Where to Get Renters Insurance in NYC
Make renting easy by learning the different types of renters insurance available
4 Min Read
4 Min ReadRenting versus buying property is ideal for many situations, for many reasons. For one thing, you can have a property in an area where it may be cost-prohibitive to buy. In other cases, you don’t have the maintenance responsibilities that someone may have on a permanent home. Finally, in the case of corporate travelers, a three-month stay in a city may be all you need. However, before reaping any of these benefits, there are certain things you need to have. 
Why you need renters insurance in NYC
Let’s start the conversation with why exactly you may want renters insurance in the first place. In some cases, as a renter, want may have nothing to do with it. Some property management companies or landlords are now requiring people to get renters insurance to become tenants. You don’t have to be forced into things to take advantage of these benefits, though. In fact, this can be a small investment that can save you from bigger problems in the future.
How so? If you were to buy a permanent home, you would need to purchase homeowner’s insurance to protect your property. Based on where you live, you may also want supplemental policies like flood insurance. The same applies to renters insurance in NYC, which may surprise you at first.
For example, if you were to rent a Blueground property, the landlords have their own insurance policies. These policies are designed to cover the landlord’s major areas of concern, not yours. As a result, these policies cover the property and other assets the landlord owns. So, if something was to happen to the property you brought into the apartment, the insurance would not cover that. Renters insurance meets this need. With Blueground, this is easier than traditional renting. The main reason for this is that Blueground is designed to provide short-term, fully furnished rentals where your rent includes furniture, appliances, and housewares. When shopping for renter’s insurance and specifically personal property coverage, renting furnished can greatly reduce your costs. And it also saves you the hassle of having to donate it later on.
Additional uses
However, renters insurance covers a variety of other issues as well. For example, say that your rental property was severely damaged or destroyed completely. What would you do in the meantime? Some renters insurance policies will cover the cost of a hotel until your rental is liveable again, saving you a lot of money and potential stress.
One of the most important elements of renters insurance in NYC is personal liability coverage. For example, say that you live in a pet-friendly apartment, but your pet ends up biting someone in the hallway. The policy will help protect you from having to pay any medical costs or legal costs from your own pocket. If someone files a lawsuit against you as a result of something that happens in your rental property, your policy will help you with legal fees as well.
Liability coverage is especially important for renters because sometimes, you can be responsible legally for a problem without even knowing it. For example, if a fire was to break out in your apartment, and an apartment above it was affected by the smoke, you may need liability coverage to cover costs you are responsible for.
Renters insurance policies can vary depending on where you live and what coverage you need, but in general, they’re very inexpensive compared to the costs we all pay, like car insurance. $30-$50 a month is pretty close to the norm.
Options for renters insurance
So, when you are looking for renters insurance in NYC, what separates one policy from the other? As a start, chances are that all the major insurance providers are going to have some form of renters insurance policy to offer. As a result, if you are a loyal customer for one company, you can generally ask about renters insurance and get a policy right away. However, if you want to compare some options, there are a few things you should look at.
Choosing a policy
The level of coverage
One of the main reasons that people get renters insurance is to protect their personal property, but you want to make sure all of the said property is covered. For example, if you work primarily from your rental property, your computer equipment may not necessarily be covered.
Who lives with you
Generally, renters insurance will cover a spouse or family member, but for roommates, it can get a bit murky. The last thing you want to do is sign a policy with a roommate, have them leave, but still get part of your dividend checks if something is damaged later on. In addition, the liability part of some policies won’t cover certain breeds of dogs labeled as “aggressive.
Off-premises damage
Renters insurance can cover things like a burst pipe in your storage locker even though it’s technically not on the rental property. Make sure to take a close look before committing; the scope of coverage varies.
Renters insurance in NYC may represent another cost you need to add on when calculating exactly what it costs to move into an apartment. However, even for a short-term rental, the cost is relatively minimal considering the protection they offer.
