Massachusetts renters are often not aware that their landlord’s homeowners insurance covers only the building itself, not renters’ personal property. A Massachusetts renters insurance policy from O’Connor & Co. Insurance can help protect a tenant in the event of fire, theft or other mishaps.
Renters insurance is often available for a surprisingly affordable monthly premium, especially when compared to the cost of replacing lost or damaged property. These policies typically include:
- Protection for your personal belongings, including furniture, clothing, jewelry, electronics and appliances. Many policies will cover your property regardless of its location, reimbursing you if something is stolen from your car, for example. Renters should carefully inventory their possessions beforehand. Cash value coverage requires lower premiums but reimbursements are based on depreciated values, while replacement value coverage is more expensive but better for heirlooms and other valuable items. Speak with an O’Connor Insurance agent to decide the most appropriate type of coverage for your belongings.
- Personal Liability insurance against claims or lawsuits if someone is injured or suffers property damage while in your apartment or rental unit. Medical expenses may also be paid if a guest or other party is injured in your rental.
- Hotel and other living expenses if covered damage renders your apartment or rental unit uninhabitable.
Speak with an O’Connor & Co. Insurance agent to determine the best Massachusetts renters insurance policy for your needs and to determine if you are eligible for discounts.