Renters Insurance Quotes in New York

Have you considered what would happen if your apartment caught fire or if someone broke in? Your personal property such as laptops, televisions, furniture, and clothing aren’t covered under your landlord’s insurance policy. Personal belongings inside your apartment are your responsibility, and without a renters insurance policy, you’d have to pay to replace them in the event of a claim.

Comparing Renters Insurance Quotes in New York 

If you are looking to compare coverages and pricing for renters insurance in New York, you may be wondering what companies offer this type of coverage. At Cross Insurance, we work with dozens of carriers, from locally based companies to national names, which means more options for our customers. If you would like to discuss renters insurance, reach out to one of our offices today to request a quote.

Local Service for New York 

We’re local, with offices in New York. We take a personal approach to customer service. Our team is readily available by phone or email to answer questions you may have. If you experience a loss, our claims department will strive to make the claims process simple and efficient.

Components of Renters Insurance Policies 

There are four basic components of a renters insurance policy: personal property, personal liability, medical payments to others, and loss of use coverage.

• Personal property or contents coverage – This commonly protects electronics, furniture and other personal effects inside your rental property from a covered loss, such as fire and water damage, theft or vandalism. Review your policy to see if there are special limits on specific items such as antiques, jewelry, and electronics.
• Personal liability – Typically this coverage protects you against a lawsuit for bodily injury or property damage resulting from an accident in your apartment, such as someone falling and breaking a bone.
• Medical payments to others – This coverage can help to pay for covered medical expenses or funeral costs for someone injured inside your rental property.
• Loss of use coverage – if a covered loss prevents you from living in your apartment, this coverage can provide some reimbursement for qualifying additional living expenses while repairs are being made.

Renters Insurance and Flooding, Mold, and Mildew  

Policies vary, but many typically do not cover damage from flooding, mildew, or mold. You should review your policy to see what is and is not covered.

Actual Cash Value vs. Replacement Cost Coverage 

Renters insurance policies can differ greatly. Actual cash value (ACV) coverage takes into consideration depreciation. If a thief steals your property, the insurer will pay for the value of the item (subject to policy limits), minus depreciation. Typically, therefore, the actual cash value of an item is less than what it would cost to replace the item. Depreciation rates vary, but are highest for objects such as computers and electronics.

Alternatively, you may be eligible to buy replacement cost coverage. It costs more, but it covers the cost to replace your stolen item with a new, similar item of like kind and quality (subject to policy limits). In other words, replacement cost coverage does not take depreciation into account. You will still pay your deductible.

Getting a Quote for Renters Insurance in New York  

If you’re ready to discuss renters insurance, reach out to our local insurance agents in New York. We represent top insurance companies and can provide you with coverage options. Reach out today by filling out this form here, or calling one of our offices.

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This article is for general informational purposes only and is not to be relied upon or used for any particular purpose. Cross Insurance shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, insurance, accounting or other professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article are that of its author and do not necessarily represent the views of Cross Financial Corp. and its subsidiaries and affiliates (“Cross Insurance”) or Cross Insurance’s management or shareholders.