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Do you Know your Renters Insurance Limitations?

Posted on September 10, 2013

Let Gotham Brokerage help you figure out how much insurance you really need

Brooklyn Apartment front from side

Some people may throw caution to the winds when it comes to renters insurance, but why risk your belongings when you can protect it for about $250 a year? Wind, water and fire can take away everything you’ve worked for in a matter of minutes. Your NYC renters insurance policy can give it right back to you, with some limitations.

Just like you explored the neighborhood when you moved in, you should put the same thought into your insurance policy so you know what is covered in the event of an insured loss. Your policy will protect your belongings from theft, wind damage, fire and certain types of water damage, such as accidental overflows or ruptured pipes. But flooding, like the type caused by Hurricane Sandy, is usually not covered unless you have flood insurance. Some policies also cover identity theft and credit card fraud.

If no one has ever gotten hurt inside your home and sued you, you probably haven’t thought about liability. But your insurer has considered it. Your insurance policy provides a set dollar amount of liability protection. If someone gets hurt in your apartment, or your bathtub or sink overflows and damages the apartment below you and you are sued, your renter’s policy will provide a defense and pay out a judgement against you up to your policy limit.

Water Damage Aliso Viejo

Be mindful that certain expensive items, such as jewelry and furs, may have a cap unless you buy an additional personal articles policy to fully insure them. The caps range from about $1,000 to $2,000. For an additional cost, a personal articles floater will cover a special item at its appraised value. There’s no deductible on this type of coverage, and a personal articles policy often takes care of losses that wouldn’t ordinarily be covered, such as taking off your Rolex in a restaurant bathroom to wash your hands and returning to find it gone.

As you would with any legal document, carefully read your policy. If you don’t understand something or you have questions about your policy or the type or amount of coverage you need, a Gotham professional can help you navigate the insurance process.

Gotham Brokerage Co., Inc. is a family-run business in New York City that has been in business for more than 50 years. Let us match you up with the right insurance agent. Give us a call at 212-406-7300 or fill out the form at right.

Gotham Brokerage Co., Inc. is a family run insurance brokerage serving New Yorkers for over 50 years. We specialize in the insurance needs for those living in the city and provide a full range of insurance products designed specifically for the city.