The Facts About Renters Insurance

The cost of living in New York is known for being high. Even if you aren’t living in the big city, the cost of a new home is still well above the nationwide average. That’s why many residents prefer renting an apartment instead of purchasing a home of their own.

Renting an apartment is supposed to save you money, but that may not always be the case. If the items in your unit are damaged or stolen, you may end up spending a fortune just on replacing them.

You can avoid being put in that unfortunate position by purchasing renter’s insurance from us at The New Rochelle Agencies. Read on to find out how your renter’s insurance could help you out of a tough spot.

Why Do You Need Renter’s Insurance?

Landlords are bound by the law to insure the units they rent out to their tenants. Because that is common knowledge, many tenants assume that they are covered should something happen to them.

Unfortunately, that is just a misconception. Landlords are only required to take out insurance for the unit itself. They are not required to purchase any policy that will cover the items you are keeping inside that unit.

If a disaster strikes and your belongings are destroyed, as a result, you will have to pay out of pocket to replace them. The circumstances are different if you have renter’s insurance.

Your renter’s insurance policy will cover damage done to your possessions. Replacing those damaged items quickly is possible, thanks to your insurance. Renter’s insurance plans also provide protection against cases of theft.

Is Renter’s Insurance Required?

Will you have to purchase renter’s insurance if you want to stay in an apartment unit? The law doesn’t require you to, but your landlord may have a different policy.

Landlords can require tenants to purchase insurance first. It’s up to you to decide if you are willing to meet that requirement. That said, ownership of that insurance plan is in your best interest.

At The New Rochelle Agencies, we are offering comprehensive renter’s insurance plans to all New York residents. Call us today if you’re interested in purchasing that kind of plan yourself!

We are based in New Rochelle and the Larchmont areas and are licensed to sell Insurance in the States of NJ and NY.