Living in New York City, we know you have a busy career and a busy lifestyle. Whether you’re hustling to make it to a meeting with the next big prospect, or hustling to get to the audition that will give you your big break, we know you want the information and you want it now. That’s why we’ve put together this New York City renters insurance guide to give you a quick overview of policies in the City, and how to protect yourself.
The vast majority of New Yorkers rent, but only forty-four percent of them have renters insurance! This is in part because many aren’t aware they can get New York Renters Insurance for their 150 square foot flat that they share with five roommates, and partially because many people are just too busy to deal with it. As part of our core values, Effective Coverage wants to make it easy to learn about the coverage and get protected. We’re kicking off the 2017 Renters Insurance Challenge to get 40 percent of American renters insured with the provider of their choice, because no one should be without coverage in New York!
New York City Renters Insurance
Why Do I Need New York City Renters Insurance?
New York City is the city that never sleeps, and crime and risk don’t take naps in NYC either! In a city this large, the odds of bumping into someone on the sidewalk and spilling your coffee on them are fairly high, which is why you need liability coverage on your NYC renters insurance. Remember the lady that spilled the coffee in her lap and then sued that fast food place? What if it was your coffee while you were rushing down the street? Could you afford to pay that settlement out of pocket? Probably not!
You’re also at a higher risk for theft in the city. What happens when you’re out at the coffee shop trying to get some work done, and turn your head to talk to an old friend? In the meantime, someone has taken off with your laptop! Do you want to buy a new one out of pocket? We didn’t think so!
New York City renters insurance protects you from those risks, and more!
What Does New York City Renters Insurance Cover?
As promised, here it is, short and sweet:
- Personal property coverage protects your stuff from fire, theft, vandalism, and many other perils
- Liability coverage protects you if you cause bodily injury or property damage to someone else. It also defends you if someone sues you for a liability claim which would be covered under the policy.
- Loss of use coverage pays for you to stay somewhere else when a covered loss keeps you from using your apartment. That could be a fire, most water damage, or even smoke damage from a neighbor’s cooking fire. Any covered loss can trigger loss of use coverage. A hotel in NYC for one night costs more than the policy costs for the whole year, so this is a crucial coverage.
- Medical payments to others coverage protects you if a guest is injured in your apartment. That could be anything from an accidental fall to hurting themselves while helping you make dinner.
Does New York City Renters Insurance Cover My Roommates?
What Is The Cost Of Renters Insurance In New York City?
Only if they’re endorsed onto the policy! You can also each have your own policy, which is better than roommates sharing renters insurance. With each of you having your own policy, you know that you have appropriate limits for the personal property you brought in. You also know that a liability claim against them won’t deplete the coverage available under your policy.
It’s always a better idea to have each roommate get their own New York City renters insurance policy, but Effective Coverage has options for you either way.
How Can I Get Renters Insurance In New York City?
That’s simple. Just reach out to Effective Coverage at (800)892-4308 or click above for easy online quoting or a chat with an expert! That’s all you need to do, Effective Coverage can take care of the rest.
Will My Landlord Require Renters Insurance In New York City?
Most of them do! Remember that real estate prices are in the stratosphere here. That means that a landlord wants to protect his investment. By requiring NYC renters insurance, the landlord knows that if you accidentally cause a fire, for instance, that he’ll be made whole.
The landlord also wants to be absolutely sure you understand that he has no responsibility for your personal property. None. By requiring NYC renters insurance, it’s clear that you’re insuring your own property, and that you understand that doing so is on you, not on him.
Renting In New York City
New York City, of course, consists of all the boroughs, but often is used interchangeably to refer to Manhattan. The economy of New York City is varied and broad, ranging from services to shipping, and restaurants to road work. With one of the world’s largest natural harbors, shipping and passenger ships find New York to be an attractive port of call. Partially as a result of this, over 800 languages are spoken in the city!
The population of 8.5 million people is spread out over just 305 square miles, making this the most densely populated part of the United States. The metropolitan area boasts 19.9 million residents, and had a gross metropolitan product of over one trillion dollars in 2013. Only twelve nations had a gross domestic product higher than this city!
Many parts of New York City are well known worldwide, such as Times Square and Broadway, but those are primarily commercial areas. Residential rentals tend to occupy other parts of the city, though generally there’s easy access to wherever you want to go. NYC is served by a massive subway system, buses, trains, several tunnels and bridges, and three airports (one of which, Newark Liberty, is technically in New Jersey and you should bear that fact in mind if you plan on taking a cab there!).
This is a great city to live in, and has just about anything you could want within its borders. You may never want to leave, but you will want to protect yourself with New York City renters insurance from Effective Coverage!