At Effective Coverage, we value choices and options. We know that there are a million insurance agents in Manhattan who can sell you a Manhattan, NY renters insurance policy. We also know that not everyone know a great deal about New York Renters Insurance, so we create these city and state renters insurance guides to help people make educated choices about their coverage. We put this information out there to help you make the right choice on how to protect your family.
Effective Coverage is the only national full-service insurance provider that focuses on the insurance needs of renters. The types of coverage that you need on Manhattan renters insurance are very different from what you might need in a condo or a co-op, each of which has its own policy form to address the specifics of ownership and other relevant issues. Since co-ops are not often found outside of NYC, people in need of home insurance in the city have yet another policy form to understand and see if it’s right for them.
Effective Coverage doesn’t just sell insurance, we’re changing insurance for good. The old model that most of the industry still clings to in desperation was to sell as many large policies as possible, and to ignore the smaller policies that people need just as much. That might work just fine if you’re an insurance agent in Lincoln, NE, but it’s not a model that will fly for Manhattan renters insurance. People who live in NYC tend to have quite a bit to protect, and they expect full service whether they’re buying a large policy or a small one. It’s just the nature of the market. Effective Coverage works hard on each and every policy, no matter how small, to make sure the right coverage is available and that the insured knows how much coverage they should have.
We’re changing the insurance business model by making sure that everyone gets the time and energy they need from a Manhattan, NY renters insurance expert. We’ve put those experts on salary, so that they’re willing and able to give you that time, no matter how many questions you have. Our insurance experts are not looking to move on to the next policy, they want to make sure you have what you need and that it’s done right. That’s how we sell Manhattan renters insurance, and that’s what we believe people want.
Take a few minutes to review our Manhattan Renters Insurance Guide, and then call a renters insurance expert or click above to get covered in just minutes. Then relax, you’re safe with Effective Coverage.
Effective Coverage offers the nation's only completely mobile platform to quote and purchase renters insurance right from your phone or tablet in just one minute. Get an online renters insurance quote today and protect your family.
Manhattan, NY Renters Insurance
How Much Does Renters Insurance Cost In Manhattan?
No matter where we’re writing a Renters Insurance Guide for, this is always the first question that people clamor for us to address. A basic Manhattan, NY renters insurance policy with $15,000 of personal property coverage and $100,000 of liability coverage might cost in the neighborhood of fifteen dollars a month. But for most people who live in Manhattan, that’s not nearly enough coverage. The good news is that insurance pricing is not linear.
We’re not actuaries, and likely neither are you, so we’ll spare you the math, but the largest amount of risk is assumed by issuing the policy at all. That’s where most of the cost comes in. From there, if you double the coverage, the price might go up a bit but it’s unlikely to double when you double the coverage. Adding additional coverage is often quite inexpensive, and it’s often the prudent thing to do. The cost is so low that there’s really no reason not to get all the coverage you need.
What Is Loss Of Use Coverage On Manhattan Renters Insurance?
The technical answer to what is loss of use coverage on Manhattan, NY renters insurance is “If a loss by a peril insured against under this policy to covered property or the building containing the property makes the residence premises not fit to live in, we cover at your choice either of the following: …any necessary increase in living expenses incurred by you so that your household can maintain its normal standard of living; or …the fair rental value of that part of the residence premises where you reside…”
But what does any of that mean in reality? Let’s break it down to its component parts.
The loss must be caused by something covered by the policy. An alien ray gun attack would not trigger this coverage, for example.
The residence must not be fit to live in as a result of that covered loss. If someone steals your TV because you left the door open, that doesn’t change your ability to live in the home. If, however, someone breaks in and destroys your front door in the process, you’d likely trigger loss of use coverage because you can’t safely live there without a front door.
You have to choose one of two options.
Option one is for the company to pay the additional costs you incur to maintain your current standard of living, over and above what you’d normally spend. A hotel stay would qualify, meals you can’t cook at home would qualify, but you’re still paying rent at the premises that will be repaired. It doesn’t cover both.
Option two is for the company to pay the fair rental value, i.e., your rent, for the period in question, and then it’s incumbent on you to cover the additional living expenses caused by the loss.
Often the two work out to very similar numbers, it’s just a question of personal preference and whether or not you have someplace else to go. If you have a friend you can stay with, or a second home, you might take option two. If not, option one might be better suited for you.
When we break down the policy document into its component parts, it’s really quite straightforward.
What Is Excluded From Manhattan, NY Renters Insurance?
While we won’t list every single exclusion here at the risk of boring you to death, we will cover a few of the major ones.
Ordinance or Law: If something needs to be brought up to code just because it needs to be, and not as a result of a loss, that’s not covered. As a renter, such things are often the landlord’s problem, not yours, so this may not have much of a real life impact.
Earth Movement: Earthquakes and mudslides are excluded, though coverage can be carved back with an endorsement. On Manhattan, NY renters insurance, neither earthquakes nor mudslides are significant risks most of the time.
If the earth movement causes a fire, explosion, breakage of glass that’s part of a building, or if the earth movement causes a theft, the ensuing damage from the fire, explosion, breakage, or theft would likely be covered. If a huge earthquake hits Midtown, and there is looting as a result, a theft loss from the looting could be covered.
