What Types Of Renters Insurance Are There?

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   Darald Novak AAI

   Retired Agent and Broker, Self Employed, Albany NY USA

   In New York there are few variations in the renters policy. The basic policy covers Personal Property, Additional Living Expense, Medical Payments, and Personal Liability.  Many insurance carriers use their own policy forms and endorsements.  A reputable agent or broker will have a specimen policy available and can outline the various coverages.  Your Personal Property can be covered for Actual Cash Value or Replacement Cost.  A good insurance representative can explain the difference in terms you can understand. The standard renters policy  provides 'named perils' on your personal property.  'Open perils' commonly known as 'all risk' is also available for more premium. Deductibles for the property coverage start at $100 or $250 and go up from there. The higher the deductible, the more the savings in premium.  Many landlords require their tenants carry renters insurance and provide evidence of it - so if this is your situation, find out what the requirements are. Most insurance carriers in NY will not add the landlord as an 'additional insured' under the personal liability section. Sometimes landlords request this in the rental agreement. Usually, a copy of the declarations page will satisfy the landlord.

   Answered on March 4, 2014

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