Five Good Reasons to Have Renters Insurance

You may be thinking to yourself, I can’t think of one good reason why I need renters insurance, let alone five! Well, you are not alone; quite a few people do not understand how spending just a few extra dollars a month can save them from a financially sticky situation in the future.
Many renters mistakenly believe their landlord’s building or homeowners insurance will cover their belongings, temporary relocation expenses, and liability-related costs should an unforeseen event occur like a robbery, fire, or someone slipping and falling down their stairs. However, as the renter of an apartment, condo, house, or even just a room in someone else’s home, you are not only responsible for your personal belongings, but you could also be held responsible if a guest is injured at your residence.
Some landlords or apartment management companies require you to buy renters insurance before you move in, which is a smart decision by them. However, even if your landlord isn’t requiring you to make the investment, your local renters insurance agents at Dowling Insurance certainly believe it’s a wise choice by you to protect everything you’ve worked so hard to acquire.
Here are five good reasons why Dowling thinks you should have Renters Insurance for your rented home, condo or apartment:

Five Reasons To Have Renters Insurance

1. Your Belongings Matter
After an event like fire or theft, you may first take a moment to reflect and feel grateful, “My family and I are okay and things can be replaced.” While this is the best attitude to take for a not-so-great situation, the cost of replacing everything you’ve accumulated throughout your life can be, at best, daunting and, at worst, virtually impossible to do. However, with the proper renters insurance in place, you can have a safety net that will cover you in case of a loss.
A typical renters insurance policy offers coverage for personal property, like your smart TV, furniture, clothing, sports equipment, and much more. It’s important to understand that, for some renters, choosing to get extra coverage that will refund the full price of your belongings, not just the depreciated value most basic personal property coverage offers, may be the optimal decision. The additional security this extra coverage provides is perfect for renters who have more high-value personal property and/or for those who want the peace of mind that if a loss were to happen to them, that they have the maximum protection for just about everything they own.
2. Peace of Mind During Parties and Events At Your Rented Home

Why you should have renters insurance.

Let’s play this out – the Sox are in the playoffs and you and your best buds decide to gather around your 60” LED TV to watch the first game. You’ll have a few cocktails, some chicken wings, maybe order some delicious pizza, and talk about how strong the bull pen has been and the day’s batting lineup, it has all the makings of a perfect afternoon!
But, before the first inning is even over, one of your guests – a friend of a friend that you don’t know very well – slips on some beer that spilled in the kitchen and really hurts himself. Because this person slipped in your apartment, he could hold you liable for medical and other costs associated with the injury. Now, your perfect game day doesn’t go down in history for being one where the Sox made history, but one that is remembered for this unexpected incident.
But if you have renters insurance, the liability coverage included in this policy can be your safety net so you don’t have to pay your buddy’s random friends’ hospital bills out-of-pocket. It’s important to understand that whether it’s a good friend or family member, an uninvited guest or the pizza delivery guy, if someone is injured in your apartment, they may come after you for related expenses.
3. For Shelter
Renters insurance could be the difference between having to crash at your parent’s place indefinitely or having an all-expenses-paid hotel stay. Let’s go back to the house party scenario and pretend you decided to fire up the grill to cook some ribs rather than order pizza and wings. You get so caught up in the extra innings that you forget you left the grill on and a grease fire ignites. The house fills with smoke, the fire department comes, and luckily nobody gets hurt. However, your place is totally unlivable and you have to temporarily move out.
If you were wise and secured a renters insurance policy for yourself, not only would repair or replacement of your damaged belonging be covered, but any expenses you incur for temporary housing may be as well. Loss of use coverage, also called additional living expenses, is another coverage included in a basic renters insurance policy. This protection can help you pay for temporary housing, as well as food bills and laundry expenses, above what you’d normally spend, in the case of a catastrophic event that forces you out of your home. Making sure that your renters insurance policy includes the proper loss of use coverage is a smart investment if you want to avoid playing musical couches at your friend and family’s houses.
4. You can afford it.

Save On Renters Insurance In Massachusetts

You may be pinching every penny trying to live independently or saving any extra you make to buy your own place, but we can assure you, that investing in renters insurance will not break your budget! As a matter of fact, a renters insurance policy can cost you less than one cup of your favorite coffee drink or one glass of vino with your friends per week.
Most carriers who offer renters insurance will give you an even better deal when you bundle your apartment and your auto insurance together with the same insurance carrier. In some cases, you can save up to 20% on your auto insurance, which could pay for the cost of your renters insurance when you think about it. When you work with a local agent like Dowling Insurance, they can take you through all the different insurance discounts and almost always save you money.
If you do not own a car, you still can’t beat this deal – the cost of a basic renters insurance policy averages out to around $15 per month. We can’t be certain, but we can assume that most of your electronic devices would cost you significantly more than that if you had to replace them out of pocket if damaged or stolen.
5. Because you have to.
In Massachusetts, landlords can require that you have renters insurance. Many landlords choose to do this so that they are not held liable for some of the circumstances mentioned above. They want you to have this protection for the same reasons you want to get it – to avoid the loss of use of your apartment, property damage or theft, and the liability associated with someone getting injured at your place. If renters insurance is required in your lease, then you must show proof of insurance to your landlord or apartment rental company.
Let your local independent insurance agent, at Dowling Insurance, help you choose the right renters insurance policy for you. Our team will be available to you 24 hours a day, seven days a week. Contact us at 781.848.7652 or use the contact form below to get started today!

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