By purchasing renters insurance, your possessions are covered against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm and water damage (not including floods). Your renters insurance also covers your responsibility to other people injured at your home or elsewhere by you, a family member or your pet and pays legal defense costs if you are taken to court. Renter's insurance covers your additional living expenses if you are unable to live in your apartment because of a fire or other covered peril. Most policies will reimburse you the difference between your additional living expenses and your normal living expenses but still may set limits as to the amount they will pay.
There are two types of renter's insurance policies you may purchase:
With either policy, you may want to consider purchasing a floater. A standard renter's policy offers only limited coverage for items such as jewelry, silver, furs, etc. If you own property that exceeds these limits, it is recommended that you supplement your policy with a floater. A floater is a separate policy that provides additional insurance for your valuables and covers them for perils not included in your policy such as accidental loss.
A standard renters insurance policy includes 3 essential types of coverage:
Replacement Cost coverage - pays total cost to replace your personal property at today’s prices with no deduction for age or wear & tear
Schedule Personal Property list specific items such as wedding rings for full replacement.
Massachusetts renters insurance limits vary with each
insurance company. Above summary is a general description of major coverages of a typical Massachusetts renters insurance policy and does not include all coverages or complete details of any coverage. You may find one insurance company provides more coverage under their basic policy than another. To determine the best policy for you and for a complete understanding of coverages available please contact us for more information.
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