No law requires a tenant to purchase insurance when moving into a new rental property. However, finding tenant insurance online has never been easier. After reading these three reasons why it’s essential, you may decide to start looking for affordable renters insurance deals to protect your property.
1) Costs can’t be Ignored
The first reason is simple math. Compare the monthly premiums with the insurance payout if your property is damaged or stolen. Any nuisance can make your life unbearable, but paying a small monthly amount can help prevent it.
If you want to consider whether it’s worth paying a monthly payment, this is an excellent time to get a few things out of your head. Think about how many clothes you have and the cost of replacing them from scratch. The cost of the clothes alone will exceed your insurance premium. If you add in other items like valuables, the need for renters insurance NYC becomes obvious.
2) If You Rent A Furnished Apartment
Some real estate agents and landlords insist that landlords purchase renters insurance to protect their furniture. In some cases, landlords purchase their insurance to cover the value of their furniture, but you are 100% responsible for any damage caused by your actions.
For example, if you spill wine on your couch, you will be responsible for the cost of repair or replacement. Most landlords require a deposit to cover such damage, but some refuse to rent an apartment if the tenant does not have accident insurance for the landlord’s property. Look for tenant insurance offers that cover such damages.
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3) You Want To Protect Yourself Against Legal Liability
In addition to protecting the value of your property, most renters insurance offers also include a legal liability component. This saves you if someone visiting your property is injured. While these cases are rare, they are costly in most cases!
Read: Four Tips for Getting the Best Flood Insurance
The good news is that for such a small monthly fee, the insurance is more than worth it. You can easily find the best rental insurance deals on the Internet by entering some information and comparing different prices. It won’t take long for you to feel confident that you’re fully protected and won’t be left destitute if your property is damaged.
