Why Does Renters Insurance Matter?Boston is a transnational city. Small, yet accessible by foot or bike, and one of the most intellectual cities in the world. We are surrounded by some of the best universities that attract top talent from the four corners of the globe.
On top of that we also care about the environment. Boston has been the host city for Boston GreenFest for over 12 years. Similarly to Boston GreenFest’s goal to “educate and empower people to create a more sustainable, healthier world,” our agency’s goal is to educate and find uniquely tailored coverage for our neighbors. In fact, we wrote this piece to bust the myths surrounding renters insurance.
For many, renters insurance is a foreign concept that is misunderstood and therefore considered a frivolous expense, until an imprudent neighbor decides to light a charcoal grill on their wooden porch. Remember the three-decker patio that is a staple of Boston residential architecture? Those of us who are residents of Boston and the surrounding areas have most likely either heard horrifying stories or even personally witnessed one of these wooden porches burning down.
What we are getting at is why renters insurance exists in the first place, especially when you live in the New England area. Renters insurance provides peace of mind.
Here is a list of 6 scenarios covered by renters insurance:
- The cost of your hotel or another apartment after a disaster
- The damages your child causes to another person or their property
- Theft of your valuables from your home, car or when you are on vacation
- Theft or loss of items that you have borrowed or rented
- When your dog bites your neighbor
- When a guest is injured in your home
Since we have highlighted some of the situations covered by renters insurance, let’s now shed some light on three of the most widespread misconceptions so we can better understand how renters insurance works and why having coverage is beneficial for the majority of individuals.
- Renters Insurance is too expensive.
Renters insurance is inexpensive and has customizable options to choose from that can be adjusted to fit your budget. Speak with your local insurance agent and learn more about which renters insurance coverage works best for you. Take into consideration where you live and the monetary value of your belongings. If you are purchasing renters insurance for the first time, do your research on the kind of coverage you need and which coverage best suits your needs. Hmm..doesn’t that last sentence somewhat contradict the earlier part of the paragraph that says “Speak to your local agent in order to find out what works for you?
- My belongings are not valuable enough for renters insurance.
Approach it from this perspective: First start with creating an inventory list of all the belongings in your home. Ask yourself: If your apartment was destroyed in a fire, would you be able to readily repurchase all of the things you owned?
Even when replacing just basic items like your laptop, furniture, and mattress, the cost quickly adds up and will set you back financially. In a situation like this, renters insurance coverage will reimburse you for your belongings and provide you with extra money for the unforeseen living expenses such as a hotel or another apartment for you to live in.
- My Landlord's insurance has me covered.