26 Oct 2018 Understanding Your Renter’s Insurance Policy
If you’re like most people, renter’s insurance is probably a bit of a mystery to you. If you rent, your landlord should be insuring your apartment or home, so why do you need your own insurance? What does it cover? Does the law require you to have it? If not, can your landlord require you to have it?
That’s a lot of confusing unknowns, but have no fear, we’re here to clear things up. Renter’s insurance makes a lot more sense than it seems to, and it’s actually pretty simple stuff!
Here’s the basics: you need renter’s insurance! Yes, your landlord will have insurance on the building you rent, but that insurance won’t cover your personal belongings or any liability issues if someone is hurt in your apartment and you’re found at fault— that’s where your renter’s insurance will come in!
The purpose of renter’s insurance is to provide you with financial reimbursement should your possessions be damaged or lost while you’re living in your rented home or apartment. It also covers any liability costs if you’re found at fault for a visitor’s injuries in your apartment.
So, let’s explore the situations in which your renter’s insurance will cover you. If your apartment is robbed or vandalized, you’ll be covered (up to your coverage limit). Additionally, your renter’s insurance will cover any damage to your belongings caused by automobiles, explosions, windstorms, hail, lightening, ice and snow, or falling objects.
Remember that there are some situations in which renter’s insurance won’t cover you. While it will cover your belongings in the aforementioned situations, there are certainly situations where you won’t be covered. For example, you won’t be covered in the event of a flood. Just like a homeowner, you’ll need a separate policy for flood coverage. Your renter’s insurance also likely won’t cover you if your belongings are damaged by bug or pest infestations. This can include anything from rats to bed bugs (yuck!).
Now that you understand how renter’s insurance works, it’s time to get covered! Give us a call and we can discuss your Massachusetts renter’s insurance policy to make sure your belongings will be all set!