first time renters

Renter’s Insurance: What It Is and Why You Need It

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.

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.

Cost

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 .

Redecorating Is Usually Mandatory

If you’ve spent much time viewing apartments, you’ve probably noticed that the hallmark of a New York City apartment is the archaeological evidence of dozens of paint layers on all the molding and trim work.

Throwing up a fresh coat of paint is a rite of passage for local tenants and a good way to make sure you feel right at home. Stick to light colors and careful shading to make your rooms feel open and airy, but don’t be afraid to go wild with bold accent walls when appropriate.

Get Ready to Walk

If you’ve lived a life in rural towns or the suburbs, you’ll likely be shocked by the amount of walking required in New York city. Whether it’s hiking to the subway station or schlepping to your sixth-story walk-up, you’re sure to get plenty of cardio one way or another.

Shoe management is likely to become a regular part of your life, so take a tip from the locals and set up a shoe station right near your door. In smaller, more intimate buildings, many New Yorkers even keep their shoes on the exterior landing, but a shoe rack inside the front door works just as well to prevent tracking street grime into the house. Additionally, get used to carrying an extra pair of shoes if you work somewhere with a professional dress code, since you’ll regret having nothing but a pair of tight dress shoes when walking sneakers are called for.

Always Aim to Downsize

Storage and living space are at a premium in the Big Apple, so get used to culling your collections. Ideally, you’ll engage in a round of aggressive downsizing before you start packing to move into your new apartment. But even once you’ve moved, it’s a good idea to take stock at the end of every season. Paperwork and other disposables are frequent clutter culprits, along with worn-out or outdated clothing.

To make the most of your space, do as the locals do and rent a self-storage unit ASAP, then split your belongings into warm weather and cold weather categories and keep the off-season junk stashed away for half the year.

Embrace Open Spaces

Claustrophobia is inevitable in the city, so do everything you can to give yourself room to breathe. Most locals take every opportunity to visit open spaces, whether it’s one of the many parks scattered around the city or just an open plaza with benches to eat your lunch on.

Avoid the rookie mistake of trying to replicate the feeling of many-roomed exurban homes by splitting your apartment up with shelves or movable walls and, instead, delineate spaces in your abode with smart decorative choices that don’t obstruct sightlines, especially those leading to your windows.

Avoid the Fee

Of course, these tips only apply if you already have the apartment. If you’re looking, NoFee Rentals is the best place to start, with studios, one bedrooms and larger shares in many neighborhoods around the city. And, because we own and manage our own properties, there’s never a fee. Ready to move? Click here.

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