Renters Insurance in Massachusetts

What is Renters Insurance?

Renting a house or apartment is a popular living situation for many Massachusetts residents. Students, couples, and families all call their rented living space “home.” However, nationwide, the majority of renters do not have proper insurance for their belongings. Renters insurance provides important protections for your personal possessions and liability.

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A common misconception among renters is that since they do not own the space, they do not have assets to protect and therefore do not need insurance. But if your apartment is broken into or damaged by fire, you could be left with nothing and no protections. Renters insurance provides financial compensation for your lost or damaged possessions in covered events. Most policies also include liability protections in case there is an injury or damages caused by your actions.

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What Does Renters Insurance Cover on Your Property?

As a tenant, you are not responsible for damages to the structure caused by fire, storm damage, or other common situations. However, your personal property is not covered by your landlord’s policy. Most people have tens of thousands of dollars of belongings including electronics, jewelry, furniture, appliances, and clothing. If you are the victim of a theft, vandalism, fire, or other event, you need your own insurance to cover the replacement costs of these items.

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When purchasing your policy, you will need to decide if you want a policy that pays the actual cash value, which takes depreciation into account, or the replacement cost value for your items. Your agent can help you determine what type of policy is best for your situation.

Most policies have limits on items like jewelry that may not be sufficient. Speak with your agent about adding additional insurance for these specific items.

Liability Protection for Your Massachusetts Home

When someone is injured, or damage occurs, lawsuits can result. If a visitor is injured slipping on ice outside your apartment, your landlord is likely liable for their injuries. If that same visitor instead slipped on your wet kitchen floor, you could be the one footing their medical bills. Your renters policy can help to provide liability protection, covering medical costs, legal fees, and other expenses associated with accidental injuries in your apartment or otherwise caused by your actions or negligence.

Liability coverage can also protect you from damages you may cause to your apartment. If a fire starts due to a hot plate or candle left unattended, you could be found liable for the repair costs. Liability coverage can help protect you.

Other Benefits

Following a fire or storm, your apartment may be uninhabitable. Living costs in Massachusetts can be expensive and hard to pay when you’re already dealing with a loss. Fortunately, most renters policies include coverage for temporary living expenses, including hotel or rental fees, food, and other expenses. This coverage can be extremely valuable if you are unable to return to your apartment.

When you rent your home, you need appropriate insurance to protect your belongings and your finances in case of a loss or injury. Renters insurance is typically quite affordable while providing important benefits. If you rent a home in Massachusetts, speak with your insurance agent about obtaining a comprehensive renters policy.

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Roger Butler Insurance
5 Court Street
Westfield, MA 01085
413-562-2304

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This material is for informational purposes only. All statements herein are subject to the provisions, exclusions and conditions of the applicable policy, state and federal laws. For an actual description of coverage, terms and conditions, please refer to the applicable insurance policy or check with your insurance professional. The illustrations, instructions and principles contained in the material are general in scope and, to the best of our knowledge, current at the time of publication.
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