Renters as well as homeowners face the same concerns of protecting their dwelling. Many landlords and condo corporations in New York require tenants to have renters insurance before they move into the apartment or house. The purpose of having renters insurance is to protect your belongings in case of fire, theft, flood, etc. The landlord is responsible for insuring the actual building and property surrounding.

You, as the tenant need to determine how much coverage you need to make sure you are compensated properly if disaster strikes. Much like a homeowner the best way to determine this is to inventory your possessions. Go through each room of your house and make a list of each item; keep receipts, if you have them, stored in a fire safe box in your house. This will make it easier for the insurance agent to process your claim and compensate you accordingly.

Most renters’ insurance policies will cover them in case of disaster such as fire, flood, or burglary. You also should make sure you are covered for damages occurring to the property. For example, if you have quests over and the wall is damaged, your renter’s insurance policy can be set up to cover that. Another option to consider is living expenses. If your house was to have a fire, and is inhabitable, you will need to have somewhere to stay while the repairs are being done. Coverage can be purchased to make sure you can stay in a hotel during this time.

Additional coverage can be purchased to cover medical expenses for others. If someone is injured while on your property you may be held responsible for the medical expenses incurred. This type of coverage will pay those expenses to the injured guest, however, it is important to understand that this coverage will not cover you or your family members living with you.