A fire can destroy an apartment in only minutes. A tornado can destroy one in just seconds. These scenarios or even a robbery in your apartment can end up costing you thousands of dollars in order to replace all of your personal belongings. Think you don’t have enough property to justify the expense of your own insurance? The value of your belongings may shock you. “Your sporting goods, electronics, computers, clothes and furnishings may be worth more than you realize,” says Gregg S. Marcus, a Long Island Insurance Executive . “It is wise to check into renter’s insurance before an unexpected event like this happens.”
Your landlord’s insurance policy covers damage to the building structure and the landlord’s property from a fire, storm or theft, but this policy will not cover your property or liability. Renters insurance (also known as a HO4 policy) covers you against specific types of losses – such as damage from lightning, fire, storms, vandalism or theft – so that you can replace or repair your property in the event of an incident. If you had to pay out of pocket to replace items such as laptops, televisions, clothing and other expensive possessions, this could cost upwards of $20,000.
Renter’s insurance also covers injuries or damages that occur in your apartment for which you could be held liable, such as a friend slipping and falling in your dwelling. If your apartment is uninhabitable for a period of time for repairs, some renter’s insurance even provides you the funds to live in a comparable apartment while yours is being repaired. Even if you’re only out of a place to live for a couple weeks, you can still end up shelling out thousands of dollars. It’s even worse if you end up on the hook for a new security deposit and first month’s rent. Can you really afford that out of pocket?
Just like with Homeowner’s insurance, you may qualify for discounts on the policy. If you are a non-smoker living with other non-smokers, there could be a discount for that. Does the home you rent in have a security system? This is another opportunity to save money. If you are a tenant in Nassau or Suffolk County on Long Island and don’t have currently have renter’s insurance, contact Gregg S. Marcus today . Get piece of mind and start protecting your belongings for a surprisingly affordable monthly rate!