Best Renter's Insurance Companies in Albany

FAQs

• Does renter's insurance pay for damage caused by a fire in Albany?

  Yes, renters' insurance covers fire damage, regardless of the cause, as long as it is not intentional. It provides payment up to the limit on personal property coverage. A loss-of-use policy can pay for the cost of lodging and food when the rental unit is uninhabitable because of the fire. Additionally, The American Red Cross-Eastern New York Region can help Albany residents fire-proof their houses. Volunteers provide free services such as inspection, smoke detector installation, and safety plan creation.

• If a renter has mold in their basement in Albany, can they make an insurance claim?

  It depends on the cause of the mold infestation. If the renter in Albany does not properly clean or maintain their basement, causing the mold to grow, insurance will not cover it. However, if the mold infestation was caused by a sudden water pipe rupture, insurance may cover it.

• In Albany, doesn't landlord's insurance provide coverage for tenant's stuff?

  The landlord's insurance does not pay for the tenant's personal belongings when they get lost or damaged at home because of storms, fire, or theft. This is why landlords in Albany require or recommend tenants purchase renters' insurance. The landlord's insurance will pay, however, if the tenant damages something in the rental unit other than their own belongings.

• How much insurance should a renter in Albany get to insure their personal belongings?

  To determine the amount of insurance coverage, renters in Albany should list down their belongings and the cost of each. They must also decide on the budget for the insurance. Renters can decide how much coverage limit they want based on the total value of their belongings and how much insurance they can afford. According to the NY State Department of Financial Services, a basic renters' insurance policy costs about $300 a year for a coverage limit of $50,000.

• If you rent a loft in Albany, what kind of insurance should you get for the unit?

  The loft unit in Albany is covered by the landlord's insurance. You may get renters' insurance for your personal belongings, which is covered in case of events such as fire, burglary, storms, and accidental damage. Such insurance can also provide coverage when a guest falls in your home, suffers injuries, and files a lawsuit.