- June 29, 2020
- Posted by: admin
- Categories: blog, Uncategorized
This is one of those insurance policies that seem unimportant . . . until it’s not.
To put simply, this is homeowners insurance for renters living on someone else’s land. While the landlord may be secured by a homeowners insurance and a landlord policy, the renters are financially bare without an insurance plan. They too need their own insurance plan to protect belongings and cost of liabilities. That’s what renter’s insurance offers.
Having a financial backing such as this to cover different grounds not only protects property and income but also offers peace of mind to the policy holders.
What is renter’s insurance?
Renter’s insurance is an excellent plan for renters who wish to secure their property. The plan usually costs a meager sum for the extent of coverage it offers. The best part of renter’s insurance is that it offers protection for items in the policyholder’s possession that are not on the rented property. Renters can protect their wealth, irrespective of where it is in the world.
Fire Damage and Theft
Unforeseen circumstances such as a sudden spark that erupts into a full-blown fire or break-ins are as much a threat to the structure of the property as to the belongings present on it. While the renter may not own the land, they do the possessions in their living space. They require flexible insurance coverage to compensate for losses incurred during such situations.
Temporary Living Arrangements
As mentioned above, the unfortunate events detailed above may only affect the structure of the house. But that can make the living space uninhabitable. In that case, the renter will have to abandon that space and move to a different place temporarily. That may add additional living expenses to their monthly budget. Renter’s insurance will cover all such expenses if the damage is covered by the insurance plan.
Renters may store their belongings in their living space, at distant locations, or even their car. Attempts to break into their car can also result in loss of valuable items. But if they’re protected by renter’s insurance, the plan will cover the financial cost of the aggregate losses.
Similar to homeowners insurance, renter’s insurance policy also compensates any visitors who were inflicted with pain or injury while on the rented property. However, the limits of coverage may vary in this case. For instance, the plan may cover cuts, burns or fractures, but not funeral expenses.
At Western Mass Auto Insurance, we offer affordable Home and Apartment Insurance Springfield MA to individuals seeking financial protection in Springfield, MA. The renter’s insurance we offer will coverage for customizable limits. Call us at (413) 781-3800 today on insurance Springfield.