Is Your Apartment Properly Insured Against Winter Storm Damage?

New York City Apartment InsuranceWill my landlord’s insurance provide coverage for damage to my personal property?
No. Your landlord’s insurance will only provide coverage for damages that occur to the building itself, not your personal property. As a result renter’s insurance should be purchased in order to protect your property from winter storm damage.

What type of winter storm damage does renter’s insurance cover?
Typically, standard renter’s insurance will provide coverage for damage to your personal possessions that result from any of the covered perils, which are listed on your policy (i.e., hail, wind, fire). Your personal property should be covered, as long as the winter storm damage results from one of these named perils, however you will need to check with your personal insurance agent with regards to specific coverage questions.

What if the damage is caused by a flood?
Basic renter’s insurance does not provide coverage for any damage that is the result of a flood or rising surface water. If you live in a flood-prone area, it would be extremely wise to purchase a separate policy in order to cover any damages that may occur to your personal property as the result of a flood. Ask your insurance agent about whether you are in a flood prone area.

What is the difference between replacement cost and actual cash value coverage?
Before purchasing renter’s insurance it is very important to know whether the policy provides replacement cost or actual cash value coverage for damaged property. Replacement cost coverage pays the actual amount of what it costs to replace the items that are damaged. Actual cash value coverage pays the amount equal to the value of the item at the time that is damaged, taking into account any depreciation in value that has occurred. The premium for replacement cost coverage is slightly higher than that of actual cash value coverage, however, it is worth the added cost.

Are there any coverage limits for damage to my property?
Usually renter’s policies have coverage limits for certain items, such as jewelry. As a result, you should consider adding a rider to your policy or purchasing a separate policy, sometimes referred to a personal articles policy, which is specifically designed in order to protect your valuables, such as jewelry.

How much will it cost?
The cost of renter’s insurance varies, and depends on numerous different factors, such as where you live, as well as the coverage amount, but surprisingly premiums are typically quite low.

Preparing for winter storm damage claims
There are a number of steps that you could take to prepare yourself in case you ever need to file a claim for winter storm damage:

  • Prepare a household inventory by photographing or videotaping items
  • Keep receipts for valuable items
  • Have insurance information handy (e.g., insurance company phone numbers, insurance policy numbers)
  • Keep copies of the documents and information you’ve compiled in a safe place outside the house

Want to make sure you’re covered?  Get a Renters Insurance Quote Today!  Renters Insurance in NYC is usually very affordable and a great investment for any renter that is looking for protection against unforeseen tragedies.

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