What Coverages Are Included in Renters Policies?
As is the case with homeowners policies, the coverages that renters policies provide can vary. Most policies, however, have three main coverages:
- Liability Coverage, which helps protect tenants from certain lawsuits that accuse them of causing damage or harm
- Personal Property Coverage, which typically helps pay for belongings that are damaged or lost in a covered incident
- Additional Living Expenses Coverage, which can help pay for other living arrangements if a tenant’s home is destroyed in a covered incident
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.
Does Renters Coverage Include Structural Protection for Buildings?
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.
What Massachusetts Residents Can Benefit from Renters Coverage?
Anyone who rents a residence in Massachusetts may benefit from purchasing renters coverage. This includes:
- Residents anywhere in the state who lease an apartment or house
- People who rent a summer home
- Residents of other states who spend a lot of time in MA and lease an apartment or home
- College students attending school in the state who don’t have coverage through their parents’ homeowners or renters policy
How Can Massachusetts Residents Obtain Renters Insurance?
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.