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Protect yourself with renters’ insurance

Invest in safeguards against possible property loss and liability

renters insurance, farrell building, hudson at Lakeside, personal liability

Designed by the Farrell Building Company, Hudson Place at Lakeside in Newburgh, a  55-plus rental community, offers style, function, and sophistication, including gourmet kitchens with stainless-steel appliances, custom bathrooms, and in-unit washers and dryers. 

You rent an apartment. You don’t have to rake leaves or shovel snow. But what happens if there is a fire in your apartment? Should you invest in an insurance policy to protect you and your belongings?

Kelly Sherman, a sales executive with George T. Whalen Insurance Division of Marshall & Sterling Inc. in Millbrook, said renters’ insurance covers loss against personal belongings and personal liability for people who don’t own their home. That’s important because like homeowners, renters are susceptible to loss, too. And, in nearly all cases, a renter’s belongings aren’t covered by the building owner’s insurance policy.

“Most renters insurance should give worldwide liability and worldwide contents coverage,” says Sherman. “Meaning, let’s say your belonging were stolen from your car and because you rent your apartment you have renters’ insurance. This loss should be covered.” 

While the kind of home being rented doesn’t factor into the cost of renters’ insurance—whether it’s an apartment, condominium, house or other style—as is true for homeowners’ insurance policies, the type of building that houses the rental does, says Sherman.

For instance, rates for a rental insurance policy for a unit in a masonry building typically would be lower than the cost for a space housed in a wood-framed building. Also the age of the building could affect the cost of the policy, as could the presence of a central alarm system, a sprinkler system and such.  

Emily Benazzi, property manager of Farrell Communities’ 55-plus, state-of-the-art rental community, Hudson Place at Lakeside in Newburgh, says informational material from insurance companies is on display for residents that want to learn more about renters’ insurance.

“Most of our tenants are using the insurance companies that they currently use for things like automotive coverage,” says Benazzi.

When tenants ask about renters insurance, she refers people to a local insurance provider.

Generally, Sherman says, renters’ insurance policies range from $100 to $300 per year, according to the amount of coverage a client wants. For example, coverage for $20,000 of coverage for the apartment's contents versus $50,000 could mean a substantial difference in the policy’s premium. Likewise, $100,000 in liability coverage versus $1,000,000 in liability coverage also could result in marked cost difference.

Renters, in particular, says Sherman, may be interested in a policy that includes replacement costs for the apartment's contents, personal injury, identity fraud, special personal property coverage, water backup, and scheduled items if they have anything of value, such as jewelry or art work.

Whether you’re renting a home as a young professional striking out on your own, or a previous homeowner who’s decided to change things up, or a senior who’s downsizing from a house and into a rental community, renters’ insurance can help protect against property loss and personal liability.

Designed by Farrell Building Company, Hudson Place at Lakeside offers style, function, and sophistication, including gourmet kitchens with stainless-steel appliances, custom bathrooms, and in-unit washers and dryers. With a commitment to smoke-free living, Hudson Place at Lakeside is proudly owned, managed, and maintained by Farrell Organization. The Farrell Building Company has brought its unparalleled luxury living experience, expertise and passion to multi-family development and formed Farrell Communities. The same model and infrastructure have been applied to the multi-family development that has brought years of success to Farrell Building Company. Each location, floor plan and finish detail has been carefully planned, selected and executed with the goal of allowing every resident to enjoy a luxury lifestyle,

Since 1864, Marshall & Sterling Insurance has been the name synonymous with outstanding insurance coverage and customer service. Marshall & Sterling provides exceptional insurance coverage with unparalleled service and support for our valued clients. As an employee-owned company, our pride in ownership drives us to be an insurance agency unlike any other,