Why You Need Massachusetts Renters Insurance
Those who think a renters clothes, furniture and other possessions are not valuable enough to insure should rethink the matter. Suppose you have an apartment in Worcester, Massachusetts, that unfortunately went up in flames one day. Think of all you would lose. How much would it cost to replace your furniture, your clothes, etc. Even if your possessions were second-hand or showing some wear, it could still some cost a lot of money to replace them.
Some students and their parents make the mistake of thinking they don't need Massachusetts renters insurance while they are attending Harvard or Massachusetts Institute of Technology (MIT). "My stuff is all covered by Mom and Dad's insurance, so I don't need renters insurance," is the common thought. While that may be true for students who live on campus, the answer may be different once the student moves into an off-campus apartment. Renters insurance for off-campus apartments is a must.
Others make the mistake of thinking their landlord's insurance covers the renters belongings. No, the landlord's insurance usually only covers the structure, not each renters belongings. The only time a renters possessions are covered by the landlord's insurance is if the loss has been proven to be caused by the landlord's negligence, a circumstance that could be difficult to prove in court.
In addition to personal property protection, renters insurance also covers liability coverage. Many people don't realize how important this type of Massachusetts renters insurance is. Imagine you have a lovely apartment in New Bedford, Massachusetts. You have guests over and one of them slips on your throw rug and falls, breaking his or her leg. Recovery requires several surgeries and rehabilitation, causing the person to lose time off work. While you may have apologized profusely, the person who fell could potentially sue you for his or her medical bills, lost wages and pain and suffering. If you don't have liability coverage, you could potential lose your life's savings.
How to get Massachusetts Renters Insurance
As you can see, Massachusetts renters insurance is very important. Fortunately, it is fairly easy to get proper coverage. Simply search our site for insurance companies that serve your area. Most companies that provide homeowners insurance also provide renters insurance. All you have to do is answer a few simple questions and you will soon have a renters insurance quote
In order to determine the proper amount of coverage, you should take an in-depth inventory of your possessions. Get a notebook and go from room to room in your apartment, condo or house, jotting down all your possessions and their replacement value. Be sure to include such items as your computer, stereo, furniture, television, cameras, clothing, furniture, appliances, jewelry and collectibles. Take pictures of these items. Make several copies of the inventory and the pictures and keep them in a safe place: one at your apartment and the other copies elsewhere so you can access them if you lose your home.
Note that we said to write down the replacement value, rather than the actual cash value. While you may be using a hand-me-down desk that you picked up cheap at a yard sale, you may have to pay a pretty penny to replace it. Replacement cost insurance
may cost more than actual cash-value coverage in Massachusetts, but you will be better compensated after a loss.
While Massachusetts renters insurance generally covers about 20 types of losses, including vandalism, theft, fire etc. you should consider adding flood coverage if your apartment is in an area prone to water damage.
If you find that even Massachusetts renters insurance is too expensive, there are several things you can do to bring down your rates. For example, you or your landlord can install an alarm system, window bars or other devices. Also be sure to have fire extinguishers and escape ladders at the ready. Massachusetts insurers like to see their clients working to protect their belongings and offer discounts to those who do so.
Massachusetts renters insurance is often discounted for those who have multiple policies. If you insure your Massachusetts apartment with the same company that insures your car, you can save a significant amount of money.
You can also save money on your Massachusetts renters insurance by getting a single policy to cover your own belongings and those of your roommates. You probably pool your other expenses, why not your renters coverage as well?
As you get Massachusetts renters insurance quotes, you will likely discover that different companies have different rates. That's because each company uses slightly different criteria for defining risk and each offers different discounts. Be sure to ask each company which discounts it offers and carefully consider whether you qualify for them.
One factor all Massachusetts insurers consider when determining renters risk is location. It's a fact of life that crime levels and the cost of living are more expensive in Boston than they are in, say, Mill River, Massachusetts, near the western state line. If you are considering moving to a new city, play with your renters insurance quotes to see how the move will affect your renters rates.
If you find a new home that you like, do a little digging to see if you can find the CLUE (comprehensive loss underwriting exchange) report for that address. The CLUE report is the method through which insurers tell each other about claims filed at an address. The more claims filed, the more expensive the premiums are likely to be. The CLUE report is an invaluable tool when shopping for Massachusetts renters insurance.
In addition to finding out about your location, you should also find out something about your Massachusetts renters insurance provider before signing on the dotted line. Check with the Massachusetts insurance office, 617-521-7794, and the local Better Business Bureau to find out whether any complaints have been filed against an insurer and, if so, how it was resolved. If you are trusting a company with all your personal belongings, you need to be sure it is worthy of that trust.
Massachusetts renters insurance is a real deal, considering it offers roughly the same amount of coverage as a homeowner's policy, which on average costs about $925 per year. For the price of one latte a week, you can have peace of mind.
So what are you waiting for? Compare cost and coverage details from the Massachusetts cities of: Boston, Cambridge, Barnstable Town, Fall River, Framingham, Lowell, New Bedford, Newton, Pittsfield, Quincy, Springfield, Worcester and more.