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A fire can happen in any kind of building, so insurance is a good idea no matter where you are. If you have an insurance broker for car, etc., they can help guide you. Be sure to get a renter's policy that is adequate to cover replacing all your possessions.

Remember it is not just fire, but also flooding from a burst pipe or washing machine that can damage or destroy everything. If you have any other type of insurance product, check with that agent. Multiple policies often result in discounts.

Many of the big companies offer renters insurance now -- Allstate, State Farm and Geico certainly do in NYC. Do an inventory of all your belongings and come up with a total estimated $$ amount. Then go to company sites online and start comparing. When I was looking, the plans themselves seemed pretty similar from company to company. The difference was basically in costs. Figure out how much you want in coverage and compare premimums. One tip: the companies look at your credit rating, so if you have an excellent rating you might be able to get a discount on your premium. This is something you might not see online -- so either call customer service or go see an agent in person. And obviously the best thing -- which you are doing here -- is to get as much personal feedback as possible. Unfortunately you can't really know how good your plan is until disaster strikes and you need to get that money paid to you. Sometimes the bureacracy kicks in and it can take forever. But its better to have the insurance than not. Many landlords these days are putting it into lease contracts anyway.

I have renter's insurance through Liberty Mutual. My company insures us for $30,000, and it costs $30.33/month ($354.00/year). Our deductible is $500. Ours was done by the number of rooms, so we didn't have to do inventory, but I did do a photo walk-through, just in case. My insurance guy told me that you want to make sure the insurance policy you choose covers the *replacement* value of the item ($1000 for a sofa) and not the *actual* value of the item ($0 for our sofa). I just added my engagement ring to the policy too -- my insurance guy recommended listing (itemizing?) any expensive items separately. So, for instance, if your apartment gets burgaled and your laptop is stolen (as just happened to a friend of mine), you will pay the $500 deductible and the insurance will take care of the rest.

Also, ask for "special" coverage on your belongings rather than "broad"--it will cover more causes of claims and is worth it.

My co-op requires insurance, so I have something with (I think) State Farm, and I can't remember how much it is, but it's annual, and it's not ALL that much. $300 or so?

I do know that on Friends, it was the one thing that Rachel's dad and Ross could agree on -- that Rachel was crazy not to have renter's insurance.

My first landlord required that I get renters' insurance and I have kept it ever since. I seem to have the same policy as Jean...also covers injury to visitors (I live on the 3d floor, people fall). Ask about riders for things like video cameras, antiques, jewelry etc. depending on what you have.

I forgot to mention that my insurance also covers my stuff when I take it out of the apartment, so if I had a $2000 laptop and it got stolen on the train, they'd give me the money (minus deductible). Unfortunately, I don't have a $2000 laptop, but if I DID and it got stolen I could go on with my life and not just throw myself on the nearest sharpened stick.

I held back from getting renter's insurance for a long time because I thought it was too complicated and too expensive -- turns out it was neither.

Renters insurance is a standard policy (I work in the industry). Make sure you get a policy that covers "replacement costs" Most companies give you a discount if you bundle policies-e.g. auto with renters. I have one through a large insurance co for the amount mentioned by Jean but mine was at least $100 less-so like others have mentioned, it is worth shopping around. I bought mine over the phone and it took less then 15 mins to complete. Renters insurance also covers you if someone gets injured in your apt as well.

You MUST get renter's insurance. I'm a landlord (in Brooklyn) and we require our tenants to carry at least $25,000 worth for their own benefit. Back when we rented in the East Village we used a company called Fireman's Fund. They were cheap and reliable ... although we luckily never had to file a claim. I think it was about $250./year and worth every penny.

How about for collectables? My (vinyl) record collection embodies the majority of the value of my physical possessions, but I understand a regular renter's policy often undervalues collectables. Is a separate policy on the collectables advisable?

Renters insurance might also give you some personal liability coverage, covering visitors to the apartment (both contractors and social), dogs, the air conditioner that falls out of the window....

I am selling my house one week from today, and I just got a quote on renters insurance even though I am staying with a relative, mostly so my stuff in storage is covered and I have some liability coverage. I was very surprised to find that renters insurance is 60% of the cost of homeowners insurance--I thought it would be alot cheaper.

