You'll Wish You Had Renter's Insurance If. . . | RDNY.com

08 Oct

We never know when a calamity will strike. The upstairs neighbor might leave their bathtub running until if overflows into your apartment. Or the bacon you were cooking suddenly catches fire and damages your kitchen stove and cabinets, or? who knows what kind of calamity can strike. That?s why you?ll want to have low cost renters insurance.

Renters insurance is a policy designed to protect tenants from a significant financial loss in the event their belongings are destroyed in a fire or other disaster, or stolen during a break-in. If you have an apartment rental in NY, consider taking advantage of a renters insurance policy to help you, your family and/or your roommates avoid financial disaster.

Before buying a policy, it is important to shop around for the best prices. Websites like Kemper.com provide quotes for many types of policies, including renters insurance. But there is a lot more to buying a policy than the cost. If you have an NYC rental apartment, you need to have renters insurance.

Find the Right Policy with the Help of 10 Tips

1. Personal Possessions - This part of the policy pays a set dollar amount in the event that all of your belongings are lost because of a covered peril. In order to find out how much coverage you need, you will have to record the value of your belongings. The best way to determine the value of your possessions is to make a list of the things you own and estimate the value of each item.
2. Flood Insurance -Some policy owners think flood damage is covered in their policy. Flood damage is not covered unless you own a flood insurance policy.
3. Choose your own deductible - The deductible is something you pay before the insurance company pays the remainder of the claim. Before considering what deductible to have on the policy, know the difference between a $1,000, a $500 and a $250 deductible. The difference is usually only a few dollars, so it may be worth having a low deductible.
4. Jewelry - Jewelry losses top the number of claims filed by policy owners across the country. Unless you endorse your high-dollar items, there is a good chance the policy will only pay out a small percentage of the value. Every type of home policy has set limits to the value of certain items like computers, jewelry, cash and other high-value items. If you have a valuable piece of jewelry endorse it on the policy for its appraised value.
5. Replacement Cost - A renters policy can be written with actual cash value (ACV) or replacement cost. Actual cash value will pay what the item is worth after depreciation. Replacement cost pays what the item is worth to replace at today?s price. Not every policy is written with replacement cost so be sure to request this level of coverage.
6. Documenting Items - Keep a list or video of what you actually own. It is up to the policy owner to document what they have and be able to prove it when the time comes.
7. Bundling - Bundle a renters policy with auto insurance for a multi-policy discount.
8. Structure Damage - Renters insurance only pays for a personal belongings. If there is damage to the home, it will be up to the property owner to fix the damages.
9. Relatively Low Price - The cost to buy renters insurance is cheaper than most other types of home policies. The cost depends on how much personal property you insure and for how much.
10. Customizable Policies - This is a policy that can be tailored to fit your personal needs. You can lower the coverage limits to fit your situation.

Blog post by Justin Greig ? A self-proclaimed ?21st century hippie,? Justin studied Journalism at Berkeley and freelances for many environmental publications. He has a special interest in conservation, and he and his wife recently added solar panels to their home

Source: http://www.rent-direct.com/blog/2012/10/youll-wish-you-had-renters-insurance-if/

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