Posts Tagged 'insurance'

Rental Q&A via the NY Times

Today’s rental Q&A from the New York Times is a particularly interesting one: “Landlord demands $1 million in insurance.” If you find yourself in a situation where you need to get up to speed about renter’s insurance, check out this post from back in July,  “Sixteen Perils, Don’t you want to be Covered?”

A Private Company as Guarantor? Introducing “Insurent” via the NY Times

It sounds like a strange idea at first: prospective tenants without a sufficient credit history can now hire a private company to guarantee their rent. For a flat fee, a new insurance company called “Insurent” will guarantee your rent to a landlord for up to one year. For people newly arrived in New York or those without a parent to act as guarantor, this idea is a lot less strange. The concept of the guarantor is uniquely New York and as rents rise, the time-worn formula that landlords use to calculate whether you can afford the rent (40x the monthly rent) has gotten more difficult for new hires and recent graduates to afford. For a $2000 a month apartment a tenant is expected to earn $80,000 a year and the guarantor formula (80x the monthly rent) requires guarantors to earn $160,000 to help a son or daughter rent that same apartment. Continue reading ‘A Private Company as Guarantor? Introducing “Insurent” via the NY Times’

Sixteen Perils: Don’t You Want to be Covered? More on Renter’s Insurance via Apartment Therapy

Rental Insurance is one of my favorite topics. The risk versus reward curve is so heavily in favor of an insured person that getting the insurance should be a no-brainer. Still, many people (myself included) wait for far too long before taking the plunge. Insurance just sounds so grown-up, like something my grandpa has. For not much more than $100 you too can be a card-carrying insured adult and won’t have to fear fire, flood, theft or the sixteen other perils that can befall your apartment. To find out exactly what these perils are, this great post on Apartment Therapy delves deeper into the murky realms of insurance and I hope you find it as useful as I did.


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Michelle Erfer is a licensed Real Estate Salesperson in New York City.
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