You know the drill about both car insurance and health insurance. But when it comes to your apartment’s coverage, you may be wondering, what is renters insurance? Do I really need it? And we get it. If you’re budget-minded, it’s probably not at the top of your to-do list, because it may cost hundreds and hundreds. Or perhaps you think your landlord’s policy will cover your costs if disaster strikes. Well, you may be surprised to learn that these beliefs are not accurate. Here’s what you need to know about renters insurance in NYC to get up to speed.
Brooklyn Rentals on StreetEasy Under $3,000Article continues below
Greenwood
168 21st Street
$2,500No Fee
1 |
1
Fort Greene
107 South Elliott Place
$2,500No Fee
Studio |
1
Windsor Terrace
21 East 4th Street
$2,500No Fee
Studio |
1
Columbia St Waterfront District
82 Congress Street
$2,795No Fee
Studio |
1
Weeksville
165 Schenectady Avenue
$2,900No Fee
3 |
1
Greenpoint
47 Russell Street
$2,450No Fee
Studio |
1
Gravesend
265 Quentin Road
$1,870No Fee
1 |
1
Bedford-Stuyvesant
100 Jefferson Avenue
$2,500No Fee
1 |
1
Bushwick
109 Troutman Street
$2,900No Fee
Studio |
1
Stuyvesant Heights
1875 Atlantic Avenue
$2,900No Fee
1 |
1
Gravesend
1701 West 3rd Street
$1,870No Fee
1 |
1
Bath Beach
8633 21st Avenue
$1,695No Fee
Studio |
1
What Is Renters Insurance?
In a nutshell, renters insurance provides coverage for many incidents relating to your belongings and living space. More on that shortly! But here is your most significant need-to-know. “A lot of people mistakenly think their landlord’s insurance will cover all things related to their apartments, but that’s hardly the case,” said Jeff Schneider, president of Gotham Brokerage. “It’s why renters insurance exists.”
Jersey City Rentals Under $3,000 on StreetEasyArticle continues below
Jersey City
58 Wales Avenue
$2,600No Fee
3 |
1
West Side
27 Corbin Avenue
$2,800No Fee
2 |
6
Jersey City
32 Magnolia Avenue
$2,500No Fee
1 |
1
The Heights
84 Reservoir Avenue
$2,699No Fee
3 |
1
Newport
40 Newport Parkway
$2,915No Fee
Studio |
1
Newport
40 Newport Parkway
$2,715No Fee
Studio |
1
Historic Downtown
204 10th Street
$2,885No Fee
1 |
1
Historic Downtown
204 10th Street
$2,845No Fee
1 |
1
Paulus Hook
116 Morris Street
$2,800No Fee
1 |
1
Jersey City
86 South Street
$2,498No Fee
1 |
1
Jersey City
176 Monticello Avenue
$3,000No Fee
4 |
1
Jersey City
59 Hutton Street
$2,375No Fee
2 |
1
What Does Renters Insurance Cover?
Understanding renters insurance hinges on knowing the different types of coverage offered. Depending on the policy, you can expect coverage for loss or damage to personal property for various reasons, from fire to theft. But, here’s a pro tip: Coverage can mean different things. Some policies will cover the depreciated cost for stolen or damaged belongings, while other plans, which typically cost more, will cover an item’s replacement cost.
“Also, a standard renters insurance policy covers personal liability,” says Robert Stevenson, an insurance agent at State Farm. “For instance, if a guest falls down the stairs in your duplex, your policy will cover some of the medical bills. Let’s say your in-unit washer leaked into the downstairs apartment. A policy can cover some of the damage.” Another good thing to know: Personal liability coverage may cover your legal expenses if you’re sued over an incident that occurs in the place you’re renting.
But the insurance coverage goodness doesn’t end there. If your rental gets damaged to the point that it’s uninhabitable, your plan may cover a hotel stay. It can also cover your expensive laptop if it gets stolen at that coffee shop you use as an office.
Even better, “Renters insurance is one of the cheapest types of insurance you can get. On a monthly basis, renters insurance typically costs between $5 and $40.Premiums can be as low as $125 a year, which is approximately 35 cents a day!” adds Stevenson.
