How Important is Renter’s Insurance?

Here is an excerpt from a new blog post at GreggMarcus.com:

A homeowner’s insurance policy protects those who own their own house in the event of a tragedy, theft, or any other unforeseen incident.  Those individuals who rent instead of owning a home, renter’s insurance exists to offer the very same protections.  People whom of which live in apartment buildings are not usually required to have insurance, though in many cases it is a very good idea to have it. The owner of the building may have an insurance policy which offers some protection in the event of fire or theft, but that policy will not cover one’s personal belongings. Renters who possess valuable belongings should consider purchasing a renter’s policy in order to protect themselves. In this post, Long Island Insurance Executive, Gregg S. Marcus explains the importance of renter’s insurance and the options available for purchase.

Most renters will indeed require an insurance policy. Financial compensation is given in the event personal belongings are destroyed, stolen, or damaged in any way shape or form.  Renters may have inexpensive items that can be easily replaced. And other renters may just simply not care about having to spend extra money to replace their belongings in the event of an accident, although this group of renters tends to be a small one.

To read this post in it’s entirety, click here to visit the Gregg Marcus official website.

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Understanding Your Insurance Policy

Here is an excerpt from a new blog post at GreggMarcus.com:

An insurance policy is a legally binding contract between an insurance company (the insurer) and either a person or business (the insured). Reading your policy helps you to confirm whether or not the policy meets your needs and also to clarify what the responsibilities of you and the insurance company are, especially when a loss occurs. Many individuals who take on a new insurance policy fail to carefully read what they are signing into and inadvertently pass over any exclusions or conditions that may affect them greatly. In this blog post, Gregg S. Marcus, a Long Island Insurance Executive explains what to look for when you are reviewing your insurance policy.

The four basic sections found in almost all insurance contracts are:

  1. Declaration Page
  2. Insuring Agreement
  3. Exclusions
  4. Conditions

The declaration page is the first part of any insurance contract, this section declares who is an insured, what risks or properties are covered, the policy limits, and the amount of time the policy is in effect.

To read this post in it’s entirety, click here to visit the Gregg Marcus official website.


Why New York Residents Need Rental Insurance

Here is an excerpt from a new blog post at GreggMarcus.com:

Any renter in New York or other state with an extremely high cost of living would benefit from having Renter’s Insurance. Since landlords only have insurance to cover the actual building and not your belongings, it is important to protect all of your possessions. In this blog post, Gregg S. Marcus, a Long Island Insurance Executive discusses why it is so important to protect the belongings in your rental unit.

Research has shown that the average renter owns more than $30,000 in personal property. This is a substantial replacement cost should you experience a traumatic event such as a fire or water leak. Renter’s insurance will assure you that your belongings can be replaced if they are damaged or stolen, giving you peace of mind that you are protected. Renter’s insurance also includes liability protection, which means you will have legal representation and compensation for injury or accident lawsuits. Renter’s insurance may also include reimbursed living expenses for temporary housing should you need it.

To read this post in it’s entirety, click here to visit the Gregg Marcus official website.


FAQ: Do I Need Landlord Insurance?

Here is an excerpt from a new blog post at GreggMarcus.com:

Maybe you’re moving up to a bigger home and holding on to your former residence as a rental property. Or maybe you’ve tried to sell your home without success. Whatever the reason, if you’re thinking about renting out your home, you need to look into landlord insurance. A comprehensive landlord’s rental property insurance policy will protect your investment property, so that you can rent it out with confidence. In this post, Gregg S. Marcus, a Long Island Insurance Executive explains the importance of a landlord insurance policy for rental property owners.

Your rental property is an important investment and can provide a steady source of income. But all sorts of hazards, from lightning to kitchen fires, could damage your property—and your wallet. Landlord’s insurance provides all the coverage you need to protect your property from damage, and you from legal and personal liability.

To read this post in it’s entirety, click here to visit the Gregg Marcus official website.


FAQ: Does My Roommate Need Renters Insurance Too?

Here is an excerpt from a new blog post at GreggMarcus.com:

There are many common misconceptions about Renter’s Insurance . This is a special policy that can be purchased by tenants to protect their valuables and provide liability coverage as well. Gregg S. Marcus, a Long Island Insurance Executive  highly suggests that all tenants purchase renter’s insurance for a small monthly premium to protect all of their possessions.

Depending on your policy, your roommates’ possessions may or may not be covered. Most policies are designed for single individuals and families, not unrelated individuals. Some insurers cover roommates if they’re included on the policy but it’s by no means the rule. Gregg Marcus recommends that each tenant purchase an individual renters insurance policy.

To read this post in it’s entirety, click here to visit the Gregg Marcus official website.


Tricks To Keep Your Renter’s Insurance Premiums Down

Here is an excerpt from a new blog post at GreggMarcus.com:

It is common for renter’s insurance premiums to be inexpensive, with the average standard policy costing around $30 a month. This figure can differ though, according to many different factors. With the state of the current economy, every dollar counts! In this post, Gregg S. Marcus, a Long Island Insurance Executive lists some easy tricks to keep your renters insurance coverage costs even lower.

Decide on Valuations for Household Possessions
There are different ways to value your furniture, appliances and other possessions depending on the renter’s insurance policy you choose. You can purchase a policy based on a lump-sum value of all items, compensation based on a per pound value or even based on the actual value of specific items. When you purchase actual cash value (ACV) or replacement-value policy, you may be required to keep documents on hand that prove the current market value of the items you own. Making the right decisions about the valuations of your possessions can help save money on your renters insurance and your overall household budget.

To read this post in it’s entirety, click here to visit the Gregg Marcus official website.