While landlords in Westchester, NY are legally required to obtain dwelling insurance for their rental properties, this does not necessarily mean tenants are fully protected. Let ASZ International Inc. explain more about the risks tenants face and how you can protect yourself.
What Your Landlord is Required to Insure
The law says landlords must obtain dwelling coverage. But what does that mean? A landlord’s dwelling coverage is a policy that protects the structure of the building. In the event of a covered peril, such as fire, the policy will pay for the cost of repairing the damage to the structure.
This does not mean your personal property is covered.
What Your Landlord is NOT Required to Insure
Tenants are not protected against losses to their personal property. That means if your property is damaged, even in the same event, you will not be able to recover the value of your belongings. At least not without your own insurance.
Renter’s insurance is not required by law, but getting it is a good idea. It covers you and your property from perils such as:
- Personal Property Loss (due to natural disaster or theft)
- Loss of Use
- Personal Liability & Medical
Some of these risks can even be covered when you are not home. For example, if your bike is stolen off the rack at the park, your renter’s insurance policy would cover that loss.
How Much Renter’s Insurance Do You Need?
The amount of renter’s insurance you need will depend on several factors, such as your income and the value of your personal property. ASZ International Inc. can help you determine the right amount of coverage for you. We will also help you understand how to compare multiple policies to find the best deal.
If you’re a tenant or about to become one in Westchester, NY, contact us today to get started!
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