520 Park Avenue Apt
Blog Home

Renters Insurance

Renters-insurance-bdf14e "Do I really need Renter's Insurance?" Many renters assume if you don't own it, you're not responsible for it. In the case of renting an apartment with WPM Real Estate (and hopefully any other real estate management company), you are required to carry Renter's Insurance for not just the apartment itself, but your belongings within the apartment. According to section 43 of your lease, as seen below, you need $100,000 in coverage if you were ever injured, your personal items were damaged, or the apartment is damaged from an incident not caused by the property's inner workings.   We do not provide insurance coverage on your property located within the Premises. During the term of this Lease, and any renewal or extension of this Lease, you must, at your expense, maintain renter's form homeowner's insurance coverage on the Premises providing for personal liability (bodily injury and property damage) coverage with a limit of not less than $100,000.00 each occurrence and $5,000.00 in medical payments coverage; and further, providing coverage to keep your personal property on and in the Premises insured for your benefit against loss or damage resulting from broad form named perils on a replacement cost basis. You must provide us with a copy of a certificate of insurance for the policy required by this Section. If you fail to comply with the provisions of this Section 43 of this Lease Agreement, you must pay to us an additional $25.00 per month rent until you purchase and maintain the insurance coverage required by this Section. We will not purchase the insurance for you. Collection of this additional rent will be in addition to, and not in lieu of, any other remedies which we may have as a result of your failure to comply with this Lease provision. You further agree that although you have signed this Lease and remain obligated to pay the rent specified in this Lease and comply with the other terms, covenants, rules and regulations in this Lease, we will not provide you with possession of the Premises until you provide us with a copy of the insurance policy or a certificate documenting that you have obtained the insurance coverage required by this Lease. You should have provided proof of Renter's Insurance before you picked up your keys. If you didn't, shame on your Leasing Consultant! According to the lease, once the policy expires--say, after you've extended your lease for another year--we have the right to charge $25 each month that you neglect to provide a renewed policy. As with any type of insurance, you could pay for renters insurance year after year and never need it. While some renters see it as a waste of money, those who end up needing it say they are grateful they had it. Renters insurance doesn't just take care of your stuff. It protects residents from a few kinds of liability. For example, if someone trips and falls in your apartment, leading to expensive medical bills or even a lawsuit, your policy would provide you with coverage. It could also be a financial lifesaver. Say you left the stove on and caused a fire, any damage caused to the building would be your responsibility. So basically, yeah, you need it. Give our office a call if you have questions or concerns about the lease, and call your insurance provider if you need details on coverage. 520 Park Avenue