Even when you’re just renting, your apartment is your home. That’s why it’s important to treat your renter’s insurance just like a homeowner should treat theirs: not as a minimum requirement, but as an actual safeguard to possessions, liability, and other risks. There are many situations and factors that make getting renters insurance not only favorable but vital. Learn when and why you should get renters insurance for your needs.

What is Renters Insurance?

Renters insurance provides coverage to your possessions, yourself, and your situation 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. Coverage can be added for specific items.

Renters liability insurance – sometimes simply called 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. 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, compensating you for the costs of additional lodging, food, and other living expenses of temporary relocation.

Situations When You Should Get Renters Insurance

As the number of renters in the US continues to grow, so does the number of situations where renters insurance makes sense to get. Between lease requirements and its low premium cost, it’s worth talking to an agent about your current circumstances.

• Required by Landlord: While there is no state law in Massachusetts requiring renters insurance, many landlords and property management companies make it required. Review the required minimums and think about augmenting the coverage to fully cover yourself – not just your landlord.
• Expensive Property: Big-ticket items such as electronics or bikes can be covered for a few dollars each month. Getting riders for these extends that coverage further and makes it easier to make claims in the event of damage or loss.
• Moving In Together: Just like with homeowner’s insurance, moving in together with a partner means an increase in both possessions and people, which increases the total value and risk that renters insurance can help cover.

Here at the Safeside Insurance Agency, we have been serving Worcester County and Massachusetts as a whole for over 30 years. Our goal with clients is the right policy for the right price – especially those whose current policies don’t fit them anymore. If you want to see the difference an independent insurance agency can make, contact us now or call us at (508) 753-8862.