As spring rolls around the corner, many families have started to prepare for their children to graduate and leave home to live in an apartment for college. Others planning to move to Long Island may be searching for a rental property to begin a new chapter in their lives. In either case, those who seek rental accommodations in and around Selden, NY should understand the basics of renters insurance before signing a lease.
New York requires landlords to maintain property insurance that protects their buildings. However, the landlord’s policy does not cover any damage to your personal possessions or contents in your unit, regardless of where the event originated. In other words, if you lack a renters insurance policy and your apartment experiences a water leak originating from the floor above you or a fire that started on the other side of the unit, you will have no coverage.
You should purchase renters insurance to protect your possessions and limit your liability in the event that something happens in your unit. Some rental communities may even have leases that mandate the purchase of renters insurance before you are allowed to occupy your unit. If this is the case, you should confirm that the coverage you select offers you sufficient protection.
Before moving into a rental community, consider the level of coverage you will need for your belongings. Take inventory of your possessions, document them with photographs or videos, and store the records in a safe location. Also, discuss liability coverage with an insurance agent. In some cases, you may have to cover legal or medical expenses if a person is injured in your place and you lack coverage.
XL Brokerage Inc. writes policies for those in and around Selden, NY. Contact our agents to learn about our policies for rental communities.