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Renters Insurance NYC – Best Prices By Zone And Properties

Whether you are renting an apartment or living in a condominium, insurance is important. Many apartments require renters to have renters insurance, but even though it’s not mandatory, it will help you feel at peace while living in the apartment.

Roughly one-third of NYC tenants do not have a renter’s policy because they don’t understand how it works. Some are under the false impression that their landlord’s policy will protect their belongings, which is not true. We want to clear this up with helpful information, so you can make an informed decision and protect your condo or renters with the most competitive renters insurance policies in New York City

Renters insurance covers stolen or damaged property (but accidental damage or breakage is not covered) and provides personal liability coverage, which protects you if you’re responsible for an accident or damage to another person or their property. Both renters and condo insurance protect you, your belongings (to an extent), and the unit in case of incidents like theft, fire, vandalism, lighting, smoke, and accidental damage. Some will also cover the costs you incur if you have to stay in a hotel because of the apartment or condominium damage.

Renters insurance does NOT cover: 

  • Damage caused by rodents, pests, and bugs. The cost of an exterminator is not covered either.
  • Roomate(s) and their belongings
  • Certain natural disasters. This varies depending on where you live so we suggest reading the fine print to make sure you’re covered.
  • If you can’t prove you own your items or prove the value of them, you may be out of luck. Save receipts and take photos to ensure seamless replacement of your belongings.

Before applying for your condo or renters insurance NYC, here are some of the things you need to do to get the best ones:

Know your needs

The best way to determine which condo or renters insurance NYC is best for you, is to know what you want to be covered. Take stock of your property and belongings and determine how valuable they are to decide how much cover you want.

If the apartment or condo is high value and your belongings are over $50,000, opt for higher liability protection. You should also ask if there is any liability protection required from the lease and determine what level you need.

If you own pricey collectibles, you should consider adding valuable articles insurance as a separate policy. Valuable articles insurance is designed to provide the broadest level of coverage for valuable items such as jewelry, furs, silver, fine arts, and more. Itemized valuable article policies generally do not have a deductible or policy sub-limit, however, blanketed coverage may carry a per-item limit. Additionally, coverage is typically written on an agreed value basis with no reduction for depreciation, and your valuables are covered anywhere in the world.

Compare companies

Once you know what you need, it’s time to research Brooklyn condo insurance companies and compare their prices and get quotes. Consider the premiums, deductibles, and any additional costs.

Premiums are what you pay monthly for the service. The higher the premiums, the lower you have to pay out-of-pocket.

Deductibles are the amount you usually pay out-of-pocket before the insurance kicks in. if you insure a gadget worth $400, for example, and your deductible is $600, you will not get compensation from the insurance.

Therefore, look at the value of what you are insuring and the deductibles to ensure you get the best out of the insurance. While getting a cheap insurance cover is important, compare the benefits you get. Sometimes cheaper insurance covers have fewer benefits than expensive ones.

Other things to compare in Brooklyn condo insurance companies include their experience, qualifications, and reputation.

Consider what the insurance covers

Different insurance companies have different insurance covers. Ensure the insurance you apply for covers what you want it to cover. Most of them usually have liability insurance which helps protect you from incurring huge debts if your actions damage the property.

Most also have personal property insurance to cover their belongings. Other coverages to look for include loss of use that covers your hotel cost damage by other factors like wind, electricity, and medical payments.

Regardless, we highly recommend that you carefully read the entire policy, especially the fine print!

Understand the companies’ financial strength

You do not want to deal with an insurance company that will have difficulty paying your claim because of its poor financial capabilities. If your condominium or apartment is of high value and you also have high-value belongings, look for a company that has established itself and can pay your claims no matter how big.

Discounts

Discounts are a good way to save money and get more from your condo or renters insurance NYC. Look for companies with discounts, look for the best ones, and ask how you can qualify for them.

Look at customer reviews

All insurance companies claim to have the best benefits and short claim times. However, clients who the company has insured are honest about the quality of service and the experience.

Go online on the company’s website and other review sites like A.M. Best Company or Google ratings. A higher rating shows high-quality service from the insurance. Look at the clients who left low ratings, look at their complaints, and look at what clients have to say about other companies’ same aspects.

Look at customer service

How do insurance companies respond to their clients, handle complaints, and their response time? Also, look if they give feedback to their clients on both positive and negative feedback.

It would help to look at how many interaction platforms they have, like social media platforms, emails, or phone numbers, and how available they are to talk to you on those platforms.

Referrals

Researching online and comparing insurance companies can be challenging. You can avoid the hustle by talking to your family members, friends, and colleagues. Ask if anybody has used any renters insurance NYC or Brooklyn condo insurance and, if yes, what the experience was.

If you are having a hard time finding good Brooklyn condo insurance, Daigle and Travers’s Insurance is one of the best companies to help you do that. Our partnerships with other top-rated insurance carriers ensure that you get the best cover suited for your needs.

Reach out to Peter Dell’Olio, our resident NY expert, and he’ll be happy to help guide you through your options and/or questions. (203)655-6974 x119; pdellolio@dt-ins.com.