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If you are renting a house or apartment, you may be wondering, “Do I need renter’s insurance?” or “How does a renter’s insurance policy actually help me?” Even though you don’t own your place of residence, renter’s insurance can be a very valuable asset and provide important protections for your personal belongings. Is renter’s insurance worth it?

Is Renter’s Insurance Required?

You have no legal responsibility to keep renter’s insurance. It is not a requirement of the law like auto insurance or worker’s compensation in New York State, where not having a policy is a violation. But should I purchase a renter’s insurance policy? If you have anything to protect in your apartment, the answer is certainly “yes”.

Your landlord will have insurance that covers the building itself that you live in, but that insurance is to protect the landlord only, not you. If something damages the structure of the apartment itself, like a fire or debris from a storm, your landlord’s insurance does not protect your personal belongings, only the property of the landlord and the structure itself. If someone should break into your apartment and steal your valuables, for example, that’s where your renter’s policy kicks in and covers you.

In addition, there is also the matter of liability to consider. In general, your landlord can usually be held responsible for damage or accidents in and around your apartment if you can show they are a result of the landlord’s negligence. On the flip side, however, if the owner can show that you are liable for something that happened because of your negligence, you could be in real trouble if you don’t have the liability insurance to cover any such damages as covered in a policy. That is a situation where renter’s insurance can offer you the greatest protection. Cover your personal property, liability, and your contents today!

Renter’s insurance also can really come in handy if your apartment becomes uninhabitable for one reason or another. Your landlord may pay to fix the problem, but that doesn’t help you find a place to sleep while it is being fixed. A loss-of-use provision in your renter’s insurance may also pay for a place to stay while they are fixing your residence.

Can I Bundle My Renters Insurance with my Auto Insurance for a Discount?

Let Capital Gate shop both your auto and a renter’s insurance policy to bundle them together and get you the best discount for having both with one carrier. In general, people don’t realize the discount they will get on their auto insurance for having a renter’s policy can almost cover the cost of the renter’s policy itself. Talk today to one of our friendly licensed agents to determine what policies would be best for your situation. Remember at Capital Gate, we work for you!

How Much Renter’s Insurance Should I Get?

That all depends on the value of your personal items in your home. You should consider appraising your items to get a basic idea of what everything is worth and then make sure you have enough contents coverage to replace all of those items should a loss occur. If you have a few very expensive items, like heirloom jewelry or gold, we can offer a special rider to your policy to cover these items specifically and schedule them on your policy for the proper coverage.

Paying for Renter’s Insurance

Renter’s insurance premiums usually are very inexpensive, especially relative to the level of protection they can offer. Furthermore, if you are looking for renter’s insurance anywhere in New York State, Capital Gate Insurance Group will search for the absolute lowest rates on renter’s insurance we can find, thanks to our huge network of carriers and regionally based licensed agents who will service your account.

Protect yourself and the valuables in your apartment or rented home today. In short, getting a renter’s insurance policy from Capital Gate is easy, fast, and cheap. Don’t get caught short! Contact Capital Gate Insurance Group now for a free quote on renter’s insurance.

 

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