While New York City is safer than 10 or 20 years ago – the government considers it America’s safest major city – household insurance is a good idea. For renters, average policies run $15-20/month for $30,000 property coverage and $100,000 liability coverage, although this varies by the inventory of your belongings. Read the fine print to ensure policies cover disasters beyond fire and theft (such as flooding), and assume a rule of thumb: the higher your deductible, the lower your premium. Master terms like ACV (actual cash value) and RCC (replacement cost coverage) before signing paperwork. Renters’ insurance isn’t mandatory but homeowners’ insurance is. Given New York City’s amazingly high-priced real estate market, insurance can be a whopper – build your premiums into the same budget as your mortgage. Virtually no one buys property without real estate brokers and attorneys, so use their expertise to pick the policy best for you and your home.