Why You Need Renters Insurance in Massachusetts
There are many obvious advantages to renting in Southeastern Massachusetts. As you embark on your project of finding the best rental situation, it’s important to recognize that there are also a few pit falls that may come along with leasing a space. For this reason, you may be considering if you need renters insurance.
How would you feel coming home to a break-in that leaves your apartment in shambles, or to a burst pipe that has left most of your belongings waterlogged? What if a visitor slips on your kitchen floor or trips on a dog toy in your living room and ends up seriously injured? These are just a few of the scenarios that could happen to renters. Many renters do not think about these types of risks, the potential financial impact, or how to protect themselves against such events.
Of course, this is why Morse recommends you consider purchasing renters insurance, and we will share why this coverage is both a wise and an affordable investment. Most importantly, we want to make sure you understand the things that can go wrong with any place you rent and how renters insurance provides critical protection.
What Does Renters Insurance Cover?
A typical renters insurance policy includes three pillars of coverage, Personal Property, Liability, and Additional Living Expenses, and costs about $250 a year. Each of these coverages offers varying degrees of protection for the things that are most important to you. We break down the protection offered by each coverage area, so you can see what you and your stuff are missing out on by not having this critical insurance.
Personal Property Coverage
Personal Property Coverage protects your possessions that are within your rented space. This aspect of your renters insurance policy safeguards your belongings against events like fire and theft, as well as other potential threats to your items. Yes, it’s true your landlord is typically required to have an insurance policy that protects the structure of the building, but it’s important to remember that this policy will not cover what’s inside your individual unit. So, if your clothing, furniture, or other personal items were destroyed in a kitchen fire or water-damaged as a result of a burst pipe, you might be surprised to find out that you are the one responsible for replacing these ruined items on your own. However, your typical renters insurance policy should have your back in these types of scenarios and other similar situations.
Liability Coverage
Liability Coverage protects you if someone were to get hurt in your leased apartment or house. This critical coverage may also shield you against lawsuits if you or a family member cause unintentional property damage or injury to another person, or if a pet inflicts injury or damage. For example, you could be hosting a small party at your place when a guest slips on some spilled wine on your kitchen floor. If the person is injured from their fall, you could be sued for their resulting injuries, any time they miss at work due to the accident, and more. For this reason, the Liability Coverage in a renters insurance policy is a layer of protection that you do not want to pass up. It should help cover the cost of attorneys’ fees, medical expenses, and other costs related to an injury that someone incurs at your home. You may be thinking to yourself, “Well, I definitely don’t have enough money in the bank or a prestigious enough job to be sued.” Unfortunately, even if you have little to no savings, are not a high-wage earner, or are still paying back huge school loans, these factors won’t make you any less vulnerable to being sued.
Additional Living Expenses Coverage
Additional Living Expenses Coverage offers protection if something happens to your home that leaves it unlivable. For instance, whether a fire only affects your apartment or your entire building, the resulting damage from flames, smoke, and the water used to put out the fire is likely going to force you to move out of your home for a period of time while repairs are made. The Additional Living Expenses portion of your renters insurance coverage should provide the extra funding you need to secure a temporary living alternative, like a hotel room. Without the financial assistance provided by Additional Living Expenses Coverage, where would you go? It’s likely you would end up crashing on a friend’s couch or moving back in with your family. So, if you want to have other, more comfortable options, it’s a wise investment to purchase renters insurance.
Morse, Of Course, Helps You Find the Renters Insurance Policy That Fits Your Needs and Budget
The list of benefits to renting in Southeastern Massachusetts is not only endless but also fairly well known. What are less understood by most renters and renters-to-be are the risks that come along with leasing an apartment or house. This is why Morse wanted to take the time today to share some of the worst-case scenarios that could impact your rented space and how to protect yourself and your belongings against them.
Since there is no way to know for certain if or when a minor accident or major catastrophe is going to occur, the best way for renters to prepare for the unexpected is to secure a high-quality renters insurance policy.
As local residents, the Morse team has a unique advantage in understanding your diverse renters insurance needs. Our knowledgeable agents are committed to creating an insurance solution that suits your specific lifestyle, rental space and location, budget, and more.
If you have any questions about the services we offer or the ways in which we can help protect your life, wherever you choose to live, please contact Morse Insurance today.