Why You Need Renters Insurance?

At West Side Management, we require that all residents to have a renter’s insurance policy prior to move in. In the unlikely event that an unfortunate incident may occur, renter’s insurance can help you repair or replace property after loss due to many types of damage or theft. It can also provide coverage for an accident at your residence. We want to make sure you understand everything you need in a renter’s insurance policy and save you from potentially losing out on all ends if things go awry in your rented property.

DocumentWhat is Renter’s Insurance:

Health insurance, auto insurance, life insurance…these are some of the common insurance types out there.

Some people may not have even heard of renter’s insurance. They may think that their landlord must have them covered somehow.

This is a false notion. And in cities such as New York, where renters are an enormous segment of the population, this can be particularly dangerous.

Renter’s insurance is a type of insurance policy that provides coverage and liability protection to renters in an apartment in the event of mishaps such as fires, vandalism, theft, explosions, falling objects, smoke, lightning, water, and electrical surges.

While these mishaps are unlikely, having renter’s insurance is a smart way to protect one’s possessions and prevent them from having to bear the loss following an unfortunate incident.

Most policies define these possessions as clothing, furniture, electronic devices, appliances, sports equipment, and more. It also covers jewelry and collectibles to a limited extent.

Building A Smart Investment:

According to the NYS Department of Financial Services, with about $300 a month, one can get a year’s protection to the tune of about $50,000.

It goes beyond personal property, a standard renter’s insurance policy covers personal liability, loss of use, and medical payments to others in the event of an accident happening in your apartment.

It also covers people when they’re responsible for damage to other’s properties in the building, perhaps through accidentally starting a fire.

Document Key takeaways:

  • Your landlord’s insurance covers the building generally but does not cover you and your property.
  • If you share the apartment with someone else, their renter’s insurance doesn’t cover you. However, you can get a policy that covers multiple people, although this can make your rate go up depending on how often the other person makes claims.

Building How to Get Renter’s Insurance:

  • Create an inventory of your properties to avoid undervaluing your property.
  • Note down any extra liabilities you might need to be covered.
  • Find a suitable insurance company. Oftentimes you can save by bundling with your car insurance policy.
  • West Side Management can help you find a great and reliable company if you need help. Just reach out to our property managers for assistance.

At The Washington, we offer top-notch amenities and luxury conveniences in our Saratoga Springs apartment community. We can help you get started on your search for the perfect apartment and renter’s insurance. Contact us here for more information.