Renters Insurance Rochester NY
Renters Insurance Rochester NY
Updated: April 2016
Do you need a quote on renters insurance from a top Rochester NY renters insurance agent? Then, you've come to the right place! InsuranceTrak is a top Rochester insurance agency offering renters insurance quotes from over 20 different insurance carriers.
If you do not own the home you live in that does not mean you don't need insurance. Sure, you might not be obligated to insure the home you're living in from fire and other perils, but there are many other exposures you have as a renter that should make you think about getting a renters insurance quote for your Rochester residence.
Renters personal property coverage
Below is a list of commonly covered perils on a renters insurance policy:
- Volcanic eruption (yes, this is actually covered in most cases)!
- Weight of ice and snow
- Freezing of pipes
- Falling objects
But if you don't have to insure the house you're living in, then what do you need to insure? Well, how about all of your belongings in your home! A fire can happen to anyone, including you. Many top websites contribute that the average renter owns about $20,000 worth of property that they regularly keep at their residence. If you were to have a fire and get all of your property burned then a couple hundred dollars a year is a small price to pay to replace $20,000 worth of your personal property.
Of course, you don't need to insure for just $20,000 if you have more "stuff" in your home, and certainly if you have valuables like jewelry, collections, and other expensive items, you'll want to make sure to schedule these items to ensure they're properly covered under your renters insurance policy. A typical renters insurance policy will not cover valuables for things like mysterious disappearance as you need to schedule these valuables with a special endorsement. Often these endorsements to cover valuables, like an engagement ring for instance, might need an appraisal to accompany the endorsement so your insurance carrier can properly determine the amount of coverage that they're offering.
Another thing you need to watch out for is making sure your personal property is covered at replacement cost instead of actual cash value.
Renters replacement cost coverage on personal property
Another endorsement that can be added to your renters insurance policy is replacement cost coverage on personal property. If there is an insured loss, like a fire, to your personal property, often referred to as contents, then this is an important endorsement you should make sure that you have on your renters insurance policy at time of loss.
Replacement cost coverage on contents ensures that your claim for damage will be settled using "like new" valuation of the damaged personal property. Otherwise, if you don't have this endorsement then your insurance company will value your damaged property at Actual Cash Value, or ACV, which essentially is the replacement cost valuation of the property minus depreciation for wear and tear. The longer you've owned the piece of property, the more it depreciates.
Water back up coverage vs flood insurance
Water Back-Up coverage: Water back-up from sewers and drains is not covered under a standard renters insurance policy. This extra coverage pays for damage to contents and the cost to clean/dry-out the water per the policy terms. Note- This is not flood insurance which covers water coming into your home from above the surface area (or ground level).
Personal Liability Renters Insurance
Now that we've gone over the property side of renters insurance, let's talk a little about liability insurance. Just because you're renting does not mean you're off the hook from people trying to sue you for liability claims. If you throw a party and someone slips and falls on your property, they can say it was your fault (maybe you left some cables lying across the floor) and they'll sue you for their injuries. Or, let's say you have a dog and they get aggressive with a new face at your house and bite the new person on the hand, or worse. These types of lawsuits can get very expensive, very quickly. Having renters personal liability insurance is a must for any renter no matter their circumstance.
How much does renters insurance cost in Rochester NY?