Renters insurance is inexpensive — and incredibly valuable
What should a Brooklyn renter know about renter’s insurance?
First, it’s a smart investment. Renter’s insurance can cost as little as $10 to $20 a month. I know a lot of New Yorkers who spend more than that on Chinese delivery — and the Chinese delivery guy isn’t going to help pay to replace your flat-screen TV after a fire (unless, of course, the Chinese delivery guy is your roommate, in which case congratulations on the occasional free take-home grub).
The Astral Apartments building in Brooklyn. (Photo courtesy of Jim Henderson, via Wikimedia Commons)
Renter’s insurance is a smart investment because, if you buy the right policy, it will pay to replace your stuff in the event of a disaster. A lot of renters think their property is covered under their landlord’s property insurance policy. But that covers only the building or apartment itself. Your personal possessions are not covered unless you get your own policy.
Many landlords are now requiring tenants to get a renter’s insurance policy before they’ll agree to a lease. It’s a sensible precaution for landlords because they know a major financial loss can cripple a tenant’s ability to pay rent. Let’s be frank: If a fire destroys all of your clothes or a thief steals the computer that you use for work, you’re going to be scrambling to buy new clothes or a new computer — and rent may go to the backburner. It’s a path that too often leads to late fees and evictions. A renter’s insurance policy can provide you with the money to replace your stuff and still pay your rent on time.
Renter’s insurance also protects you if omeone is injured in your apartment and it isn’t the landlord’s fault. Say someone walks into your apartment, trips over a shoe, then face-plants into your coffee table. That’s not your landlord’s fault, so if your visitor winds up with expensive medical bills, it will be up to you to pay them — unless you have insurance.
Gotham Brokerage can help you Brooklyn renters find an insurance policy that meets your needs and fits your budgets. We’ve been helping New Yorkers find renter’s insurance, co-op insurance and homeowner’s insurance for 50 years, so we know the various curveballs that can baffle a renter and the right questions to ask to make sure you get solid coverage. We can also help you find insurance very, very quickly — in as little as 20 minutes — which is very important, since many landlords won’t sign a lease until you have proof of insurance, and New York apartments tend to be snatched up quickly.
To get an initial quote, fill out our form at the upper right or call us at (212) 406-7300.
