It’s no secret that the housing market is in the dumps and many Americans have been forced out of their homes and into rentals. Just like anything else in a free market, when demand increases so does price. Brooklyn New York has been no exception. Below is a series of graphs illustrating the price increase of studio, one and two bedroom rentals over the last 13 months.
With the price of living increasing for everyone renting an apartment, home or condo, it’s more important than ever to protect your valuables from a catastrophe. Rental insurance will reimburse you for the cost of your possessions up to your coverage limit. That means if you purchase a $20,000 policy your possessions will be covered up to that amount. The first step is to take an inventory of the contents of your home to determine how much coverage you will need.
Depending on your policy type and the area you live in, rental insurance will cover you in the event of fire, theft, water damage and natural disasters. Imagine your neighbor next door left their stove on overnight and the apartment building caught on fire. Would you be able to replace all of your possessions out of pocket? For most of us, the answer is no. Protecting yourself from the unknown can be incredibly inexpensive. The average cost of rental insurance is $15 a month. Sleep easy at night knowing everything you own can easily be replaced with a rental insurance policy. Get free rental insurance quotes from agents in your area.
*Image by MNS Impact Real Estate