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Common Insurance Rights for Renters and Homeowners

With insurance, you can sleep at night knowing that your property and financial future are protected. However, the thought of having to make an insurance claim can feel like a nightmare.

The best way to protect yourself when making a claim is to educate yourself not only about the process but also about the coverage you have before you have to make it. Learn more about insurance claims in general and claims related to your specific policy.

What is an insurance claim?

If you’ve never made an insurance claim, you can count yourself lucky. If you have suffered a loss due to a hazard, you can go to your insurance company and get financial compensation. Therefore, it is important not only to purchase insurance but also to know exactly what the policy covers and if there are any restrictions or exclusions to compensation.

Making a claim is not difficult, but there are several steps to follow. If you work with an experienced broker, this process will be painless as they will help you through it. We have dealt with many claims and would like to outline some of the most common claims by type of insurance, in case you are faced with a similar claim.

Common Tenant Insurance Claims

Renters insurance is mandatory for renters, as the landlord’s insurance only covers the structure of the building, not the items in the home. When deciding whether to purchase insurance, you should consider the following common claims (hint: you should!).


We know you’re a responsible person and try very hard, but the same can’t be said for your neighbors. If you leave a candle burning and it catches fire in your room, then spreads to your own room during dinner, the loss of your belongings could be financially disastrous. Home insurance replaces your possessions and helps you get back on your feet, depending on the type of insurance you choose.


Renters insurance can protect you from theft in two ways. The first way applies to theft that occurs inside your home. If your apartment is broken into and the thief takes some of your items without your permission, they will be replaced. However, insurance can also cover theft while traveling. If you go away for a long weekend and someone steals your suitcase. When you check-in at the hotel, the items in it are covered. However, travel protection is not automatically included in your policy. A separate policy may be required to provide coverage.

Flood damage

This claim is very common and you should be aware that there are limits to water damage. Water damage caused by burst pipes is covered. However, if you want to cover a sewer backup or pump failure. You should consult your insurance agent and supplement your policy accordingly. Finally, flooding is a completely different policy. If you live in a flood zone, talk to your insurance agent about your coverage.

Common Co-op Insurance Claims

We believe that common co-op insurance claims are similar to those of renters, but here are a few that you may encounter as a co-op owner.

Personal liability

This is an important one that many people don’t know is included in the co-op’s insurance. If someone in your co-op is injured as a result of a simple accident. Such as tripping on a carpet or falling on a chair, you will be responsible for paying the medical bills. If you choose this type of coverage in your co-op policy, there are certain limits based on the amount. And if you’re not sure how much liability coverage you have, contact your insurance agent.

If your best friend sues you for lost wages and emotional distress caused by your injuries. The co-op will pay for legal expenses up to the limit.

The other party’s assets

You are not usually known for being clumsy, but it can happen. Let’s say a friend comes to your house to bring you a new laptop. While you are enjoying the features and resolution, you suddenly spill a glass of wine on the keyboard. You try to wipe it up, but it’s too late. The damage is done. Co-op insurance insures your laptop and saves your friendship.

Extra living expenses

There’s another requirement that many people don’t know about. If the co-op becomes uninhabitable due to a fire or other accident covered by insurance. You have to move to a hotel or to relatives overseas, your insurance pays for travel and food.

Many people don’t think that even if the co-op is rebuilt by the homeowner’s insurance and their belongings are replaced by the co-op’s insurance, there will be additional costs for the move. That’s why it’s a good idea to make sure a natural disaster doesn’t bring your business to a halt, so you can have peace of mind.

About Author

Lily Poole is a Property and Home Insurance officer by profession. She is pretty well experienced in insurance and new york city condo insurance. Also, she has an impressive profile in the training and development industry.

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