What is Renters Insurance?
This type of policy is very inexpensive, perhaps $150 to $200 for the year. Protect your possessions with renters insurance. It will cover damages to your possessions when you rent rather than own your home. Renters insurance protects your “stuff”.
Even if you rent your home, having insurance protection for yourself and your possessions is still important. Similar to home insurance, renters insurance protects you in situations that everyone can face: fire, theft, water damage and other unforeseen circumstances your landlord’s policy doesn’t cover.
Renters insurance provides coverage, up to the limits you select, for specified items and situations, including:
- Personal property (furniture, electronics, computer equipment, clothing, etc.) $20,000 and up.
- Personal liability if someone is hurt, whether in your home or away from it. $300,000 and up.
- Loss of use – if you are displaced because of a covered claim. $4000 plus.
Everyone Needs a Personal Property Inventory
Successfully filing a claim for lost, damaged, or destroyed property requires some specific information. Obviously, you need to know what you own, but it would also help to know when you bought it, and what you paid. The easiest way to capture that information, and to speed up any claim you may have, is to do a complete household inventory.
Making a household inventory is well worth your time. Don’t put if off! In the aftermath of a fire or other catastrophe, it is almost impossible to remember what you’ve lost.
When creating your Home Inventory, follow these steps:
- List Everything: First, go through each room, listing major items. Include purchase date and price, if known. Check receipts if you have them. Include serial numbers for appliances, electronics, and cameras.
- Take Photos or Videos: Open all closet and cabinet doors. Stand in the center of each room and take one picture of each wall. Or scan the room with a video camera.
- Update Regularly: Keep your inventory up to date. List and photograph new purchases and gifts as they arrive in your home. Delete items you no longer own.
Then you can get a clearer picture of just how much coverage you should get. Typically most policies start at $20,000 of personal property coverage with a $1000 deductible. Make sure you also get personal property covered at “replacement cost” – this will ensure that if your items have to be replaced that you get all new stuff – rather than a check for the depreciated value of all your items.
Renters Insurance Protects Against:
- Fire and Smoke Damage
- Collapse of the building due to weather
- Water leakage or overflow
- Freezing of plumbing, air conditioning and more
You can’t rely on your landlord’s insurance to cover your valuables – landlord insurance only covers the building structure and not your personal property.
Renters insurance, sometimes referred to as an HO4 policy, can provide the financial protection you need in case your possessions are destroyed or stolen, as well as liability protection if someone is hurt in your dwelling.
Most people invest in homeowners’ insurance to protect the assets in their homes in case of damage. Renters’ insurance allows you to ensure the safety of your possessions while living in a rental property.
Similar to homeowners’ insurance, renters’ insurance provides coverage for any damage to your personal possessions including fire and smoke, water damage, theft, and unforeseen circumstances.Western Mass Auto Insurance offers affordable renters’ insurance rates which means you can guarantee the safety of your “stuff” for as little as $150 to $200 for the year!
We work with the top insurance companies in Massachusetts, and serve a multitude of areas in the state, including:
- Indian Orchard
- Wilbraham Area
- Palmer Area
- South Hadley
Get in touch with our insurance agents for Springfield and Indian Orchard for the best prices of renter’s insurance and ensure coverage of all your belongings!
What is Renters Insurance?
Western Mass Auto Insurance makes it easy to get affordable renter’s insurance. Get your free, no obligation renter’s insurance quote today by calling (413) 543-3800 for Indian Orchard or (413) 781-3800 for Forest Park area. Or click the “Get a Quote” tab and leave us your information – we will get right back to you. Plus you can always stop by one of our two conveniently-located offices where an insurance representative can immediately assist you! Talk soon!