Renters insurance policies provide several different coverages that offer a variety of protections. These protections usually are customized to tenants’ situations and needs, and they ought to be reviewed whenever a tenant’s situation or insurance needs change. If you’re moving from a furnished apartment in Framingham, Massachusetts into an unfurnished one, therefore, you probably should review your renters policy’s coverages. One specific coverage you’ll likely want to pay close attention to is the policy’s personal property coverage.
When Moving into an Unfurnished Apartment, Framingham, MA Tenants May Need to Increase Their Renters Insurance Policy’s Personal Property Coverage
Most Renters Insurance Policies Offer Personal Property Coverage
Personal property coverage is one of the several coverages that renters insurance policies normally provide. Other coverages may include renters liability insurance coverage and loss of use coverage, as well as less common coverages. Personal property coverage helps insure personal belongings from covered perils, which often include fire and theft, and can include other possible risks.
Renters liability insurance coverage might help protect renters if someone is injured and the policyholder is found to be at fault. Loss of use coverage often helps renters find alternative living arrangements if their dwelling is destroyed in a covered claim.
For instance, if a burglar stole DVDs, books, small kitchen appliances, and clothing from your Framingham, MA apartment, how your renters policy covered the claim would probably be determined by its personal property coverage. The coverages terms, conditions, exclusions, and limits would determine how much your insurance company would pay for the stolen belongings.
Personal Property Coverage Often Covers Furniture
Furniture is usually one of the many items that a renters policy’s personal property coverage protects. Every policy’s coverage has its own terms, conditions, exclusions, and limits, but most include protection for tables, chairs, desks, dressers, bookshelves, television stands and similar items -- which is why it’s important to review this coverage when moving from a furnished apartment to an unfurnished one.
When moving into an unfurnished Massachusetts apartment, unless you have furniture in storage, you’ll probably end up purchasing a number of somewhat costly items. Even at second-hand stores, furniture isn’t cheap -- and you’ll likely need it in almost every room (perhaps you won’t need any for the bathroom). If you want to purchase new furniture, furnishing your new apartment could easily cost thousands of dollars -- and that’s without getting high-end pieces.
You’ll want to insure all of these new possessions, for replacing them after recently purchasing them would greatly tax most people’s budgets.
Add Coverage to Before Moving into a New, Unfurnished Framingham, MA Apartment
You’ll want to update your renters policy and add any additional personal property coverage that you need before you actually move into your new, unfurnished apartment. This way, you’ll be protected from the first day in your new place, and your furniture will be covered as soon as it’s moved in. Thankfully, adding coverage is easy.
Assuming you’re paying fair-market value for the furniture you purchase, you’ll simply have to increase your personal property coverage by how much you spend on furniture. Once you have a budget for purchasing new furniture, call your independent insurance agent and let them know what you’ll be acquiring and how much you expect to spend on it. Your agent will be able to review your renters insurance policy to make sure it covers the furniture you’re buying, and they can help you adjust the coverage’s limits if you need to (they can also review your renters liability insurance coverage and other coverages with you at this time, and make any appropriate adjustments). Just make sure to call them before you actually move into your new apartment in Framingham, MA, so you’re never underprotected.