This article seems to imply that those renters are out of luck. However, they do have a case against the construction company, the crane leasing comany, even the City of NY (building department)for a third party liability claim. Even there was a renter policy, I think the renter policy carrier would probably subrogate through the third party liability carrier as well.
But I think the underlying aspect is that generally renters do not carry insurance.
It might be that they do not believe that they need it, or possibily they have choosen not to buy it due to the expense.
My personal belief is that few realize that the policy covers more than just their personal property.
Case in point, years ago when I was in an appartment the tenant above us left their facets open after a water main break. I got a call that my apartment had been flood, and guess what… they had no insurance. They never really thought they needed it.
You are correct that the costs would be subrogated back to the construction compnay, however for the IMMEDIATE living needs, the renters would supply what the insured needed. AND will help in the lawsuit
I’m amazed that people who can afford to rent in NYC are so ignorant when it comes to insurance. This was a decent area of town and these folks always seem to find money for dinners, shows, cigarettes, etc. Unless you’ve been living in a cave, you should know something about it from your parents, your school, the media, or some pesty agent. Insurance is one of those “life topics” that people simply should know about.
HO-4 Renter’s insurance is readily available and it’s cheap so there’s no excuse for not buying it to protect your own property, provide you with additional living expenses, and provide liability cover. In this case, their HO-4 would have paid their temporary living expenses without them having to shell out of their own pocket. You’re spot on with the lesson learned………the hard way.
How many insureds have an agent? With so many people believing the advertising about low auto rates here or there, online or over the phone, few even have an agent anymore. And the Geicos, e-surance and other over the phone and over the computer insurers want auto policys because thats where the money is. But there is no money writing HO4’s, and especially no money in settling HO4 claims. Once again, users get what they pay for.
You are right. When people do it them selves they don’t understand the importance of renters insurance. In my area most of the nicer apartments require that you carry renters insurance. At the ver least they mention at the time the lease is signed that the tenent should get renters insurance because the apartment complex does not pay for personal property or personal liability.
I don’t know the area that the crane fell. I am not familiar with NY, but if the area was nice enough, I am surprised there wasn’t a local insurance agent nocking at their doors to try to write their renters policies.
As a licensed insurance agent I have been imparting upon my clients for years the importance of tenant or unit owners insurance. Too many think that they have no exposure because they don’t own the building. I try to newsletter them as often as possible as to real risks like that happened when this crane collapsed. http://www.castlerockagency.com/news/agency-articles/does-the-building-owner-insure-my-apartment.html
This article seems to imply that those renters are out of luck. However, they do have a case against the construction company, the crane leasing comany, even the City of NY (building department)for a third party liability claim. Even there was a renter policy, I think the renter policy carrier would probably subrogate through the third party liability carrier as well.
Agreed,
But I think the underlying aspect is that generally renters do not carry insurance.
It might be that they do not believe that they need it, or possibily they have choosen not to buy it due to the expense.
My personal belief is that few realize that the policy covers more than just their personal property.
Case in point, years ago when I was in an appartment the tenant above us left their facets open after a water main break. I got a call that my apartment had been flood, and guess what… they had no insurance. They never really thought they needed it.
They learned the lesson a hard way.
You are correct that the costs would be subrogated back to the construction compnay, however for the IMMEDIATE living needs, the renters would supply what the insured needed. AND will help in the lawsuit
I’m amazed that people who can afford to rent in NYC are so ignorant when it comes to insurance. This was a decent area of town and these folks always seem to find money for dinners, shows, cigarettes, etc. Unless you’ve been living in a cave, you should know something about it from your parents, your school, the media, or some pesty agent. Insurance is one of those “life topics” that people simply should know about.
HO-4 Renter’s insurance is readily available and it’s cheap so there’s no excuse for not buying it to protect your own property, provide you with additional living expenses, and provide liability cover. In this case, their HO-4 would have paid their temporary living expenses without them having to shell out of their own pocket. You’re spot on with the lesson learned………the hard way.
How many insureds have an agent? With so many people believing the advertising about low auto rates here or there, online or over the phone, few even have an agent anymore. And the Geicos, e-surance and other over the phone and over the computer insurers want auto policys because thats where the money is. But there is no money writing HO4’s, and especially no money in settling HO4 claims. Once again, users get what they pay for.
Gill Fin,
You are right. When people do it them selves they don’t understand the importance of renters insurance. In my area most of the nicer apartments require that you carry renters insurance. At the ver least they mention at the time the lease is signed that the tenent should get renters insurance because the apartment complex does not pay for personal property or personal liability.
I don’t know the area that the crane fell. I am not familiar with NY, but if the area was nice enough, I am surprised there wasn’t a local insurance agent nocking at their doors to try to write their renters policies.
As a licensed insurance agent I have been imparting upon my clients for years the importance of tenant or unit owners insurance. Too many think that they have no exposure because they don’t own the building. I try to newsletter them as often as possible as to real risks like that happened when this crane collapsed. http://www.castlerockagency.com/news/agency-articles/does-the-building-owner-insure-my-apartment.html