Most Americans understand the need for health insurance and car insurance and consider these protections as absolutely necessary.
However there is much confusion about renter’s insurance. As a tenant one may assume they are protected under the landlord’s policy, or, that renter’s insurance is simply too expensive. Both of these assumptions are incorrect.
A typical renter’s insurance premium in Massachusetts for one year is in the $300 - $400 range. That’s only about $30 a month. On the higher side, if you wanted to insure $100,000 worth of contents, the premium might be in the $600/year range – still very affordable. Secondly, although it’s likely that your landlord will have insurance, it only covers the building and the landlord’s personal liability. As a renter, you have no liability protection and you have no protection for your belongings.
Here are some tips to get an idea of what a policy will entail for you:
- Create an inventory of your belongings. Estimate what it would cost to replace each item. One way to do that is with the Know Your Stuff® Home Inventory tool. It’s a free online application from the Insurance Information Institute anyone can use to create and update their home inventory.
- Shop around for coverage. You can get a quote from us here.
- Ask about discounts for alarm systems, pay-in-full, and having your car insurance with us as well.
- Consider scheduling high-value items such as jewelry, since most renters policies will have limits for these types of items.
Here's a great video from III (The Insurance Information Institute) that helps to explain it even better!
Elliot Whittier Insurance Services, LLC is a local Trusted Choice® agency that represents multiple insurance companies, so it offers you a variety of personal and business coverage choices and can customize an insurance plan to meet your specialized needs. You can visit Elliot Whittier online at www.ElliotWhittier.com, email firstname.lastname@example.org, or call 617-846-5000 and ask for Chris Millerick.