6 Surprising Things You Might Not Know About Renters Insurance - NYCM Insurance Blog

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Jun 21, 2019

6 Surprising Things You Might Not Know About Renters Insurance


Check Out These Unexpected Benefits of Renters Insurance

While many people may dream of owning their own home in the suburbs, complete with surrounding white picket fence- owning a home isn’t always the most affordable option. Depending on the area and circumstances- renting can be a feasible alternative. It’s important to know when renting, there are still responsibilities and risks that come along with your residence, even though you don’t own the building.  A renters insurance policy can help you to mitigate some of that risk.

If you’re on the fence about renters insurance, check out these 6 surprising benefits to make the decision that much easier.

 

1. It Offers Worldwide Coverage

Worldwide coverage means that your personal belongings are protected globally, no matter where you are. For example, if your iPad is stolen out of your car, (unless specifically excluded) you can be reimbursed for the cost of that iPad after your police report and claim have been filed. With that being said, it’s important to make sure you are keeping track of your possessions. You should consider using an inventory checklist to keep track of your items and their cost for replacement, especially when it comes to higher ticket items.

 

2. It Assists with Additional Living Costs

Say there was a fire in your apartment building, and you are not able to stay in your home while repairs are being made. Did you know that renters insurance can cover the necessary additional living expenses that you incur from that covered loss? For example, the extra mileage it may cost to go back and forth to work, or the cost of staying in a hotel while your apartment is uninhabitable, can be covered under additional living costs. It’s important to note the coverage will max out at your policies specific limits and that the additional living expenses must be a direct result of your covered loss.

 

3. It Can Assist with Guests’ Unforeseen Medical Bills

Renters insurance offers medical expense coverage which protects you against claims as a result of accidental bodily injury that resulted in medical expenses. For example, if you have a friend over to visit and they are injured while in your home, renters insurance can help cover their medical expenses. It’s important to note that this coverage does not apply to the policyholder or to any residents of the insured location.

 

4. It Provides Liability Coverage

Say the friend that was visiting and got hurt decided to sue you based on that loss. Under the personal liability that renters insurance offers - your legal expenses may also be covered!

 

5. It’s Affordable!

Renters insurance is surprisingly inexpensive and extremely cost effective! In the event of a loss or claim, the amount of money you’ve invested into you renters policy may be drastically lower than what you could end up paying without it. On average policies are less than $15 a month depending on what coverages you choose.

 

6. You Can Bundle It with Your Car Insurance

Many insurance companies will allow you to bundle your auto and renters policies together to qualify for extra discounts. If you already have an auto policy, this benefit will save you time and money in the long run.

While renters insurance may not be required by your landlord, it’s an easy and inexpensive way to protect yourself and the things you love most. Check out the link below to learn more about obtaining a renters policy through NYCM Insurance and finding an agent near you.