Massachusetts residents who lease their residence still need protection from potential risks. While their risk exposure may not be the same as homeowners’, tenants are still susceptible to fires, burglaries, liability lawsuits, and other perils. Renters insurance policies help protect people who rent their homes from a number of the risks they face.
Renters insurance policies are similar to homeowners policies, but they’re modified to meet the unique needs of renters. They don’t include all of the coverages that homeowners policies have, but they do contain several different protections.
Premiums for renters policies, like those of homeowners and most other insurance policies, vary. They depend on a person’s location, the coverages selected, the policyholder’s past claims history and many other factors. In most cases, however, renters policies are quite affordable.
Insurers are able to keep renters policies’ premiums relatively low because these policies don’t normally include structural coverage for buildings. Since insurance providers generally don’t have to worry about repairing or replacing a building, their risk exposure is usually less than when underwriting a homeowners policy.
As is the case with homeowners policies, the coverages that renters policies provide can vary. Most policies, however, have three main coverages:
When selecting a policy’s personal property coverage, tenants should carefully consider what they own. Many policies include limits on high-value items, such as jewelry, firearms, artwork, silverware, and electronic devices.
Any tenants who have belongings that exceed a policy’s particular personal property coverage limits should talk with their insurance agent about ways to increase their coverage. An agent can assist with selecting higher limits, obtaining a rider, or finding another policy with more generous personal property coverage. Which of these three options is best differs from situation to situation.
Because tenants normally aren’t responsible for maintaining the buildings they live in, renters coverage usually doesn’t include any structural protection for buildings. The responsibility for insuring leased buildings typically falls to the landlords who own the buildings, and they can obtain coverage through landlords insurance policies.
Anyone who rents a residence in Massachusetts may benefit from purchasing renters coverage. This includes:
Massachusetts residents can get help finding renters insurance by contacting an independent insurance agent near them. An independent agent can help renters determine what coverages they want and obtain quotes from multiple insurers for policies that provide those desired coverages. Because independent agents can show tenants multiple policies from different insurers, residents can be confident that they end up with the best policy for them.