Do You Need Renter’s Insurance?

If everything you own can fit into a brown paper bag, you probably don’t need renter’s insurance. However, once you move away from home, get your own apartment, and have to worry about buying and maintaining your clothes, furniture, or electronics, you’ll want something that will cover you if your belongings are stolen, damaged, or destroyed.

You’re going to need a Massachusetts renter’s insurance policy. Here’s why.

Your Landlord’s Policy Doesn’t Cover You

The apartment, condo, or house you rent will have insurance through your landlord, but it’s not going to cover you or your stuff. Instead, a landlord’s policy covers the building you live in. All of your belongings are your responsibility, and if your apartment is flooded or a tree falls on your roof, you’ll be the one who has to pay to replace everything you own.

Renter’s Insurance is Affordable

Depending on where you live and how much stuff you have, you may spend less than $300 a year on a policy. For a few dollars a month, everything you own will be covered including clothes, jewelry, furniture, computers and tablets, electronics, and more.

Plenty of Situations are Covered

Anything can happen at any time, and a good renter’s insurance policy should protect you in most cases. Standard policies cover a long list of potential dangers and hazards:

  • Damage from vehicles or aircraft
  • Explosions
  • Fire or lightning
  • Smoke
  • Theft and vandalism
  • Windstorm or hail
  • Damage from water that can be caused by appliances, plumbing, HVAC, and fire sprinkler systems

You should talk to your insurance agent to find out exactly what’s covered in your renter’s insurance policy.

Your Landlord Might Require It

When you get ready to rent, don’t be surprised if your landlord or management company require renter’s insurance as part of the lease agreement. They may suggest an insurance company to use, but you can choose any insurance provider you want as long as they can meet any requirements your landlord has for your policy.

Additional Living Expenses May Be Covered

If your apartment is wrecked in a storm or becomes uninhabitable for any covered reason, renter’s insurance can help you out. Depending on your policy, your living expenses, including food, may be paid while you wait for your apartment to be rebuilt or fixed. Make sure to ask about this when you purchase your policy.

It’s hard to imagine a big storm that knocks trees down or a flood from a burst pipe, but these things happen to people all the time. A renter’s insurance policy will make sure that you can replace your belongings so that you can get back to normal as soon as possible. If you need a renter’s insurance policy, give us a call. We can go over all your options and find the best policy for your needs.