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Do You Really Need Renters Insurance?

By June 17, 2013April 15th, 2018General Updates

We frequently hear this question at Mackoul & Associates. People often incorrectly think that if something terrible happens, they’ll be protected by their landlord and the insurance that covers the building. In most cases, the landlord of your apartment does have insurance, but it probably only covers the building where you live – not your belongings or your liability for accidents.

Renters Insurance can protect you if your belongings are damaged, stolen or destroyed. This can include coverage for your clothing, jewelry, fine art, furniture, electronics and other valuables.

What Risks Are Typically Covered?

  • Vandalism or Malicious Mischief
  • Theft
  • Fire or Lightning
  • Accidental Discharge of Water
  • Smoke
  • Windstorm

Renters Insurance can also include liability protection, which covers injury to another person on your property.  Your policy may be designed to include reimbursement for your legal defense in these circumstances as well as the cost of medical expenses for the person injured. This is important to consider if you regularly have guests at your home.

If you’re interested in learning more about Renters Insurance, give us a call at (516) 431-9100.

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