Renter's Guide

Renter's Rights and Insurance

Table of Contents

Renter’s Rights

Signing the lease to your new apartment automatically guarantees you certain rights as a tenant:

  • Right to livable premises
  • Right to complain and organize
  • Right to possession, privacy
  • Right to receive services
  • Right to fair, equal treatment
  • Right to transfer rights, obligations

For more information on your rights and responsibilities as a tenant, visit NYC Housing Preservation & Development online.

Renter’s Insurance

Should you get renter’s insurance for your apartment? The simple answer is yes.

Why? Well, first of all, it’s important to note that 1) your landlord’s insurance policy won’t cover your belongings and 2) most landlords today require their tenants to purchase renter’s insurance.

For around $250$300 a year, basic renter’s insurance can be a financial lifesaver in case of any of the following situations:

  • Fires started by you or your neighbors
  • Water damage from bursting pipes and overflows
  • Theft inside and outside of the apartment
  • Electrical damage from power surges
  • Lost airline luggage
  • Injuries sustained by a guest or serviceman inside your apartment

Be sure to get an estimate of the value of your belongings so you can figure out what insurance plan to purchase based on the level of coverage. Don’t underestimate the value of your stuff and be sure to include electronics, furniture, jewelry, musical instruments, and sports equipment.

It’s important to note that while most policies cover the bulk of your personal property, they can specifically limit the coverage on jewelry, fur and silverware.

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