While landlords are not legally required to have New York tenants carry renters insurance, they can write it into the lease requirements. This is similar to putting other requirements such as first and last month, security, and credit check as a part of the contract to rent one of their properties.
Is Getting Renters Insurance in New York a Good Idea?
Looking at the facts, we see that no other place than New York has a more considerable amount of renters. In fact, New York City renters outnumber homeowners. New York state renters comprise 24% of the population.
Your landlord is required to cover your property but none of your belongings. So if you had water or fire damage to your sofa or clothes, your landlord's policy would not protect that. Don't worry though; Heritage Insurance Agency, Inc. will work with you on understanding the intricacies of this type of tenant policy.
Why Do I Need a Tenant Insurance Policy?
Your personal property will be protected against the most common perils such as fire, smoke, water, and vandalism with renters insurance in New York. Not only will it protect you against mistakes that you made, but it will also protect you from other negligent tenants. As an example, you could be covered if a neighbor allowed water pipes to burst or leak down into your rental property.
Also, if you are at fault for the damage to a building in New York, the landlord's insurance can and may come after the renter to cover the deductible. If there are medical or hospital expenses, you can still be held responsible.
The key to getting the best rental insurance available is to have Heritage Insurance Agency, Inc. go over an inventory list with you. Don't overlook things. Compile as many serial numbers and receipts as you can in a log book. Take photographs. Store these things in a safe place such as a safety deposit box.
Heritage Insurance Agency, Inc. is ready to talk to you today. Even if you only want to have your current plan looked at or discuss additional options, we can help! Call our office or email us to speak with an agent. Our agents can help you get started on a quote and walk you through the insurance process. Don't hesitate to reach out to us.