Announcements

Got Rent? Do you really need renter's insurance?

Posted on Mon, Sep 16, 2013

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.

Quote my renters insurance

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 info@elliotwhittier.com, or call 617-846-5000 and ask for Chris Millerick.

 

Tags: renter insurance, tenant insurance, landlord insurance