Why You Should Always Have Renters Insurance

When you live in New York City, you come to expect the unexpected. While resources like GoHomeNY.com can help you get the hang of city living, nothing—and I mean nothing—could have prepared me for the day I came home to a literal flood in my Rose Hill apartment on East 26th Street.

I can’t fault my upstairs neighbor for drawing a bath. But I can fault her for turning on the water and leaving to walk her dog, letting it spill out of the tub, collect on the floor, and trickle down into my apartment. I’ll never understand why she thought that was okay. And more importantly, I’ll never rent another New York City apartment without renters insurance.

Renters insurance functions just like health insurance or auto insurance. It protects you from the unexpected and covers costs related to damages incurred in your apartment. Some New York City landlords and management companies require tenants to acquire renters insurance. This is primarily to cover their own bases in case damages occur in the building or a tenant or guest is injured on the premises. But even if renters insurance isn’t mandatory in your building, you should still have it.

Many renters think their landlord’s property insurance is enough, but it’s not. Property insurance and renters insurance are two different things.

“Your landlord may have property insurance, but their policy doesn’t apply to your belongings or cover you when an accident happens,” the Liberty Mutual website states. “Without renters insurance, you run the risk of paying out of pocket for loss or damages.”

Most renters insurance policies cover items in your home that are lost, stolen, or destroyed due to a covered reason. But they also cover a lot more than just that. Renters insurance, like your landlord’s property insurance, includes liability coverage that protects you if you’re sued because someone is injured on your property. Renters insurance also covers medical costs for non-household members injured on your property. Some policies even cover expensive jewelry or theft of your personal belongings. And if you can’t live in your home due to covered loss, renters insurance will reimburse you for temporary living expenses, like a hotel or Airbnb.

So, you might be wondering: How much does renters insurance cost in New York City? I’ll share the details of my Liberty Mutual policy for my apartment in Brooklyn to give you an idea of how much you can expect to spend every month. (Spoiler alert: Even with all the bells and whistles, it’s not a lot.)

Your renters insurance quote is determined by a few different factors, meaning everyone will have a slightly different estimated monthly rate. Your quote might differ from mine depending on factors like how many units are in your building, what material your building is made of, if any animals live in your building (and what species/breed they are), and if you’d like to have your items replaced at full value in the event that something bad happens.

I pay $13.58/month for renters insurance. I live in a four-unit brick apartment building in Clinton Hill that houses three dogs, and my policy will replace my items at full value in the event that something bad happens. $13.58/month? To replace every material item I own in case the worst happens? That’s less than my Seamless order from Thai Holic.

Let’s go back to Watergate 2012. I was lucky—I discovered the leak quickly, the damages were minimal, and the repairs were easy. The only thing I lost was my first generation iPad, which I’m still waiting for my neighbor to replace. But things could have easily been much, much worse. If the leak had been above my closet, my clothes would have all been ruined. If it had been above my desk, my desktop and laptop computers would have been fried. I don’t even want to think about what could have happened to my dog.

Life in New York City is unpredictable. But with renters insurance, even if the worst happens, you’ll be covered. It’s a small monthly price to pay for peace of mind. Think of it as three less toppings on your pizza, four less subway rides, or five less drip coffees per month. However you do the math, it’s worth it. Renters insurance rates are so reasonable, you can’t not afford to be covered.