Do You Make This Mistake When You Rent an Apartment?

September 24, 2014

renters insurance new hartford, whitesboro, utica, clinton

Image courtesy of Danilo Rissuti/

Are you a renter?

Maybe you’re putting off buying a house. Or you’re at a stage in life where renting an apartment just makes sense. For many parents, their son or daughter just graduated from college and moved on to a job in another city where they’re living in an apartment and paying rent.

Life happens fast and people are more mobile now than ever before. We do business with a Utica man whose four kids, all college grads in their twenties, each live in apartments in Boston, Vermont, Washington, DC, and Madison, Wisconsin.

Just a few years ago, they were all in college and covered under their parent’s homeowners policy for their property and liability exposures. Now they’re on their own and responsible for themselves.

It’s now time for them to purchase their own insurance with a Renters Insurance Policy. The thing that surprises our clients when they come in and ask about coverage on the property in their apartment or rented dwelling is how inexpensive renters insurance actually is. They usually agree that it’s well worth the small premium for fire, theft, and vandalism coverage on all of their stuff.

The renter’s insurance policy is very similar to regular homeowners insurance. You can think of it as a homeowners policy without the building coverage. So if there is a fire, theft, or vandalism at your apartment, your contents are covered.

And you get personal liability coverage if you are sued. This could include friends visiting and tripping over the rug and injuring themselves in the apartment. Or you damaging another person’s property and being held liable.

One of the best coverages you get under the liability section of your renter’s insurance is defense costs. Even if a lawsuit against you is groundless, your insurance company hires the lawyers that will defend you in court. That could amount to a large sum of money if you had to pay for it yourself.

So how much coverage should you have on your contents? When you add up all of your stuff, you might be surprised at the cost to replace it. Every bit of your furnishings, pictures, computers, shoes, clothes, and sports equipment is covered and should be included.

Don’t be afraid to get quotes from us for the right amount of coverage because the price for these policies is so affordable.

Remember, though, that there are limits on certain items of property. This includes a limited amount for theft of jewelry, watches, furs, precious and semi-precious stones. Also, guns, silver, and pewter are limited. And let us know about special collections such as stamps or coins. There are special policies for all of these items that not only increase the amount of coverage but offer additional coverages as well.

When you come in or call, ask us about Replacement Cost Coverage on your contents. This pays today’s prices to replace what is lost, even if it costs more than what you originally paid.

Another huge benefit of a Renter’s Insurance Policy is that you may get a sizable discount on your auto insurance policy if we place the Renter’s Policy in the same company. It may almost pay for itself just in the lower auto insurance premium!

Give us a call about a rental insurance policy for you. Our personal lines service representatives are ready to talk to you about the best coverage at the best price. Remember, we’re independent agents and we represent multiple insurance companies who want your business. We‘ll find the right company based on the amount of your contents coverage and where you live.

Until next time,

Your SZW Team

Scalzo, Zogby & Wittig, Inc. is your New Hartford area independent insurance agency. Call us for a quote on insurance for your home, car, business, or life at 315.792.0000. You’ll be glad you did.