My Agent Didn’t Explain An Exclusion Of My Manhattan Renters Insurance Policy!

Once in a while, we’ll speak with someone who is concerned that they didn’t get every single clause of their Manhattan renters insurance policy explained to them along the way.  We are always happy to answer questions and clarify coverage.  But you have to ask the question.  Why do you have to ask the question? Shouldn’t there be a video training session for your insurance policy?

If you have Manhattan Renters Insurance, you’ve purchased a contract.  What should you do with that contract? Or with any contract that you’re involved in?  You should read it.

No, really, you should read it.  As a matter of course, insurance policies are construed in favor of the insured if there is any ambiguity, but if the language is quite clear, it falls to the insured to have read and understood the policy.  Granted, reading and understanding the policy are two separate things.  Your Manhattan renters insurance policy is a rather long document.  But by reading it, you’ll know what you have questions about and be able to get clarification.

Let’s take a look at a common example of why you should read and understand your policy.  An insured asks if water damage is covered.  The person selling the policy answers “Yes, such as from broken pipes.”  Both sides of that conversation think that they’ve seen a clear and concise answer.  But the insured lives in a basement unit in lower Manhattan, and meant something different.

On reading the policy, the insured would have seen language which is in every single renters and homeowners policy: Flooding from groundwater is not covered.  That’s the exact type of water damage that the insured had in mind, but that’s not the question that the insured asked.  On reading the policy, and discovering that clause, the insured would have been able to ask further probing questions to determine what they need to do to get the coverage they want.

As an insured, you have fairly few responsibilities.  You’re expected to pay your premium, be honest on the application, and provide information the company asks for in the event of a claim.  You’re also expected to read the policy and to know generally what is in it.  You don’t have to be an expert, you don’t need to be able to explain the definition of “riot” off the top of your head, but you should understand the policy generally.

If you do these few things, you’ll have a much smoother experience.  If you read the policy and you still have questions, that’s what the insurance experts for NYC renters are here for.  Just call and we’re happy to answer your questions.  If you have questions, or if you need a policy, just call (800)892-4308 or click to get covered - whether you need Mahattan renters insurance quotes online or coverage anywhere else!

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Photo Credit: Elvert Barnes 19 P Street CC BY SA 2.0