Water Damage: This exclusion doesn’t mean water isn’t covered, it means specific types of water damage are not covered. Broken pipes resulting in water damage would ordinarily be a covered loss. Flood, surface water, waves, tidal water, overflow of a body of water, and water below the surface of the ground are not covered. All of those things would fall under flood insurance, which is a separate product.
Water backup of sewers and drains is excluded, but it can also be carved back with an endorsement. We strongly encourage people to add this endorsement, because those backups can be quite expensive and quite damaging. The endorsement for water backup of sewers and drains often costs just a dollar or two per month, so it’s well worth having.
Nuclear Hazard: While excluded, most of the time an individual with a loss due to a nuclear hazard is more concerned about their life than about their coverage.
There are a few others, but they are generally rarely invoked. It’s always worthwhile to read your policy, however.
Why Do I Need Renters Insurance Liability In Manhattan?
That apartment you’re spending a few thousand dollars a month on would cost hundreds of thousands of dollars to rebuild if it were gutted by an accidental fire. That’s not even factoring in damages your neighbors might suffer in that situation, or damage to common areas. Manhattan, NY renters insurance liability would cover a loss like that so that you don’t have to cover it out of your own pocket. For fifty cents or so a day, that’s a more than acceptable trade-off.
Renting In Manhattan, NY
It has been said that Manhattan is the cradle of the United States, an economic and cultural center from which springs all that is good and positive in the nation. With more than 1,650,000 people living in this borough alone, Manhattan mostly consists of Manhattan Island. The East River, Hudson River, and Harlem River create the boundaries of this famous island. The borough is more dense than any American city or any of NYC’s other boroughs, with over 71,000 residents per square mile in a total land area of only 22.83 square miles.
Along with all those people, Manhattan is also home to the United Nations Headquarters, as well as the world’s two largest stock exchanges, the New York Stock Exchange and NASDAQ. Manhattan Island is one of the most expensive locations for real estate in the entire world, with the total value of Manhattan real estate estimated at approximately three trillion dollars.
Legend has it that Manhattan Island was purchased from its native inhabitants for just twenty-four dollars. The area was named by the natives in their Algonquin tongue, and it loosely translates to “hilly island.” The Italian Giovanni da Verrazano first sailed into New York Harbor in 1524, and there is now a bridge named in his honor. Estevan Gomez of Portugal followed scant months later, and it’s likely that both though they had independently discovered Manhattan Island while in New York Harbor. The best known of the European explorers, however, is Henry Hudson. In September of 1609, he entered Upper New York Bay. He sailed for the Dutch, and as a result the island was settled by the Dutch in 1624.
Manhattan was the center of quite a few of the battles in the early stages of the Revolutionary War. After the Battle of Fort Washington turned into an absolute catastrophe and the Continental Army was forced to abandon Manhattan, the city became the center of British political and military operations until the end of the war. At that point, of course, neither their political operations nor their military operations were welcome on our shores any longer. The borough was heavily damaged by the Great Fire of New York during the British military stay. The occupation lasted until November 25, 1783 when British forces were finally driven from the city with glee by the newly free Americans. At that point, George Washington returned to Manhattan.
In the 19th Century, Manhattan grew rapidly in population and industry, as well as in culture. A great deal of people made their homes here, as a growing immigrant population began to arrive. The city had a complex and important role in the American Civil War. Starting from the second half of the 20th Century, the crime rate in Manhattan began to increase because middle-class residents were moving to outer boroughs. Crime was brought under control, and the population of Manhattan has begun to increase significantly again.
Central Park might just be the most beautiful place in the entire city. With so many different people walking, jogging, riding a bicycle, or just enjoying a break from the busy city streets, this park is far from peaceful and quiet, though it does show a cross-section of Manhattan residents that can be interesting to watch in and of itself. Central Park can open your eyes in realization of how many people are crammed peacefully into one small part of the earth, sharing lives and cultures. This diversity is what makes Manhattan such an amazing place, three centuries of changes and diversity.
The Metropolitan Museum of Art is perhaps the second most amazing place in New York. The Museum is so extensive that one visit is never enough. With extensive collections from Egyptian culture and vast Impressionist collections alongside exhibitions about American history and numerous collections of famous artists, there’s something for everyone at the Museum and a single day trip barely scratches the surface. This is just one more thing to evidence how great the cultural diversity is in Manhattan.
From the Top of the Rock Observation Deck, you can enjoy the view of the Manhattan Skyline, said to be one of the most beautiful views of any man-made thing. You can take great pictures of the skyline from here, as well as of the mesmerizing sunset. Manhattan is also the home of the world’s greatest theater scene, Broadway. A wide variety of plays provide entertainment for everyone. From children’s theater plays to dramas and comedies written by the best in the world, you’ll find something to amuse yourself. Whether going out with family, friends, or on a date, a Broadway show leaves a memorable impact on anyone.
When you get home to your new apartment, you’ll want to relax. The best way to make sure you can relax in your new apartment is to protect it with Manhattan renters insurance from Effective Coverage. You’ll get peace of mind and you’ll know you’re safe.