[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/nycgreatmovers.com\/blog\/why-you-should-get-renters-insurance\/#BlogPosting","mainEntityOfPage":"https:\/\/nycgreatmovers.com\/blog\/why-you-should-get-renters-insurance\/","headline":"Why You Should Get Renter\u2019s Insurance 2023","name":"Why You Should Get Renter\u2019s Insurance 2023","description":"If you\u2019re like most New Yorkers, you probably rent your apartment. And, if you\u2019re like most New Yorkers, […]","datePublished":"2019-05-18","dateModified":"2025-10-26","author":{"@type":"Person","@id":"https:\/\/nycgreatmovers.com\/blog\/author\/kevin\/#Person","name":"Great Moving (Kevin)","url":"https:\/\/nycgreatmovers.com\/blog\/author\/kevin\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/b4997c379c86a878ffe0e2cbc54f56f2298ff0763e895fa10c13c22bfb54a237?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/b4997c379c86a878ffe0e2cbc54f56f2298ff0763e895fa10c13c22bfb54a237?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"NYC Great Movers","logo":{"@type":"ImageObject","@id":"https:\/\/nycgreatmovers.com\/wp-content\/uploads\/2025\/08\/nycgreatmovers-logo-20250918.png","url":"https:\/\/nycgreatmovers.com\/wp-content\/uploads\/2025\/08\/nycgreatmovers-logo-20250918.png","width":600,"height":363}},"image":{"@type":"ImageObject","@id":"https:\/\/nycgreatmovers.com\/wp-content\/uploads\/2019\/05\/6.jpg","url":"https:\/\/nycgreatmovers.com\/wp-content\/uploads\/2019\/05\/6.jpg","height":560,"width":536},"url":"https:\/\/nycgreatmovers.com\/blog\/why-you-should-get-renters-insurance\/","about":["General","Moving Tips"],"wordCount":1092,"keywords":["apartment movers nyc","Apartment moving","apartment moving nyc","Blog","Insurance","movers nyc","Moving","moving nyc","Moving To A New Apartment","nyc lifestyle","nyc lifestyle blog","rent","renters insurance","Tips"],"articleBody":"If you\u2019re like most New Yorkers, you probably rent your apartment. And, if you\u2019re like most New Yorkers, you probably don\u2019t have renters\u2019 insurance. In fact, only 44 percent of renters have insurance. Whether you\u2019re moving to a new apartment or staying in your old one, renters\u2019 insurance provides quite a lot of benefits at a relatively low monthly cost.Finding Renter\u2019s InsuranceMuch like finding good health insurance, finding good renters\u2019 insurance requires you to know your needs and understand your potential risks. While crime has dropped significantly in New York City, break-ins have increased. In 2016, NYC experienced 13,000 burglaries and 44,000 thefts. If you live in a less safe neighborhood, chances are your risks are higher. Average Cost of Renter\u2019s Insurance by State (2023\u20132025)LocationAvg. Annual PremiumNotes \/ SourcesUnited States (National Average)\u2248 $170 \/ yearAverage cost nationwide based on MoneyGeek 2024 data.New York State\u2248 $170 \u2013 $195 \/ yearSlightly above the national average, according to NerdWallet & PropertyNest reports.New York City (NYC)\u2248 $190 \u2013 $200 \/ yearTypical for metro renters; varies by building & coverage level. So while costs should figure into your decision, you should first ask the following questions:What does it cover?While most policies will cover the majority of your possessions, there may be limits on jewelry, fur and silverware. Other policies might not cover business items, so if you work from home, you might need another policy for your business equipment. Generally, included items are clothes, furniture, artwork, and electronics.What \u2018perils\u2019 are covered?Most insurance covers you against theft, fire, smoke, explosions, wind, and water damage from bursting pipes and overflow. Check the fine print when it comes to storm coverage. A lot of times, they won\u2019t cover water damage if water seeps in from the roof or walls unless the roof was damaged by the wind. As well, if you live on the ground or basement level, you are NOT protected against flood damage.Is there liability coverage?Most policies do have liability coverage, but they typically start at $100,000. You can easily increase the limit to $500,000 by spending additional money. And depending on your needs, you might want to.Renter\u2019s insurance is fairly inexpensive even in NYC, so if you don\u2019t have a lot of pricey electronics and other items, you could potentially get away with the standard. However, if you do have a