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Finger Lakes: Where to Rent and Why You Need Renters Insurance

Renters need insurance too. You have your own possessions with value coming into that home, and they’re not the only things covered. Read on for information on renters insurance and how it can help you.

The simple answer would be because you’re renting, but life is rarely that simple. A lot of people don’t bother with rental insurance, not seeing the merits of the protection it offers. But renters insurance is more affordable than you would think and can save you from a number of common occurrences that would otherwise leave you out of pocket.

Why you need renters insurance

Where are the best places to rent in Syracuse?

Homes in New York are notoriously expensive, and the homes around Finger Lakes are even more so. So, unless you get really lucky or you’re rubbing shoulders with the right people, it might be more realistic to rent.

Finger Lakes make for an attractive vacation destination due to the peaceful lakeside views and eateries, but that also means jobs are thriving, so it makes for a peaceful environment to save for a permanent home.

Syracuse is the most likely place to gain a decent apartment for rent, with their rates ranging between $2,000 and $6,000. It is an attractive area to students due to the nearby Syracuse University and attractions like The Carrier Dome and the thriving nightlife. Nature lovers, in particular, will love Finger Lakes’ nature trails, waterfalls, lake vistas and skiing opportunities. It makes for a happy medium between the addictive chaos of New York and the peace of a small-town environment.

Why should I get renters insurance?

Homeowners are known to, and sometimes outright required by mortgage companies, carry homeowners insurance to protect their property, their possessions and to cover injury to visitors.

It is common for people who rent or lease properties to get renters insurance since the average renter’s belongings are worth around $20k, according to insurance company USAA. It is becoming increasingly common for landlords to require potential tenants to buy renters insurance, and it can be expected from landlords of the pricey homes in Finger Lakes. It will encourage more care taken in the home and deter tenants from entering into lawsuits over damaged belongings and personal injuries.

A landlord’s property insurance will not cover the contents of your apartment. Everything you take into your rented property has value – and it’s likely to be more than you’d think. With a sample monthly premium ranging from $13 to $24, isn’t it a good idea to protect your possessions for such a low price?

What does renters insurance cover?

Renters insurance is the same idea as homeowners insurance, with a few details changed. For one thing, no property damage cover since that is the responsibility of your l of fire, theft, vandalism, and more. It will also protect the policyholder from liability claims and additional living expenses.

Renters insurance will cover damage to your possessions from named perils like fire, theft, vandalism, plumbing and electric malfunctions, some weather-related damage, and other hazards. A standard HO-4 policy will cover loss to property from events like hail, explosion, riots, damage caused by aircraft or vehicle, and volcanoes, among other options. Renters insurance is particularly useful to citizens of New York or for those looking for Jersey City apartments for rent with outlines like that.

Materials that will be covered include furniture, clothing, electronics, appliances, and kitchen equipment, bedding and towels and most sports and hobby equipment like bikes and musical instruments, although policies vary.

Unfortunately, renters insurance will not cover flooding, earthquakes, and other acts of God will require a separate insurance policy. Neither will backup sewage finding its way into your residence.

If you have unusually expensive or valuable items, like high-end electronic equipment, fine jewelry, large musical instruments, art, or antiques, you might need to purchase floater insurance to ensure their protection. It also will not cover the loss of items by the owner’s own negligence or intentional acts.

How do I get renters insurance?

The first move to getting renters insurance is assessing your insurance needs. Keep a record of everything you own either through video or photographs and make sure to write down the serial numbers of any expensive items. To make sure you have everything you need to hand over to an insurance company, enter the items into a spreadsheet with an estimate of each item’s value. This is useful not just for the policy but for you as you probably think the total value of your items is much less than it actually is. This could put you at risk of underinsuring yourself.

During the application process, you might be asked about details of your building you’re unsure of, such as the year it was built, and the type of roofing material used. Some properties offer this information online.

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