Whether you are renting a studio apartment in the Big Apple or leasing a house in the Adirondacks, you can benefit from having a solid renters insurance policy. Unfortunately, many renters in New York State don’t discover the importance of having this coverage until it is too late.
If you are among the many tenants in the Empire State, a local independent agent can help you find an affordable renters insurance policy. These agents are free to shop around to find the coverage you want at the most competitive price. Find an insurance agent near you to get started.
New York Rental Statistics
- New York residents pay an average of $772 per month in rent.
- Around 46.1% of all homes in New York State are occupied by renters.
- An estimated 47.3% of all renters in this state spend more than 30% of their incomes on rent and utilities.
How Much Does Renters Insurance Cost in New York State?
You may think that because it is optional, renters insurance is something you can ignore or put off until later. After all, you’re already spending enough of your hard-earned money on housing costs, right? What you probably don’t realize is that these valuable policies are very affordable.
The average renters insurance policy in New York costs just $194 a year. That’s only $16 a month, which is less than many people spend on taxis in New York City in a single day.
Here are some factors that can make your actual cost higher or lower than this average amount.
- The estimated value of your personal property
- The crime rate and weather risks in your neighborhood
- Your claims history and credit score
- The size of your deductible
- Whether you are bundling your renters insurance with another policy like car insurance or life insurance
When you compare quotes from a few different insurance companies, you can be certain that the policy you choose to buy is offered at a competitive price. Independent agents make comparison shopping easy.
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What Does New York Renters Insurance Cover?
Renters insurance can shield you from financial harm with three different types of coverage.
- Contents coverage: This covers repair or replacement costs if your personal property is lost or damaged due to a covered event. Covered risks include:
- Property crimes, such as burglary and vandalism
- Fires, whether they originate in your own home or in a neighboring unit
- Severe weather, such as hurricanes, tropical storms, thunderstorms, nor’easters, windstorms, ice storms, blizzards, and hail.
- Renters liability coverage: This can cover your financial obligations and any needed legal representation if you unintentionally cause someone else to suffer injuries, property damage, or financial harm.
- Loss of use coverage: This can cover your additional living expenses if a covered event leaves your home uninhabitable and you must seek alternate living arrangements while your landlord makes repairs and brings your home back up to code.
You may want to review your coverage limits every few years to make sure that your policy is keeping up with your lifestyle.
What about Coverage against Floods in New York State?
Be aware that renters insurance does not cover property damage caused by floods.
If you are living in an upper-level apartment, chances are good that don’t need to worry about flood damage to your property. However, if you are renting a house, mobile home, or a ground-floor apartment, your property may be at risk.
Fortunately, you can cover your belongings against flood damage by supplementing your renters insurance with a contents-only flood insurance policy. Affordable coverage is available through the National Flood Insurance Program (NFIP), a program that is administered by FEMA.
How Can an Independent Insurance Agent in New York Help?
When you are looking for a good renters insurance policy, a local independent agent can help. These agents can provide you with customized quotes from a few competing insurance providers so you can choose the policy that offers the best value for your money.
There are nearly 1,300 independent agents with offices in the state of New York. Arrange an obligation-free consultation with an insurance agent near you to get more information.
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