In this article:
Why and When to Purchase Renters Insurance
Years before the crane collapse, a Washington Heights walk-up suffered a massive fire after a toaster malfunctioned in January 2018. The Washington Heights fire wasn’t just any fire—it took more than 200 firefighters and seven hours to get the blaze under control. A year later, one former tenant, Zachary Kussin, a real estate reporter for the New York Post, wrote about the fire and its aftermath. Kussin owned a modest $300,000 home in the building and had insurance, which is required for owners, but some of his neighbors, including several families living in rent-stabilized units, did not have insurance. For them, the past year has been a different story.
One of Kussin’s neighbors, who had spent the previous 38 years living in a rent-stabilized two-bedroom unit in the building, lost 90 percent of her belongings to water damage. After the fire, she was first moved, along with her daughter and mother, to a Days Inn in Long Island City. Eventually, she was moved to a single-room-occupancy building in Harlem—care of the Department of Housing Preservation and Development. Without renters insurance, Kussin’s neighbor had been just a step away from homeless. Lack of access to a kitchen meant burning through about $75 a day on takeout food, and spending another $224/month on storage for the few belongings she did manage to salvage from the fire. It is no wonder Kussin concludes his article with firm advice for renters: get insurance.
Photo via Flickr cc
How to Select a Renters Insurance Policy
To begin, when you purchase renters insurance, you’re purchasing insurance to cover the belongings inside your home only. The building owner also must have insurance—their insurance covers the actual structure, including any appliances, but it will not cover your belongings. The good news is that because you’re just covering your belongings and the not the actual structure, renters insurance is remarkably inexpensive. In fact, you might be able to purchase renters insurance for less than $20 monthly.
What Your Renters Insurance Will Cover and Under What Conditions
Generally, renters insurance only covers belongings in your home (clothing, art, electronics, furniture and so on). While $50,000 may be adequate, some renters will opt for a policy that covers much more. In most cases, however, unless you have a valuable art collection, a policy in the $50,000 to $100,000 range should be adequate. In addition, some policies cover liability. This means that if someone is injured in your home, they can’t sue you. Finally, many renters insurance policies cover additional living expenses (e.g., a place to stay in the event that your home is no longer inhabitable after a fire or other insurable event).
Also bear in mind that there are specific “events” under which renters insurance is applicable. Most renters insurance policies, commonly known as HO-4 policies, cover the loss or destruction of personal belongings from 16 specific events: fire or lightning; windstorm or hail; explosion; riot or civil commotion; aircraft; vehicles; smoke; vandalism or malicious mischief; theft; volcanic eruption; falling object; weight of ice, snow, or sleet; accidental discharge or overflow of water or steam; sudden and accidental tearing apart, cracking, burning or building; freezing; and the sudden and accidental damage from artificially generated electrical current. It is important to note that renters insurance does not generally cover earthquake or flood damage; if you live in an area at risk for flooding, you may want to purchase a separate policy.
Explore Providers
Most insurance companies offer renters insurance, and as already noted, it can be remarkably inexpensive. Also, unlike many other types of insurance, you can typically purchase renters insurance online without any home visit or inspection.
Find Out If You Qualify for Bundled Insurance
If you already have another form of insurance—specifically, auto insurance—you can likely bundle your renters insurance. Depending on your provider and the amount of renters insurance you wish to purchase, this may cost little as $15 per month.
How to Access Your Renters Insurance When Needed
Hopefully, you’ll never need to use your insurance, but if you do, a few things to bear in mind. First, before disaster strikes, create a detailed list of all the items in your home—the more detailed the better. If you have any big ticket items (expensive items of furniture or art, ensure you have a digital record of the receipts and appraisals for these items). Second, contact your insurer as soon as possible—the process can take time. Third, be aware of your policy’s specific terms. Depending on the policy, you’ll either receive a payment for the replacement value of the item or items you’ve lost or a payment based on the actual cash value of your belongings (e.g., if you have a television set that is a decade old, you’ll only be insured for the value of a decade-old television set and not a new one).
Riverwalk Heights (Related)
Tower Residences start on the eleventh floor, the better to make the most of vistas of the East River, the iconic Manhattan skyline, and the emerging Queens skyline. All interiors feature keyless entry, light wood and natural stone finishes, open kitchens with Fisher & Paykel appliances, primary baths with dual vanities and walk-in showers, and LG stacked washer/dryers.
The Atmosphere amenity area at the top of the building includes a residents’ lounge, reservable dining and VR game rooms, a club room with bar and billiards, a coworking space with conference rooms, and terrace gardens and sun decks with grills and dining areas. Further down, amenity offerings include a fitness center with yoga studio, a basketball court, and a children’s playroom. Moreover, conveniences like personal storage, bike storage, and a dog washing station further streamline life in the building.