If you’re wondering what impacts insurance costs, prices for policies depend on the value of your assets, the type of coverage you choose, and the location of your apartment. To learn more about what a policy covers, take a look at its “named perils.” These are covered incidents, usually including theft, vandalism, fire, and water damage.
What is the most popular type of insurance claim? “What we see most often in New York is water damage from broken pipes and overflows that leak into other apartments and where the policyholder is held responsible for the damage,” says Stevenson.
And here’s a huge heads up: Many policies do not cover natural disasters. So if you’re in a high-flood area, you might want to consider getting flood insurance on top of renters insurance. If you want to find out if you live in a high-risk zone, check out FloodHelp NY’s website.
Manhattan Rentals Under $3,000 on StreetEasyArticle continues below
Lincoln Square
68 West 69th Street
$2,495No Fee
Studio |
1
Washington Heights
444 West 167th Street
$2,950No Fee
2 |
1
East Village
542 East 11th Street
$2,600No Fee
Studio |
1
East Village
249 East 2nd Street
$2,395No Fee
Studio |
1
Hudson Heights
854 West 180th Street
$3,000No Fee
3 |
2
East Village
205 Avenue B
$2,295No Fee
Studio |
1
Yorkville
408 East 88th Street
$2,800No Fee
1 |
2
Lenox Hill
1470 First Avenue
$3,000No Fee
Studio |
1
Central Harlem
2299 Adam C Powell Boulevard
$1,595No Fee
Studio |
0
East Harlem
163 East 99th Street
$1,925No Fee
1 |
1
East Village
223 Second Avenue
$2,650No Fee
Studio |
1
East Harlem
164 East 112th Street
$2,990No Fee
2 |
1
How Much Insurance Coverage Do You Need For a Rental?
An insurance agent will work with you to ensure you have the right amount of coverage you need. But it’s still important to figure out what your belongings are worth.
“The coverage will reimburse you for covered damage, loss, or theft of your possessions up to a certain dollar amount, so you’ll want to make sure you get that amount right,” Stevenson said.
To settle on the right dollar amount, you should perform a home inventory. First, you’ll need to list all of your belongings, when you acquired them, and either the purchase price or the current value. After you total these values, you’ll have an estimated number of what your property is worth. You can also add photos of specific items — such as a computer or an expensive piece of jewelry — to the inventory to help with future insurance claims. It’s a wise move to keep both a digital and a hard copy of your inventory list.
Queens Rentals Under $3,000 on StreetEasyArticle continues below
Woodside
48-12 59th Street
$3,000No Fee
3 |
1.5
Astoria
43-14 28th Avenue
$2,000No Fee
1 |
1
Astoria
32-73 37th Street
$2,300No Fee
1 |
1
Jamaica
153-10 88th Avenue
$2,040No Fee
Studio |
1
Kew Gardens
83-15 118th Street
$2,700No Fee
2 |
1
Ditmars-Steinway
22-12 Hazen Street
$2,000No Fee
1 |
1
Maspeth
59-25 71st Street
$2,300No Fee
1 |
1.5
Ditmars-Steinway
37-09 23rd Avenue
$2,500No Fee
1 |
1
Astoria
25-23 43rd Street
$2,699No Fee
2 |
1
Astoria
28-34 42nd Street
$2,700No Fee
2 |
1
Astoria
2-24 26th Avenue
$2,900No Fee
1 |
1
Astoria
32-63 36th Street
$2,500No Fee
1 |
1
How Do I Find Renters Insurance?
Most major insurance companies offer renters insurance, so if you have a favorite, be sure to reach out to them. Stevenson suggests working directly with an agent. “The agent will walk you through the different processes, including what to do in the event of a claim.”
Schneider suggests renters should also call around to get quotes to compare their options. “You can look online, but it is not the same as talking to an insurance representative. Most agents are happy to chat on the phone, and there’s no charge for it,” he adds.
So what is the bottom line? At the very least, renters insurance can offer peace of mind, making it better to have than not.