What Coverages Do Renters Policies Provide?

Renters policies generally include three primary coverages. They are:

• Personal Property Coverage, which may provide protection for personal possessions (e.g. furniture, clothing, and electronics)
• Liability Coverage, which might help a policyholder defend themselves from a lawsuit that accuses them of causing injury or property damage
• Additional Living Expenses Coverage, which can help pay for alternative accommodations if a covered incident renders a rented unit uninhabitable

(Exact coverages can vary from policy to policy, and some policies may not include all of these protections.)

As is the case with most homeowners policies, many renters policies include limits on how much protection they provide for certain personal possessions. For instance, a policy might limit how much protection it provides for furs, computers, firearms, or jewelry. Renters who have high-value possessions should carefully review their renters policy’s personal property coverage to make sure all of their belongings are fully insured.

Do Renters Policies Provide Coverage for Buildings?

The liability coverage that most renters policies have may provide protection if a tenant is found responsible for damaging or destroying the building they live in. For example, a renter who started a fire that burned down the house they lease might be held responsible for the property damage — and they may have liability protection through their renters policy’s liability coverage.

Most renters policies don’t include structural coverage for buildings, though. In other words, renters policies typically don’t protect buildings that policyholders lease from damage that isn’t caused by the policyholder themselves.

Who in Worcester, MA Should Consider Purchasing Renters Coverage?

Most people who rent an apartment, townhouse, or freestanding house in Worcester, MA should consider getting renters coverage. People who only rent a single room within a house may even want to get a policy.

Without renters coverage, anyone who rents a place may be dangerously exposed to potential financial losses. Few tenants could afford to replace all of their belongings if the possessions were destroyed or stolen, and a high-stakes liability suit could potentially bankrupt almost anyone who’s uninsured.

Should College Students Have a Renters Policy?

Whether or not college students should have a renters policy depends on whether they have another source of coverage. Some students might already have coverage through their parents’ policy and, therefore, not need their own one. Other students, however, may not have coverage through another person’s policy and need to procure their own.

How Can Residents of Worcester, MA Get Renters Insurance?

Residents in Worcester, MA who need help finding renters insurance should contact one of the city’s independent insurance agents. An independent agent who’s licensed in Massachusetts can help residents request quotes for renters policies from different insurers and compare the coverages that each prospective policy offers.