Alternatively,your renter’s insurancemay be a “replacement cost value” policy, which means you’ll be reimbursed for the cost of repairing or replacing an item based on its current value. This could cost more money per month, but the main advantage to this type of renter’s insurance is...
Additional living expenses:Depending on the coverage you choose, your renters insurance may also pay for a place to live if, for example, your apartment building burns to the ground. It may also pay for lodging, meals, and other expenses while you wait for your apartment building to be repa...
Many HO-4 policies also cover the extra cost of living. That ensures that your insurance will provide you with the funds to survive day to day if your apartment is damaged or lost and is at least temporarily inhabitable. ‘The additional cost of living on HO-4 would cover the cost of h...
Because renters coverage may help pay for a guest or neighbor’s medical expenses, having a pet in the home could increase the cost of a renters policy. Certain dog breeds may require additional insurance or be excluded from coverage altogether, and your claim may be denied if your insurer ...
Liability: If you’re found liable for someone getting hurt or having their property damaged at your apartment, renters insurance can help to cover the costs of their medical bills or damaged property. Whether renters insurance is required or not, it’s worth considering. It can protect you an...
The averageannualcost for renter’s coverage in New York City is only $200. The cumulative cost of renter’s insurance, no matter how long they lived in the apartment, would have been far less than the expenses my renter neighbors incurred. I find that especially sad given that renter’s...
Renters insurance for your tenantshelps cover the cost of replacing your tenants’ stolen or damaged personal possessions, it can also cover the cost of damage caused to the property by negligence. Ultimately, it is in a landlord’s best interest to encourage tenants to get renters insurance so...
After signing a lease you’ll probably be responsible for two months of rent, the first and the last month, and a security deposit. Also include renter’s insurance, utilities, and internet/tv into the monthly budget so that you’re prepared for the true cost of renting. ...
If your home is worth more today because its value has appreciated over time, you’ll likely need more homeowners insurance coverage. Have you acquired more expensive belongings in your rental apartment? If so, you may need more renters insurance coverage. ...
Two renters pose in front of their new home that they're renting from Roots, a program that helps renters invest in real estate. Courtesy: Katie Curran When Will Hunnicutt was searching for an apartment in Atlanta earlier this year,pricey leasesand application rejections left him feeling defeated...