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NEW YORK RENTERS INSURANCE

New York renters insurance may be the only thing about living in New York that is actually a bargain. While New York City remains the most expensive city in the country to live in by a wide margin, with average rent checking in at over $2800 per month [1], state renters insurance is a steal by comparison averaging only around eighteen dollars over the same time period [2]. While you can never know ahead of time exactly how much a particular New York renters insurance policy will cost, you can take comfort in knowing the premium will not break your budget.

New York renters insurance can be thought of as a business exchange between the purchaser and the provider. In exchange for a small amount of money, the provider guarantees certain protection in the relatively unlikely event of a catastrophe. Unfortunately, that same unlikelihood is what causes many renters in New York to choose not to carry insurance plans. Some do not get coverage for their house because they don't think the small chance of trouble justifies the expense. Understandably, they typically feel cash-strapped and work to save all the money they can. They often do not buy New York renters insurance because of this money-saving mindset.

In reality, this is exactly the reason a student living in off campus housing insurance or senior citizen renting a home in New York should have a renters policy. The premium cost to your family is minimal and it can save a policy holder thousands of dollars in out of pocket costs in the event of a property loss to your home. At the very least, it is worth investing a bit of time into investigating purchasing a New York renters insurance plan for your apartment or condo.

The Fastest Way to Find New York Renters Insurance

Checking your insurance options online is the fastest and easiest way to compare prices, solicit quotes and buy a policy. Enter your zip code in the box at the top of this page and follow the prompts and you can very quickly gather multiple quotes from providers covering your local New York area. You can also visit the websites of different companies to find out more about their financial solvency, and log on to consumer advocacy sites to check on the reputations of different New York renters insurance companies you may be considering.

New York renters insurance protects your belongings should a loss occur at your condominium or townhouse. A typical policy carries $20,000 of coverage for your possessions, but there are many different levels of coverage and you should choose a high enough level to replace everything you own in the event of loss, such as a fire at your loft. You cannot get an accurate sense of how much renters insurance you will need unless you physically go through and inventory everything you own.

This may seem like a time-consuming process, but it is important to carry the right amount of coverage on your New York renters insurance. It is also the time when you would decide if you need any additional coverage on anything you own, such as heirloom jewelry. If you are a collector of some sort you may want to find out about separate protection for your collectibles, especially if they are items prone to theft. To make a claim later, you may have to produce evidence of ownership of some of these items, so you should also take pictures at this time and store them in a safe place.

Once you have a better idea of how much personal property insurance you need for your New York renters insurance, you are ready to start considering the other main component of typical renters insurance plans: personal liability coverage. This provides you with financial protection should an accident or injury occur involving a non-related visitor at your home. Personal liability coverage kicks in to pay for expenses that may come up related to this kind of claim, like medical bills or legal fees.

Variables Affecting Prices on New York Insurance

There are many variables that can influence the policy premiums you might end up paying for a New York renters insurance policy, aside from the obvious effects of changing deductibles and levels of coverage. For example, both your claim history and the claim history of the residence you are renting will have an effect on your rates. Another factor is whether you decide to opt for guaranteed replacement coverage or actual cash value coverage in your personal possession portion of your insurance.

Guaranteed replacement on a New York renters insurance policy gives you just the coverage it implies. For example, if your television is destroyed in a fire in your apartment, you will be provided the funds to purchase a new television similar to the one lost. This is in contrast with actual cash value or ACV coverage. This coverage type in a renters policy is less expensive, but provides less financial reimbursement for loss. That same television loss will result in a payment calculated based not on the full replacement price of the unit, but on its depreciated value. The older the television, the less money you would get. There is certain logic to this type of repayment schedule, but it does you no good when you are trying to replace everything you have lost in a fire or theft.

Guaranteed replacement insurance will cost you more on your New York renters policy, but the price difference is usually not all that drastic. Price your policy out both ways when you are putting quotes together for New York renters insurance. This will make it possible to decide for yourself which way to go, but you should always bear in mind the limits of ACV coverage on a New York renters plan. The price savings up front must be weighed with the additional cost you would have to face in the event of a claim.

Of course, nobody buys a New York renters insurance policy hoping to use it right away. In fact, the opposite is true; we all hope to never see a circumstance requiring us to file a claim. For this reason, our tendency is to buy the cheapest plan we can find, regardless of coverage, if we buy any insurance at all. But we need to take the long view in this situation. The purpose of any renters policy is to protect you against emergencies that would otherwise do you great harm financially. While it is important to make sure you are getting a good price on your policy, you also need to think about what you are getting for the money you are spending on your premium.

Get the Most Value for Your New York Renters Insurance Premium

As a resident renting a dwelling in New York, you know all about the challenges of making ends meet every month. Make sure you end up with a policy that gives you the most value for your money, not just the one with the cheapest bottom line. With so many providers to choose from, you shouldn't have to settle for one or the other. 

So what are you waiting for? Get cheap renters insurance rates today from the New York cities of: New York City, Nassau, Suffolk, Long Island, Buffalo, Rochester, Albany, Syracuse, Utica, Rome, Binghamton, Dunkirk, Fort Drum, Fredonia, Glens Falls, Jamestown, Kingston, Massena, Middletown, Newburgh, Niagara Falls, Ogdensburg, Poughkeepsie, Rochester, Schenectady, Troy, Watertown, Wayne, White Plains, Yonkers, Amsterdam, Auburn, Batavia, Corning, Cortland, Elmira, Gloversville, Hudson, Ithaca, Malone, Olean, Oneonta, Plattsburgh, Seneca Falls and more...

[1] http://www.nydailynews.com/money/2009/02/05/2009-02-05_nyc_so_costly_you_need_to_earn_six_figur.html Retrieved 2009-10-28.
[2] http://www.insure.com/articles/homeinsurance/average-home-premiums.html Retrieved 2009-10-26.

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