What you need to know about renters insurance

If you are renting an apartment or home, have you ever considered how much all of your belongings are worth? If they were to be stolen or damaged, would you be able to replace them and cover the costs? If the answer is no, a renter’s insurance policy can help!

Our renter’s insurance provides protection for personal property, personal liability, loss of use, and even medical payments. Many renters do not realize how much they could benefit from having a renter’s insurance policy that can help protect their valuables. Let us explain how we can protect you from the following cases with a renter’s policy.

Personal Property

Personal property includes your general belongings, such as appliances, furniture, electronics, and more that are not used for business purposes. The amount of coverage you select personal property will determine your renter’s insurance premium, which can be reduced if you select a higher deductible. There are also discounts available for alarms or combining your home and auto insurance with the same company. You can also schedule high value items such as jewelry, instruments, or fine arts, which allows for broader coverage and eliminates the deductible.

Loss of use

Loss of use protection covers additional expenses you may incur if your home becomes unusable due to a covered loss, such as hotel expenses while repairs are made. Loss of use coverage is also known as additional living expense coverage. This particular type of coverage is designed to cover all additional costs that are due to your home being unusable.

Personal liability

This type of coverage protects you in the event that you are sued for bodily damage or property damage caused by your negligence. For example, if you are at a friend’s house playing video games, and the controller slips out of your hand and cracks the screen of the television, your insurance policy would pay for the damages.

Medical costs

This covers medical expenses as a result of injuries that occur on your premises, or are caused by you or an animal you own. The difference between liability protection and this protection comes down to the actual injury. Medical payments coverage pays for medical expenses of someone who is physically injured on your property. Personal liability coverage protects in case someone is injured on your property and proceeds to sue.

We hope this information has helped to define our renter’s insurance in more detail. Contact one of our agents if you have any additional questions about our policies! 781-893-3200