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