New York State residents have a wide variety of attractions for every taste. Beach lovers can enjoy the surf, get a tan at Cooper’s Beach in Southampton, or take in the historic Old Halsey Homestead. Alexandria Bay offers a scenic tour of the Thousand Islands on the waters of Lake Ontario where you can view the majestic Boldt Castle. In Ithaca, you can enjoy some camping or hiking in Robert Treman State Park or tour the beautiful campus at Cornell University. When you return home, it is nice to know that your belongings and savings have been protected with quality renters insurance.
Anyone who rents an apartment, house, or condo should spend a few minutes looking into a New York renters insurance policy. They are less expensive than you may think. A good way to learn about them is by contacting a member agent in the Trusted Choice® network. These independent agents can provide an array of affordable New York renters insurance quotes to give you coverage in the event your property is stolen or vandalized. It also protects you against liability-related issues, some of which may be beyond your control. Contact a member agent today to learn about your options.
NY State Rental Property Statistics
- Total population in occupied housing units: 18,879,525
- Number of apartment residents: 4,440,718
- Apartment resident percentage of state population: 24%
Do You Really Need Renters Insurance?
While state law does not require New York renters insurance, many landlords will not rent property without liability or property protection. The insurance carried by your landlord will only cover the building and not your possessions. Most people are surprised to discover the total value of their belongings and what it would take to replace them. Recent events such as Hurricane Sandy have awakened many to the value of good renters insurance.
Your landlord's coverage also will not provide any protection in the event someone is injured within your residence as a result of your negligence. A successful lawsuit against you can have lifetime ramifications. Landlord insurance can provide the protection you need in the face of a liability lawsuit. Ask an agent in the Trusted Choice network about how to get coverage for your risks as a renter.
Types of Available Renters Insurance
Renters insurance allows you to customize your coverage and choose the type of protection that suits you best. You can determine the amount of coverage you want for liability protection, what is required to insure your possessions, and the amount of your deductible. All of these have a direct affect on your insurance premium. You should also be aware that the policy offered by most insurers provides you with 2 choices of coverage, which include:
- Actual Cash Value (ACV): This type of coverage would reimburse you for the cost of the item damaged of stolen, less depreciation.
- Replacement Cost: This choice would reimburse you for the amount it would cost to replace the item(s) which were damaged or destroyed. It is based on the current value of comparable articles.
A replacement-cost policy is typically more expensive than one that covers you for ACV, but it would ensure that you would suffer less of a financial loss in the event of a claim. Most policies also provide for a limited or specified amount of coverage if you have to reside elsewhere while your apartment is being repaired or you need time to find a new residence.
Another important point to remember is that just about every insurance policy has certain limitations for relatively expensive items such as electronic devices, art, valuable collections, and jewelry. Your Trusted Choice member agent can provide assistance sorting out the details and can recommend the proper course of action.
New York Renters Insurance Coverage and Pricing
Considering the potential value, a renters insurance policy can be one of the most cost-effective types of insurance coverage you can buy. Prices will vary according to where you live, but the basic policy will likely not exceed $300 per year. That will typically cover up to:
- $50,000 worth of personal property
- $100,000 in liability protection
Keep in mind that if any damage can be traced to negligence on the part of your landlord, you may be covered under the owner's policy. One example would be if your door locks are not operational and a burglar breaks in to take your items. If you have records that you have previously notified the landlord without response, you may be able to sue the landlord for damages, which will likely be covered by the liability portion of the landlord insurance policy. Although renters insurance usually covers damage from weather-related incidents, exceptions may include flooding, earthquakes and hurricanes.
Where to Find New York Renters Insurance Quotes
You can find affordable New York renters insurance for your apartment or other rented property by reaching out to your local member of the Trusted Choice network. Since there are over 27,000 member agents in the U.S., chances are good there is one near you. These independent professionals are not captive to a single insurance company and have access to quotes from multiple companies competing for your business. Find a member agent today to get the peace of mind that comes from knowing you and your family are fully protected.