For those who have just made the transition, renting a house instead of an apartment can be a big change. And it can be a similar jump for switching insurance coverages. In this blog, we’re going to look at renters insurance, what might change when you’re renting a house, helpful tips for better insurance, and gaps in coverage both you and your landlord might need to look at.

Understanding Renters Insurance

First, it’s important to understand what kind of coverage renters insurance has and how it works differently from something more comprehensive like homeowners insurance. Its three primary points of coverage are:

• Personal property coverage reimburses you for property (i.e., possessions) damaged or lost in your apartment under certain circumstances—usually with a deductible and exclusions on costly items.
• Renters liability insurance covers you in case of a lawsuit related to incidents on the rental property, such as a guest having an accident or a pet injuring someone. Learn more about liability with our blog, What is Liability?
• Additional Living Expenses: If a disaster covered under the policy results in the property no longer being habitable, you are compensated for the costs of additional lodging, food, and other living expenses of temporary relocation.

A Matter of Possessions

As mentioned above, the primary focus of renters insurance is to protect your property, otherwise known as your possessions, including everything from clothing to electronics. This can be the first major difference between renters insurance for a house vs. an apartment: the scale of possessions you have and the coverage you’ll need. If you rent a house, especially as a family, you’re going to have a lot more room to store a lot more property. It’s important to have that amount of coverage vs. what you could cram into a 1-bedroom apartment. Start with a home inventory to determine your needed coverage and riders for expensive items.

How Is the Building Insured?

While you’re responsible for covering your possessions, the landlord—whether a homeowner or a property management agency—is insuring the physical property themselves, from the structure to the surrounding landscape. Apartment complexes—especially modern ones—tend to have more ironclad insurance due to the cost of the structures. However, homes may have more gaps, especially if it’s a cookie-cutter policy, which can lead to arguments between tenants and landlords on who has to foot the bill.

At the Safeside Insurance Agency, we have served Worcester County and Massachusetts residents for over 30 years, including renters. Our goal with clients is the right policy for the right price – especially for those who want better coverage or are facing changing circumstances. If you want to see the difference an independent insurance agency can make, contact us now or call us at (508) 753-8862.