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

While most of us probably dream of owning a home in the suburbs, complete with a white picket fence, matching mailbox, and a decked-out dog house for Spot, owning a home isn’t always feasible – especially if you’re just moving out of your parents’ house or graduating from college. 

So this leads you to renting. And while you may not be the owner of your apartment, there are still a lot of responsibilities and risks that come with residing on the property.

Even though renting comes with its own fair share of risks, many tenants are unsure of whether or not they should invest in renters insurance. Here are six facts you might not know about renters insurance that can help you make up your mind:

1. It protects your belongings, anywhere in the world! 

This means that your stuff is protected even if it’s in your car or with you while you’re on a trip to France! This ranges from furniture destroyed in a fire to the iPad that was stolen out of your car while you were in Starbucks. Just make sure you’re keeping track of everything with an inventory worksheet.

2. It assists with additional living costs if your space is destroyed by a covered disaster. 

Let’s say your apartment is damaged by a fire. Renters insurance will cover additional living expenses such as restaurant bills and the cost of staying in a hotel while your place is uninhabitable. It may even cover pet boarding for Spot!

3. It helps with guests’ unforeseen medical bills. 

What happens if your friend breaks their leg while helping you move in? Your renters policy can help cover medical expenses in case someone is injured in your apartment.

4. It provides liability coverage.

What happens if said friend sues you because they broke their leg in your living room? Renters insurance will cover the legal expenses! (Also, you might want to reconsider your choice of friends). 

5. It’s affordable!

Renters insurance is surprisingly inexpensive. For example, a policy typically costs renters less than $5 dollars a month on average. That’s a small price to pay when you start adding up the value of all your possessions. 

6. You can bundle it with your car insurance. 

Already have an auto policy? Most insurance companies will allow you to bundle your policies which can save you both time and money. 

While renters insurance may not be required by your landlord, it’s an inexpensive way to protect yourself and all of the things you love most. 

Click on the button below to learn more about a Renters policy through NYCM Insurance and find an agent near you. 

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