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Why Renters Need Insurance

For those of you out there who are renting a home or apartment, you should know you have almost as much need for insurance as a homeowner does. Unfortunately, we often overlook the importance of renters insurance, which is a big mistake and can cost big. In this blog, we will tell you what renters insurance is, how it works, and why you need it!

As a renter, you don't own the building you live in; however, you do own a whole lot of stuff that's inside of it. It goes from your furniture to the artwork you have, clothes, dishes—everything that's within those walls. Homeowner’s policy DOES NOT cover that. It's your responsibility to insure the stuff you own. And that’s why—renters insurance! You can think of renters’ insurance coverage as homeowner’s policy coverage minus the building.

So, what happens when a covered item is lost or damaged? Renters’ insurance covers all of your stuff at a replacement cost basis, which means you get new for every damaged/lost item. If you have anything specific, for example, jewelry, collections, or antiques, you can schedule those separately—just like a homeowner's policy.

Renters insurance also protects your personal liability, which means, if you're responsible for somebody else becoming injured or suffering damage, it’s covered in the insurance.

As far as the cost of renters insurance is covered, it can be anywhere between $200-$400.The exact cost can be determined by what and how much you want to insure.

Want to get the best renters insurance in New York?  Give Linx Insurance a call today! We can help you make an informed decision and get maximum value for your dollar.