When renting an apartment in New York City there are a ton of things you need to spend money on. Furniture that’s small enough to not take over your space, window treatment to cover the hideous plastic blinds your apartment came with, and the occasional roach repellent to make sure you don’t end up with unwanted visitors. However, there’s one more thing every New York renter should add to his or her list of expenses but often doesn’t: renter’s insurance. We know it doesn’t sound very appealing and it’s the last thing you want to spend money on, but it’s easier and less expensive than most people realize and totally worth it. We’ve all heard news reports of apartment buildings going up in flames, right? Or of someone’s apartment having water damage because the neighbor upstairs had a leaky pipe. What you may not realize is that every time something like this happens, there’s an unfortunate New Yorker who loses his or her furniture, clothes, television, and much more. Without renter’s insurance, that person will need to scrape up some serious cash and start replacing lost items …in addition to finding a new apartment.
Many of the large rental buildings in the city require that tenants obtain renter’s insurance upon moving in. It’s not always enforced but in all honesty it’s worth the extra dough. Most renter’s insurance policies cost as little as $250 a year and can be paid by monthly installments. This relatively minor expense will in turn provide coverage for personal property and liability coverage for personal injury to others. So in the event of theft or fire damage your property could be covered for as much as $25,000. These policies typically cover anything that is moveable like, furniture, art, jewelry, electronics, and clothing. Another added benefit is that if someone gets injured at your apartment and decides to sue you for personal injury, your policy can cover your legal fees.
There are plenty of renter’s insurance policies available to New York renters so we suggest you take a minute to sign up for one if you haven’t already. Most banks provide renters insurance and for anyone with car insurance, you can add renter’s insurance to that policy at little additional cost.