According to the US census in 2016, over 100 million Americans rent homes or apartments. However, because renters continue to be undercounted due to various factors, that number could potentially be higher.
Renter’s insurance is a policy specifically designed to provide financial protection to people renting their living space. If you’re unclear about what kind of coverage it provides, here’s a quick guide.
Renter’s purchase renter’s insurance primarily to protect against loss of and/or damage to their personal property. It offers financial protection for belongings such as furniture, appliances, electronic devices, computers, phones, clothes, jewelry, luggage, and more. Here are the perils a typical renter’s insurance policy protects against:
While you can do your best to make your place as safe as possible, the reality is that accidents happen. In the event that any of your guests sustain bodily injury caused by your personal property, renter’s insurance will cover the medical costs. This includes hospital stay, dental procedures, x-rays, surgeries, and other related costs.
This, of course, doesn’t include you because that’s where your health insurance comes in.
Moreover, a renter’s insurance policy provides coverage for damage liability. In the event that you cause any damage to the owner’s property, it’ll offer financial protection.
If your rental apartment or home is rendered uninhabitable due to a covered peril, your policy will cover living expenses. Living out of your home can get expensive if you have no choice but to live in a hotel. With renter’s insurance you can expect to be fully protected if this happens.
Renter’s insurance policies don’t typically cover the following:
If you’re looking to secure an affordable renter’s insurance policy that’s fine-tuned to your needs, you’ve come to the right place.
We provide full services insurance Springfield, MA and provide home and auto insurance solutions to customers in the Western Massachusetts area. Our expert Insurance Agents Springfield MA have over 50 years of combined experience in the industry.