Whether you’re renting by yourself or with a group of friends, moving into a new apartment is always exciting. There’s a new neighborhood to explore, tasty restaurants to try out and furnishings to buy for your new home. With so much to do, it’s easy to forget about matters like renter’s insurance. However, renter’s insurance is actually very important and a definite must for every New York City renter.

What Is Renter’s Insurance?

Renter’s insurance is insurance specifically designed for those who rent property, which usually means apartment dwellers. This type of policy is offered by most major insurance companies in New York City and typically includes property coverage and liability protection, which provides protection to those who may become injured while in your home.

Property Coverage

According to a 2015 American Community Survey, 51 percent of American apartment renters are under the age of 30, many of whom not be familiar with renter’s insurance. If you’re part of this group, understanding the broad range of protections provided by renter’s insurance is sure to help you see its value.

Renter’s insurance, which is sometimes referred to as tenant’s insurance, provides four main types of coverage: personal property, personal liability, loss of use and medical payments (for others). Damage to personal property caused by fire, smoke, explosions, heavy snow, ice or sleet and plumbing issues, in addition to many others, are all covered. Most policies also cover theft and vandalism.

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Additional Coverage

However, coverage isn’t limited to personal items that are located in your home at the time of the incident. For example, if you park your bike at a rack and it gets stolen, the value of the bike may be covered by your insurance policy. Likewise, if you leave your laptop in your car and someone breaks in and steals it, you likely can recover the value of replacing it if you have renter’s insurance.

You can also get additional coverage for high-end items like jewelry, artwork or collectibles. Insurance experts also recommend getting replacement value coverage so that you get the full cost of your items should a claim need to be filed and not just the depreciated cash value. Some policies will also cover pets.

Liability Coverage

No matter how careful you are, accidents can, and often do, happen. If a friend or family member is injured in your home, depending on how serious the injury is, you could find yourself responsible for thousands of dollars of medical care. With the right renter’s insurance policy, both you and your guests will be physically and financially protected, potentially even from costly litigation fees, should it come to that. You can even be covered for damage that you cause to someone else’s property or qualify for financial assistance if your home becomes uninhabitable due to a disaster or damage.


A study by the Insurance Information Institute found that 95 percent of homeowners have home insurance, but only 40 percent of apartment renters have renter’s insurance. Some people may be reluctant to get renter’s insurance because they assume that it is expensive. However, according to Insurance.com, the average apartment renter in New York state only pays $204 a year for about $40,000 of coverage. While rates do vary based on the policy, your credit history and the city or neighborhood in which you live, the cost is still only about $15 – $30 a month.

In a city where anything can and does happen, protecting your property just makes sense. Renter’s insurance can give you the peace of mind you want at an affordable price and in New York City. That’s a win-win situation.

Of course, finding the perfect apartment comes before the need for renter’s insurance. If you’re looking, NoFee Rentals has the size apartment to meet your needs and budget in the neighborhood you’re looking for. Start your search .