Usually, landlord insurance only applies to the building and land and not any property of the tenant. Insurance policies availed by owners have almost nothing to do with the property of the tenant. Only the property of the owner is insured and the tenant has no claim from their insurance policy.
Though there is no law that says you must carry renter's insurance, you will certainly be able to sleep better at night knowing you are covered in the event of an emergency. Insuring your belongings is certainly advised by any landlord you would ask.
Insurance policies for tenants vary a great deal. They can start from covering minimal items to covering everything from your clothes to your cell phone. The price varies with the number of items covered and their monetary value.
Another misconception is that in case of roommates sharing the same unit, it is not necessary for each to have their own policy. Renters should understand that the insurance covers only those of the policy holder. Meaning if there are three renters in an apartment, it is best to have three separate policies to cover each individual's properties.
There are several types of insurance policy that are available for tenants. Choosing one or all of the policies depends on the tenant's preference and properties.
The most expensive type of insurance to carry is replacement cost value insurance. This insurance replaces lost or damaged personal items at the price it was purchased for. This is good if you have an item that depreciates in value quickly but will cost you more monthly.
Actual cash value insurance replaces items based on their current value in the market. This insurance is best for antiques, jewelries and other items that appreciate in time.
Lastly, liability insurance can hedge the risk associated with an accident, injury or mishap at home. It covers medical costs as well as costs associated with a lawsuit by the aggrieved party.
Though there is no law that says you must carry renter's insurance, you will certainly be able to sleep better at night knowing you are covered in the event of an emergency. Insuring your belongings is certainly advised by any landlord you would ask.
Insurance policies for tenants vary a great deal. They can start from covering minimal items to covering everything from your clothes to your cell phone. The price varies with the number of items covered and their monetary value.
Another misconception is that in case of roommates sharing the same unit, it is not necessary for each to have their own policy. Renters should understand that the insurance covers only those of the policy holder. Meaning if there are three renters in an apartment, it is best to have three separate policies to cover each individual's properties.
There are several types of insurance policy that are available for tenants. Choosing one or all of the policies depends on the tenant's preference and properties.
The most expensive type of insurance to carry is replacement cost value insurance. This insurance replaces lost or damaged personal items at the price it was purchased for. This is good if you have an item that depreciates in value quickly but will cost you more monthly.
Actual cash value insurance replaces items based on their current value in the market. This insurance is best for antiques, jewelries and other items that appreciate in time.
Lastly, liability insurance can hedge the risk associated with an accident, injury or mishap at home. It covers medical costs as well as costs associated with a lawsuit by the aggrieved party.
About the Author:
The individual has been writing pertaining to insurance for the previous six years. Furthermore, this individual likes publishing articles on New York City real estate topics, such as Hudson Heights apartments for rent in addition to Alphabet City apartments.
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