Lorimer House (Nooklyn LLC)
All interiors at Lorimer House feature feature floor-to-ceiling windows, interiors by Durukan Design, modern kitchens with quartz countertops and stainless steel appliances, sleek baths with custom vanities, custom closets, and in-unit laundry. An extensive amenity package includes an attended lobby and mailroom, a coworking lounge with conference room, a fitness center, reading rooms, a first-floor courtyard, an eighth-story social terrace, a roof terrace with outdoor kitchen and dog run, and on-site parking with a car elevator.
The Copper Lofts component offers an intimate, boutique-like living experience along with high-end interiors. Not only do residents have access to an exclusive amenity package that includes a reading room and fitness center, but they can access the larger amenity package at Lorimer House.
4 availabilities from $3,100
Up to 2 months free rent on a 14-month lease
Up to 2 months free rent on a 14-month lease
The MC (Corcoran New Development)
Select units have private balconies or garden patios, and all residents have access to the building’s second-floor terrace and roof deck with sunbathing, grilling, dining, and coworking areas. Indoor amenity offerings include an attended lobby, package room, library, media lounge, game room, party room with catering kitchen, fitness center, and dog run. The building offers bike storage and an indoor parking garage with electric vehicle chargers, but it is around the corner from the Myrtle Avenue J/Z/M trains.
10 availabilities from $3,140
Up to 2 months free rent on a 14-month lease
Up to 2 months free rent on a 14-month lease
The Monarch (MNS)
This collection of one- to two-bedroom units features floor-to-ceiling windows, kitchens with stainless steel appliances and custom cabinets, spa-like baths, and in-unit laundry. Residents are well situated near Rufus King Park, Captain Tilly Park, the Queens Performing Arts Center, local retail, Jamaica Multiplex Cinemas, and the Jamaica Center - Parsons/Archer E/J/Z trains.
14 availabilities from $2,125
2 months free rent on a 13-month lease
2 months free rent on a 13-month lease
The Bronx Vibe (Bohemia Realty Group)
All interiors feature high ceilings, VRT flooring, recessed lighting, oversized soundproof windows, chic kitchens with stainless steel appliances, and tranquil baths; the majority of units have in-unit laundry. The building's extensive amenity package includes a penthouse-level fitness center, a coworking center with kitchen and adjacent terrace, a game room with pool table and wet bar, a second-floor terrace, and a roof deck with movie screen. Additional conveniences include virtual doorman service, a package room, on-site parking with electric vehicle charging, and a luxury pet spa.
Malt Drive (TF Cornerstone)
Both buildings will offer fitness centers, children’s playrooms, residents’ lounges, parking garages, bike rooms, attended package rooms, and roof terraces with BBQ grills. The south tower will also offer a coworking lounge and a dog grooming station among its amenities.
Another great perk of life at Malt Drive is its address along the Newtown Creek waterfront, which features multiple seating areas, a playground, a dog run, and an outdoor classroom. Public transportation options include Hunter’s Point South ferry terminal, Long Island City LIRR, the Hunter’s Point 7 train, and the 21 Street G train.
The Maybury (Gotham Organization)
Of the 453 units, 137 have been designated rent-stabilized. All interiors will feature quartz countertops and panelized appliances, and a collection of 28 micro-units (315-350 square feet) will feature built-in beds and sofas. Amenities are set to include an attended lobby, concierge service, a fitness center and adjacent yoga studio, outdoor terraces, and a 45th-story cocktail lounge.
Society Brooklyn (Society Living)
In addition to the rooftop pools, amenities are set to include gyms, coworking centers, and children’s playrooms in both buildings. The apartments will start on top of ground-floor retail, and the complex is taking shape near the Movement Gowanus rock climbing gym, Gotham Archery range, The Royal Palms Shuffleboard Club, and the R train.
Axonometric diagram of 18 West 55th Street (NYC Department of Buildings)
Amenities spread across several stories are set to include storage space, a bike room, laundry room, pet grooming station, mail and package rooms, fitness center with squash court and group fitness room, children's playroom, lounges, and a golf simulator. Another great perk will be its address up the street from the Peninsula Hotel and close to Central Park, Fifth Avenue shopping, Rockefeller Center, the Theater District, and Carnegie Hall.
Leasing estimated for 2026
Pfizer buildings (CityRealty)
As is often the case with office-to-residential conversions, the Pfizer headquarters conversion will require reconfiguring the interiors to turn them into legal apartments. The project also includes removing the facades, installing more energy-efficient outer walls, and replacing every window on the site. When all this is complete, the project is expected to have a new name and a new street address.
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