In addition to providing coverage to replace your belongings, some policies provide temporary housing coverage. After a sewer line backed up in my home (tree roots clogged the line), I ended up living in a residence hotel for seven weeks while the flooring and lower portion of the walls were replaced. In addition to paying for my hotel, the insurance company paid a moving company to come in and pack up my belongings and move them to storage so that they wouldn't be damaged during renovation. The replacement cost of my belongings was relatively minimal as I was home when the problem occurred and I was able to move most of my furniture and belonging out of harms way. However, the temporary housing, moving and storage added up very quickly. I pay less that $250 a year for renter's insurance; a necessary expense in my opinion. I wouldn't go without it.

No sprinklers? Are you sure the building has a certificate of occupancy? You should check. It may not even be approved for residential use (hence the low rent...). I hear this is common in old buildings in the East Village.

I have State Farm and I like them fine. When our house did burn down, they sent someone over who looked at our beat futon and salvaged off the corner armchair and accounted for those losses as though they were real furniture. They also tacked on $ for a few loads of laundry, replacement groceries and some other things we really hadn't thought of.

I don't know how it would have gone if we'd had real furniture, but I'm sure as hell glad we had insurance. For bonus points, I got the insurance after my previous apartment was broken into twice and two different laptops walked away. Since I insured my personal effects, my laptop has stayed put. Go figure.

My recommendation is to go sign up for State Farm or Allstate today, and then do some research and transfer your account when you decide what the best option is. Otherwise, you'll dither until something happens.

(Okay, the house didn't burn down. The top floor burned, our apartment was a pit of smoke, water and collapsed ceiling plaster.)

co-op owners remember, you own shares, not property, so you need renters insurance too.

I have condo insurance (same as renters insurance), and got a discount for having sprinklers. But sprinklers are not perfect. My friend that lives a few floors below me had his apartment flooded because the nitwit that was renting above him was playing with a candle and the sprinkler in the bathroom. Flooded 7 apartments, and caused thousands of dollars in damage.

Anon... I can't speak directly about NYC, but nearly all residential buildings built more than 25-30 years ago are exempt from being required to have sprinklers.

My renter's insurance covered the cost of a new computer-minus deductible- when I moved into my current duplex. A faulty outlet fried my old computer thru a 20lb super duper industrial strength surge protector. They didnt ask any questions. I bought the computer I wanted, with no limitations on cost, sent them the receipts and they sent me a check. That one event paid for about 8 year's worth of renter's insurance premiums.

An idea I like and need to follow through on:
Document your belongings by videotaping or photographing your apt/house. This way, there will be no arguing with the insurance company if the unthinkable happens and you can remember all the little details.

(We had Geico renter's insurance -- never had to test them, but it was inexpensive and painless.)

I have renters insurance through Travelers. They have a good policy and it is replacement value. Probably runs about $350 per year.

One note of caution for Allstate - I had their renters insurance on my last apartment. Someone tried to break in while I was home and damaged the locks. My upper lock was an expensive one, and when I tried to put a claim through they told me I did not have the "Replacement Lock Clause" so they wouldn't pay anything. The was the first time I had ever heard of such a thing!

Also, do a total home inventory - you will be suprised at the value of what you have! Email it to yourself and keep it in your inbox, or even give send to a friend for safekeeping. When/if something catastrophic does happen to your home, finding that list is going to be the last thing you want to worry about.

I live on the next block from that E. Village townhouse that burned down less than a month ago. Ever since, i got to thinking about getting renter's insurance. A friend of mine had a fire in the kitchen of her Chicago loft, which was caused by her upstairs neighbor. Not only did her insurance pay for all her damaged furniture to get cleaned, or replaced, for a total brand new renovation of her kitchen, and 3 months rent for her temporary apt while hers was being redone. All she pays is $26 a month for the insurance, and swears by it. I am definitely getting it- i think she's got Allstate. If you can though, get a number of a good agent from a friend or relative who has renter's insurance- and go directly through them, instead of going through the company and talking to an unknown agent.

