosions
  • Smoke damage
  • Theft
  • Vandalism
  • Water damage
  • Mold
  • And more!

Ready to gets started on quality renters insurance coverage? Contact Abatelli Group, Inc., serving Whitestone and neighboring cities in New York with the right and reliable coverage.

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