Is renter’s insurance right for you?

Following is a brief excerpt from an article written by V. L. Hendrickson for BrickUnderground. It provides renters with a good overview as to whether renter’s insurance would be a worthwhile investment. For home sharers, this may be worth exploring.

According to police estimates, at least half of New York City renters don’t have renter’s insurance. If that includes you, maybe you’re betting that nothing’s going to happen. Or you think that if there’s a flood or a fire, the building will reimburse you for your flat screen television and designer shoe collection.

Um, not so much. Your building won’t fork over a dime for your lost property.

“Denial is not a good thing when it comes to insurance,” says Rick Bingham, a manager at the Manhattan insurance brokerage Kornreich-NIA, Inc.

Agents recommend at least a basic policy to cover what you own – unless, of course, you think it would be no problem to replace it all in case of a disaster. And even if you think your possessions are not that valuable, all those clothes, furniture, electronics, and other personal items can really add up.

“People typically undervalue their possessions,” Bingham says. “But if the whole building goes up in flames, you need to think of things in terms of replacement costs.”

To read the full article, visit BrickUnderground.

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