Manhattan Renters Insurance Information
In Manhattan, NY, 80% of the population is renters. This is much higher than the New York average of 47%. The median contract rent in 2007 in NYC, NY was $1,055/month.
After spending an exorbitant amount of money for a tiny apartment in New York City, the last thing you want to think about is shelling out even more money on something like renter’s insurance. If you rent an apartment in New York City, you should know that the owner of your building doesn’t have insurance to cover your personal items in case of fire, water, or other damages. Their insurance covers the building itself, not the contents of your apartment. That’s why you should purchase some type of renter’s insurance to assure that you are completely covered. Some New York landlords even require that their tenants purchase renter’s insurance as a stipulation of their lease. This requirement isn’t always enforced, however, leaving many tenants in a position to forget about this important coverage completely.
To save money, make sure you only pay for the coverage you need. Determine the value of the contents of your apartment and how much money it would cost to replace only the items that are worth replacing. Another way to cut down on costs is through multi-policy discounts. If you are already paying for auto, life, or other insurance, your agent may be able to get you a deal on renter’s insurance by bundling all of your policies under one company. Another way to cut down your monthly premium is to pay for your entire year of coverage all at once to eliminate any monthly installment fees or choose a policy with a higher deductible. The higher the deductible, the lower the monthly premium, and vice-versa. Just keep in mind that you are on the hook for the cost of the higher deductible before the insurance company reimbursement kicks in.
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