The Importance of Renters Coverage with Manhattan Insurance

New York City has one of the highest concentrations of renters in the US. According to the 2008 Housing and Vacancy Survey, released by the NYC Department of Housing, Manhattan had a 2.72 per cent rental vacancy rate, far lower than the 5 per cent threshold which is considered to be the crisis point. In spite of the increasing numbers of renters in the city, it is still common for renters not to have any type of Manhattan insurance policy to cover their personal possessions.

Many tenants decide against getting renters’ insurance because they think it’s not worth the expense or they assume that their apartment building policy is enough protection. They could be mistaken on both counts.

Renters insurance is generally a lot cheaper than homeowners’ insurance. Figures from the Insurance Information Institute show that renters’ insurance in New York cost on average $216 per year in 2008, compared to $983 a year for homeowners’ insurance. Also, a tenant’s possessions are typically not covered by the building’s policy so if they are damaged or stolen, the cost of replacing them without insurance could hurt.

Renters’ insurance gives you financial protection if your house is burgled and also pays for legal fees (up to policy limits) if someone injures him or herself at your house and sues. To ensure you are financially protected in these cases, you would need a Manhattan insurance policy for renters. Speak to an agent for more information about getting a policy that suits you.

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