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Commonly Asked Questions about Renters Insurance

The main and most obvious distinction between renters insurance and homeowners insurance is that a homeowners policy safeguards the homes physical structure against covered perils while renters insurance wont protect the home or building occupied by the tenant.
If you own a home and have a mortgage, you are required to have homeowners insurance. However, not all landlords or property managers require tenants to have renters insurance, and therefore many choose not to purchase it. If you choose to shop for renters insurance, think about what kind of coverage you need.
How much is renters insurance in New York? The average cost of renters insurance in New York is $170 a year, or about $14 a month. Thats about 15% higher than the national average of $148 a year. Renters insurance in New York City costs $192 a year, on average.
Renters insurance has three basic coverage components: personal possessions, liability, and additional living expenses.
Your personal property, personal liability, additional living expenses, and guest medical expenses are usually covered under your renters insurance.
Renters insurance is a form of property insurance that protects tenants who live in a rented dwelling. Policies cover personal property, liability claims, and additional living expenses when a unit is damaged.
Renters insurance isnt required by New York law, but your landlord or building management company may mandate a renters policy before you can move in. Even if youre not required to carry renters insurance, a renters policy is generally affordable and may cover your belongings against certain perils.
Renters insurance protects your personal property in a rented apartment, condo or home from unexpected circumstances such as theft, a fire or sewer backup damage and will pay you for lost or damaged possessions.