Renters insurance is one of the most misunderstood types of coverage out there, and a lot of people carrying a policy (or skipping one entirely) are doing so based on some pretty common misconceptions. After more than 15 years of helping renters across Brooklyn, Williamsburg, Bushwick, Greenpoint, Jersey City, and surrounding areas sort through their options, we’ve heard just about every myth in the book. Here are five things most renters get wrong, and what you should actually know.
1. “My Landlord’s Insurance Covers My Stuff”
This is probably the biggest one. Your landlord carries insurance on the building itself, but that policy has nothing to do with your personal belongings. If a pipe bursts and ruins your furniture, or someone breaks in and takes your laptop, your landlord’s insurer isn’t writing you a check. Renters insurance exists specifically to cover your personal property, and without it, you’re absorbing those losses entirely on your own.
2. “I Don’t Own Enough to Make It Worth It”
Most people dramatically underestimate the value of what they own. Add up your clothing, electronics, kitchenware, furniture, and anything else you’d have to replace after a total loss. For most renters, that number climbs quickly. And here’s the thing: renters insurance isn’t just about property. A standard policy also includes liability coverage, which protects you if someone gets hurt in your apartment and decides to sue. That piece of the policy alone is worth having.
3. “Flood Damage Is Covered”
This one catches people off guard, especially in areas near water. A standard renters insurance policy does not cover flood damage. Flooding from a storm, an overflowing river, or rising street water requires a separate flood insurance policy. We work with renters in low-lying parts of Brooklyn and Jersey City who have learned this the hard way. If there’s any chance of flood risk where you live, it’s worth asking about your options separately.
4. “It Only Covers Things Inside My Apartment”
Actually, most renters policies follow your belongings even when they leave your home. Your bike that gets stolen outside a coffee shop in Greenpoint, or your camera bag that disappears from your car while you’re visiting someone in Bushwick, those losses are often covered under your renters policy, subject to your deductible and limits, of course. Coverage details vary by policy, so it’s always smart to review exactly what yours says, but the protection is typically broader than most people realize.
5. “All Renters Policies Are Basically the Same”
They’re not. Policies differ in meaningful ways, including whether your property is covered at actual cash value (what it’s worth today, factoring in depreciation) or replacement cost value (what it would actually cost to replace). That difference can mean hundreds or even thousands of dollars in a claim. Liability limits, additional living expense coverage, and optional add-ons like identity theft protection also vary. Renters in Williamsburg and across the five boroughs have very different living situations, and a policy that works well for one person may not be the right fit for another.
Getting the Right Coverage Isn’t Complicated
As an independent brokerage serving New York and New Jersey since 2008, we shop multiple carriers to find coverage that actually makes sense for where you live and what you own. We’re not tied to any single company, so we can give you an honest comparison rather than a one-size-fits-all answer. Whether you’re renting a studio in Greenpoint, a shared apartment in Jersey City, or anywhere else in the surrounding areas, we’re happy to walk you through your options.
If any of these myths hit close to home, or if you just want a second set of eyes on your current policy, give us a call or drop us an email. We’re always glad to help.