Most individuals who rent their homes cannot determine whether it is beneficial or not to hold a renter’s insurance policy. How can you decide if renters insurance is for you? Do figure this out you will need to calculate the amount of liability coverage needed, assess the probability of property loss (including attaining the value of your possessions), estimate the deductible, and put everything together to determine what is right for you as a renter and what you should be looking for when purchasing renter’s insurance. In this post, Long Island Insurance Executive, Gregg S. Marcus will tell you everything you need to know about renter’s insurance, explain what is right for your specific needs and inform you on how to go about purchasing such a policy.
Analyze Your Liability
In regards to an apartment building, those living on the second floor or higher normally have a higher propensity to be liable for property damage to their neighbors, considering there are people living directly beneath them. If you have any form of water damage in your home you can be sure it will affect the others living below you. If you own a dog renter’s insurance will protect you in the event of the animal causing any harm. If you consider your home to be high risk you shouldn’t hesitate to purchase a policy.
Assess the Value of your Possessions
High value possessions are likely and available to be stolen in the event of your house being burglarized. Items such as Televisions, computers, jewelry, or even cash are the most commonly stolen items which hold high values. This needs to be taken into account to assess the potential damage in case you become a victim. Total possessions include everything and everything from clothing to appliances, when calculating estimates imagine losing everything and what it would cost to get it all back.
Estimate your Probability Risk of Loss
It is important to estimate your probability risk of loss; this means the chance of you running into trouble as a renter. As there are of one hundred million homes in the United States and there are nearly three hundred thousand fires in homes a year. This means you have a 3% chance of having a fire in your home. Probability and risk are not one in the same. Risk measurements incorporate the probability of loss with the estimated value of said loss.
If you rent a home in Nassau or Suffolk County on Long Island, New York, and are interested in attaining insurance or have any questions regarding renter’s insurance, Contact Gregg S. Marcus today!