lot of expensive items, you can always opt for higher limits. The best way to figure out what you should pay is to take stock of all of your items and calculate the full replacement cost of all of them. If it falls between $25,000-$50,000, you can stick with the standard.Still not convinced? Here are some reasons why you should get renters\u2019 insurance.It\u2019s cheapUnlike car or health insurance, renters\u2019 insurance is pretty cheap, even in NYC. The standard cost hovers around $197 a year \u2013 that\u2019s cheaper than a gym membership at Blink! While this can increase based on your coverage needs, it\u2019s a small price to pay for peace of mind.It covers liabilityIn addition to protecting your belongings, it also protects you in cases of negligence. Say, for example, you forget to turn off the sink and the water overflows into your neighbor\u2019s apartment. Your insurance can help pay for the damage. It can also cover pet injuries, so if your dog accidentally bites someone in your apartment, you can cover their medical expenses. Standard policies provide around $100,000 in liability coverage and $1,000 – $5,000 for medical payments. Most insurance also provides higher payouts for additional money. Renter\u2019s Insurance Liability & Medical CoverageCoverage TypeAverage Coverage AmountExample ScenarioLiability Coverage$100,000 (standard) Up to $500,000 (optional)Water damage to the neighbor\u2019s apartment due to overflow or negligence.Medical Payments$1,000 \u2013 $5,000Covers minor injuries, like a guest or pet-related accident. It might cover you while you travelYes, your insurance will cover your belongings even if they leave your apartment. If you suffer from theft or other covered losses, you\u2019re protected.With that said, you don\u2019t get as much coverage as you would if the items were remaining in your home. There\u2019s a much lower reimbursement limit, and the \u201ccovered losses\u201d vary from insurance company. Your best bet is to get an agent on the line and figure out what to expect while traveling.It may provide temporary living expensesIt doesn\u2019t happen often, but if for some reason your apartment becomes uninhabitable and you\u2019re forced to stay somewhere else temporarily, some policies might cover the associated costs for living elsewhere, including rent and even food. You\u2019ll need to check your policy to see how long it will cover these living expenses and any caps you need to worry about.You can take your insurance when you moveYou don\u2019t need to deal with a new insurance company or a different policy when you move apartments. All you need to do is let an agent know the new address and the expected move-in date. Even if you don\u2019t provide this, renters\u2019 insurance covers you up to 30 days after a move, so you can use that time to make sure your new address is on file. With that said, your policy does not cover any personal property that\u2019s damaged during a move. For that, you\u2019ll need moving insurance. If you\u2019re using high-quality movers in NYC, they generally have their own insurance to reimburse you for any breakage. Renter\u2019s Insurance Coverage When Moving ApartmentsPolicy FeatureDetailsNotesPortabilityPolicy moves with you to your new apartmentSimply notify your agent of your new address and move-in dateAutomatic CoverageUp to 30 days after moving without notificationGives you time to update your policyPersonal Property During MoveNot covered under standard renter\u2019s insuranceUse moving insurance from professional movers to protect items Renter\u2019s insurance is one of the most underutilized insurance offerings on the market, despite being the best way to protect your belongings as a renter. There\u2019s no better time than now to get insurance. After all, you never know when something might happen, and by the time it does, it\u2019ll be too late to buy insurance. If you\u2019re planning a move in NYC and don\u2019t have renters\u2019 insurance yet, add it to your checklist of things to do once you move into your new place. It\u2019s peace of mind, and in today\u2019s world, that\u2019s priceless!"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/nycgreatmovers.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Why You Should Get Renter\u2019s Insurance 2023","item":"https:\/\/nycgreatmovers.com\/blog\/why-you-should-get-renters-insurance\/#breadcrumbitem"}]}]