I have had renters insurance for the past 10 years. Though I've never had to use it, it does alot for piece of mind when you start thinking about what could happen when you're not at home. But something that they told me when I got it really made it worth it-mine covers any little public 'accidents' that you may have, for example, if you tripped in a crystal shop and broke a bunch of expensive merchandise.

x,
I assume special collections is covered the same way jewelry is. If what you have goes above what they regularly cover, you have to get a professional appraisal and they base the premium on that.

I've had renter's insurance through AAA since 1993, in three different states. I have it in combo with my vehicle insurance, so there is a discount for multiple policies.

In California, AAA did not cover earthquake damage, but in Colorado the policy also covers expenses due to identity theft (for about $15 extra per year). It's worth shopping around to see if computers are covered, or your luggage & contents while traveling. One policy covered my cat.

I did the work to document what I owned (lists, receipts for major purchases, photso), but not every policy is for the value of things you lost, unless there's a separate clause for high dollar items (jewelry, musical instruments, documented antiques). Usually what they are insuring is the replacement cost up to a set dollar amount. My current policy also covers temporary housing in the event I have to move out for the duration of repairs of any kind.

This year I spent $254.00 on renter's insurance with a deductible of $500.00. I've never paid more than $300/year. One incident of theft or burglary and that would be worthwhile. Doing an inventory can be an ongoing project if you add to a spreadsheet list (item, approximate dollar amount). Then, take photos and put all of that in a safe deposit box or store it online.

As for sprinklers, as far as I know they're only required in commercial buildings. That's the only places I've ever seen them.

Question for those with renter's insurance: I've heard (from a not necessarily reliable source) that there's a limit on how many claims you can make on your policy--is this true? I think I'd been told you could only make two claims. Anyone know whether or not this is the case, or whatever limitations there are?

I work for the NJ Department of Banking and Insurance. We are the state agency which regulates insurers that operate in the State of NJ. Your best source of information on renter's insurance is through your state insurance department. In New York that Department is the New York State Insurance Department.

I suggest you go on the NY Department of Insurance website www.ins.state.ny.us , click on the "Consumers" button, then click on "Homeowners" button. Renter's insurance is always categorized under the homeowner's category. If you're in New Jersey go to www.njdobi.org and do the same steps.

Both NJ and NY government agencies provide abundant information on renter's policies as well as typical policy costs for most insurers. In addition, you may contact the agency's consumer help lines and talk to a bona fide, unbiased expert on the type of insurance you seek.

As suggested in the earlier comments, it is best to insure for replacement value and make sure that your policy includes sewer backup coverage. In addition, if you live in a ground floor apartment, make sure you obtain a flood insurance policy. This will cover flooding from water main breaks, a not uncommon episode in NYC. Remember, homeowner and renter policies DO NOT cover damages occuring from water which enters your home from below ground or the surface.

When you shop for a policy, obtain quotes from several insurers (min 5) not just the largest or ones which advertise the most. There are excellent, well capitalized insurers which neither advertise, nor are the largest. In addition, use the lists of insurers on the Insurance Departments' websites rather than the phone book. Many insurance agents only write for a few companies and simply calling insurance agents in your neighborhood could result in your receiving the same price quote from the same companies via 3-4 different agents. Also a number of insurers are direct-to-consumer writers and do not write coverage through agents.

All the best with your wise purchase.

renters insurance is so cheap -i think mine is $100 a year on a studio. The chances you'll have to use it are so slim but it's worth it. I just went through GEICO -they seemed to have the best rates.

I think it really depends on your situation. Here in New York my quote was only $200 per year.

But when I lived in Las Vegas, the quote was closer to $50 per month. I didn't have renters insurance then and never needed it either. It made much more sense to save that money in a savings account to use later in case I was burglarized or flooded instead of handing it over to the insurance company, never to see it again.

But now, I think it makes sense to go ahead and get insurance.

September..
I don't believe it's just renter's insurance that limits your claims. I've read articles lately of homeowners also being penalized for multiple claims and being dropped by their insurer. It happened to my aunt also. I dont know that it's something an Insurance Company will specifically tell you or admit to, but it does happen.

http://www.npr.org/templates/story/story.php?storyId=1144480

Don't let guest scare you away from Liberty Mutual -- my policy was around $200/year for a 7-room apartment. The extra cost is for itemized extras. They also provide a discount if I buy car insurance through them. Of course, I don't have a car. But anyway, they've been very nice to me.