Gotham Brokerage can help make sure renters are covered. Here are some things to consider.
When renters come to us for help buying NYC renters insurance, we go over a lot of details to make sure they get the coverage they need. Here are some of the things you should keep in mind when you’re shopping:
• Make an inventory: Make a list of everything that you own, and be thorough. If you have a Blu-ray player, list the manufacturer and the model. If you have a baseball collection, or antique china dolls, note what exactly you own. The same goes for furniture, appliances, computers and other electronics, and other personal possessions. The first step in buying a renters policy is understanding the value of your property so that you can buy the right amount of coverage. Someone with a futon and a modest wardrobe is going to need a whole lot less coverage than someone with a four-poster bed and a closet full of designer fashions.
• Take note of your most valuable possessions. Many policies limit the total they will pay for certain types of items, such as silverware or jewelry. If you need extra coverage, an insurance broker or agent can help you buy it.
• Double-check your coverage. Renters policies cover most hazards except for flood damage. If that’s a concern, you should consider adding a flood policy. But there’s another item that renters should keep an eye out for: living expenses. If your apartment is damaged, you’ll need to find another place to stay, and the cost can add up fast. Not all policies cover emergency living expenses.
• Check how you would be reimbursed. If your property is stolen or destroyed, your insurer will likely be writing you a check. But the size of the check can vary dramatically depending on whether you choose “actual cash value” coverage or “replacement cost” coverage. Think about your bedroom set. You may have bought it for $2,000 a decade ago, but it may be priced at $500 today — even though you could sell it for more. Replacement cost coverage guarantees you get enough money to replace what you’ve lost based on its as-new, not depreciated, price.
• Watch out for liability. Most renters policies will provide liability coverage in case someone is injured or has property damaged at your apartment. Prices for coverage can vary.
• A broker can be your best friend. Sorry for the shameless pitch, but it’s true. We’ve been in business 50 years, we know our stuff, and we can help you get the coverage you need at an affordable price, fast.
Gotham Brokerage can walk renters through all these steps, and find renters policies that cost as little as $10 to $20 a month. If you’d like some help and expert advice, give us a call at (212) 406-7300.