Whether you just moved into your first apartment or are a seasoned renter, you might not think you need renters insurance. Maybe you didn’t know it existed or you thought your landlord’s property insurance would cover you in a loss. The truth is, a landlord’s insurance policy won’t cover your belongings – it only covers the structure of the building.
The great thing about renters insurance is that it’s very affordable. According to Value Penguin, the average annual cost of renters insurance in Massachusetts is $206 – about $17.17 per month. Order one less drink per week at your favorite coffee shop and you’ve just about covered the cost. For a small amount of money, renters insurance provides a lot of coverage, including:
Personal property
If your apartment falls victim to a burglary or fire, your belongings should be covered through your renters insurance policy, not your landlord’s insurance. Even if you don’t think that you have anything valuable, simply replacing your wardrobe and buying other day-to-day necessities will add up very quickly. This coverage also protects items that you borrowed or rented, as well as items that may be stolen from your car.
Loss of use
If a loss does occur and your rented dwelling is now uninhabitable, loss of use coverage will pay for your stay at a hotel while repairs are being made. Even if you have friends or family in the area, you may prefer to stay closer to home if your kids are in the school system or to keep your commute as regular as possible.
Injury to your guests
Personal liability insurance can cover the cost of medical and legal bills should someone get injured while visiting you. This could mean someone trips and falls down your stairs or your dog nips at one of your guests (but check with your insurance provider – some policies exclude certain dog breeds). What could otherwise result in serious financial strain will be more manageable with this protection.
When you consider what is covered under a renters insurance policy, you’re getting a huge bang for your buck. Contact Educators Insurance Agency at 888.908.6822 or click here for a quote.
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