Manhattan Crane Collapse Exposes Lack of Renters Insurance

April 3, 2008

The New York Insurance Department said only two of the 32 renters it surveyed following last month’s crane collapse in Manhattan had tenants insurance – a trend that underscores the lack of coverage for personal property in high-priced New York.

The department called the low number – 6.25 percent – surprising. A recent survey by the Insurance Research Council found that, nationwide, about 43 percent of renters carry the coverage. In New York City, where the cost of living is among the highest in the country, that number is thought to be lower.

The department said one of the reasons the coverage is so scarce is the mistaken belief by some renters that their personal property is covered by the insurance of a building’s owners.

The state publishes a consumer’s guide to the coverage here.

Source: New York Insurance Dept.

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