fbpx

6 Benefits of Purchasing Renters Insurance by Uncovering 3 Common Myths

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:

    1. The cost of your hotel or another apartment after a disaster
    2. The damages your child causes to another person or their property
    3. Theft of your valuables from your home, car or when you are on vacation
    4. Theft or loss of items that you have borrowed or rented
    5. When your dog bites your neighbor
    6. When a guest is injured in your home
 

Photo by Dan Gold @danielcgold

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.

    1. 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?

    1. 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?

Photo by Daniel Tausis @greatmalinc

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.

    1. My Landlord's insurance has me covered.
The property insurance your landlord has will not do much to help you. When disaster strikes, your landlord’s insurance covers the structure of the property but that does not include your personal belongings. On the contrary, when you are covered by renters insurance, you are reimbursed for damages caused by the catastrophic events  that are listed in the policy, such as fire, smoke, water damage, windstorms, lightning, theft and vandalism. You can even purchase liability coverage, in case a guest or another person gets hurt in your home.Photo by Naomi Hébert @naomishTo recap, when you are shopping for renters insurance, make a home inventory list and then decide how much coverage you need before you buy. Purchase enough insurance to replace all of your valuable belongings, and choose a liability limit high enough to protect any savings and property you could lose if you were sued. Then you will need to get quotes from several insurers, including the company that provides your vehicle insurance. You will most likely be able to receive a discount on a package deal if you purchasing renters and auto insurance from the same company. Receive a renters insurance quote with BRZ Insurance here or you can learn more by speaking with one of our licensed BRZ agent over the phone or in person at our location in Framingham or our newest location in Malden, MA!