Find the Best Renters Insurance in Buffalo, NY

How to choose rental insurance in Buffalo

If you rent in Buffalo and don’t have renters insurance, you’re taking a big, unnecessary risk. Here’s why it should be an easy decision:

• You can’t depend on the property owner’s insurance. Usually, the owner’s policy only covers the physical structure of the property and doesn’t extend to your personal possessions or liability.
• Renters insurance protects the value of your personal belongings. If they’re damaged by a covered event or stolen, the insurance company will give you money for repairs or replacements.
• Renters insurance covers liability in case you’re responsible for an accident. If an injury occurs at your home or you damage someone else’s property, a policy will pay for medical bills or repairs. It also covers legal fees.
• Renters insurance pays for additional living expenses when your residence is uninhabitable. If you are forced out because of a covered event and your temporary living expenses exceed what you normally spend, the insurance company helps out.
• Renters insurance protects you beyond the home. Many policies will cover your belongings if, for example, they are stolen from your car or during vacation. You may also be covered for liability away from your rental.
• Renters insurance isn’t expensive. In Buffalo the average policy costs $11 - $16 per month, with multiple discount opportunities.

What events does renters insurance in Buffalo cover?

Renters insurance in Buffalo covers different risks, known in the insurance industry as perils. Here are some commonly covered perils:

• Fire and smoke
• Theft and vandalism
• Water leaks (but not floods)
• Lightning strikes
• Windstorms or hail
• Weight of snow or ice
• Damage by an aircraft or vehicle
• Explosion or riots

If a covered event causes you loss of personal property, you’ll first have to meet a deductible before coverage begins. The insurance company then will compensate you according to the type of personal property coverage you have:

• Actual value covers belongings at current market value, including depreciation.
• Replacement value covers total replacement cost at current retail price.

When choosing a policy, be sure to specify which type of coverage you want, but be prepared to pay slightly higher premiums for replacement coverage.

You’ll also need to choose your coverage limits. Most renters select personal property coverage between $20,000 and $40,000 and liability coverage of at least $100,000. Take an inventory of your possessions and assets as a starting point; insurance agents can provide additional help. If you have high-value items like jewelry or art, ask about scheduled personal property coverage.

Before you make a decision on renters insurance in Buffalo, ask your landlord or read your lease to find out if there are coverage amount requirements or if you need an additional insured endorsement. Also, ask the provider about the procedure for filing a claim and what the timeline is for processing.