Most tenants and landlords in New York know that having renter’s insurance is crucial to protect their shared property in the event of an accident or emergency that results in property damage. But they often don’t know who should be responsible for buying it.
Even if they know who needs to buy the best renter’s insurance in New York, they don’t go for it since they are not legally bound to have it.
In this blog, we will talk about common misconceptions regarding renter’s insurance and who needs to buy it in New York. Let’s dive in:
Most renters are under the mistaken impression that they don’t need to buy renter’s insurance since their landlord has homeowner’s coverage. This misconception arises from the fact that homeowner’s insurance covers property against damage caused by an accident or emergency, say fire or earthquake.
But renters fail to realize that landlord’s coverage only protects the property and does not extend to their personal belongings. As a result, they are the ones to bear the brunt of a disaster, accident, or emergency. Without the best renter’s insurance in New York, they will get no compensation for property loss or damage in the event of a fire, flood, earthquake, and any emergency.
So, who is responsible for what?
As a renter, you are liable for paying your rent on time, not engaging in any illegal activities, and not damaging the rental property during your tenure. Some landlords may even require you to buy the best renter’s insurance in New York before renting out the property to you.
Even if you are not required to buy the best renter’s insurance in New York, it’s generally best to get it for yourself — to protect your belongings in the event of damage or loss.
Landlords, on the other hand, are responsible for maintaining the rental property. This includes repairing common property damages, fixing appliances that come as part of the property, and ensuring vital services, such as water supply, electricity, and others. They are not responsible for repairing or replacing your sofa if it gets damaged because of a flood or fire.
So, the dilemma of who needs to buy the best renter’s insurance in New York isn’t that difficult to solve. The correct answer is: it’s the renters who need to buy it to protect their personal belongings from damage caused by an accident or emergency.
If you are looking for renter’s insurance, feel free to get in touch with us today.