Choices when purchasing New York renter’s insurance
have got your own place. You have set it up just how you want it. You took the
step of acquiring New
York renters insurance to cover
loss or damage to your possessions. Wise move: but think for a minute; did you
insure for the replacement cost or cash value? Did you opt for a specific
deductible? Renter’s insurance, like homeowners’ insurance, can require other
decisions about how you set the policy up.
Cash value coverage is as it states.
The cash value or market value is what the item would be worth at the time of
loss. For example, your laptop is stolen in a burglary. The value of the laptop
under a cash value policy would be assessed as a calculation of the original
cost, less depreciation. This would account for any usual wear and tear from
Replacement cost coverage will
cover the cost to replace the item as close as possible to the original laptop
with the same specifications.
Another thing that may affect the
payout on such a claim is the amount of deductible you chose.
cash value or replacement options may result in different premiums. The amount
of deductible you choose will also affect your premiums for New York renters insurance.