Whether it’s your first lease or not, before you sign on the dotted line with your landlord, it’s important to take stock of a few things. And we’re not talking about just dealing with the moving truck or making sure you’ve got enough boxes, nor just mail forwarding and changing addresses; we’re talking about protecting everything you’re moving and yourself. Regardless of if you have a current policy or you’re in the market for one, learn what you need to know about renters insurance before you sign the lease.

What Does Renters Insurance Cover?

Renters insurance is an insurance policy that provides coverage to your possessions, yourself, and your situation when you’re renting a property. It comes in the form of three major types of coverage:

• Personal property coverage – sometimes known as personal belongings coverage – reimburses you for property damaged or lost in your apartment under certain circumstances. Policies may exclude certain expensive items, and all have a minimum deductible.
• Renters liability insurance – sometimes simply called “liability insurance” – covers you in case of a lawsuit related to incidents on the rental property. This liability insurance can be further augmented with an umbrella insurance policy.
• Additional living expenses – or ALE coverage – triggers if a disaster covered under the policy results in the rented property no longer being habitable. Itompensates you for the costs of alternate lodging, food, and other living expenses of temporary relocation.

Learn more about this coverage and other reasons to get renter insurance in our blog, When and Why You Should Get Renters Insurance.

Can Renters Insurance Be Required by a Landlord?

You might be looking at renters insurance because the property owner is requiring it as part of the lease or is incentivizing it by reducing your rent. While there is no state law in Massachusetts requiring renters insurance, landlords and property management companies reserve the right to mandate it in their lease agreements. They may have a default insurer they recommend, but it always pays to look around before using them – after all, you may have big-ticket items or special circumstances that make it important for you to get the right insurance.

Other Things to Do Before You Sign the Lease

Of course, there are a few other things you can do to help set yourself up for success before signing an apartment lease. If you haven’t finalized your rental deal yet, it pays to review your credit score to make sure everything is in order, as leasing agents often do. It’s also important to know your Tenant Rights in MA, especially when it comes to things like security deposits or contract terms. Make sure to ask any questions you need to before you sign.

The Safeside Insurance Agency is here to help. Learn more about us and the insurance we offer. We’ve been assisting individuals, families, students, and small businesses in Worcester County and greater Massachusetts for over 30 years, and we’re here for you too. Contact us today to get started, or jump right to getting a quote!