Who in Massachusetts Should Get a Renters Policy?
Most people who lease a living space in Massachusetts ought to procure a renters policy that covers themselves and that space. Among others, this includes;
- Residents who lease primary residences
- Snowbirds who lease summer residences in the state
- Vacationers who lease coastal residences for a season
- Long-distance workers who lease apartments while working on job sites
- College students who lease off-campus apartments
What Coverages Do Renters Policies Make Available?
Renters policies offer many different coverage combinations, but there are some common coverages that lots of policies make available as standard or optional protections. These include:
- Personal Property Coverage, which might protect personal possessions
- Liability Coverage, which might protect against certain liability lawsuits
- Additional Living Expenses Coverage, which might pay for alternative accommodations following a disaster
To explore additional coverage options, tenants should speak with an insurance agent who specializes in these policies. An agent who knows renters policies will be familiar with both these and less commonly chosen coverages, and they’ll know what ones make sense given a certain situation.
Do Renters Policies Cover Buildings?
Structural coverage, which may provide protection for buildings and sometimes secondary structures, is one area where renters policies diverge from most homeowners policies.
Whereas homeowners policies generally provide at least some coverage for the insured house, renters policies typically don’t offer any such structural coverage. They don’t include this protection because it’s normally the landlord’s responsibility to care for and insure the leased property.
Do Residents in Rent-to-Own Arrangements Need Renters or Homeowners Insurance?
Residents who enter into rent-to-own agreements may intend to purchase the place they’re living in at the appropriate time, and they might even follow through with those intentions. Until closing, however, these residents generally are considered tenants because they don’t yet own the building.
Since they’re generally considered tenants, residents who are in rent-to-own agreements usually need a renters policy rather than a homeowners one. Once ownership actually transfers hands at closing, then it’s normally time to switch to homeowners insurance.
What Expenses Do Renters Policies’ Liability Protections Cover?
When a tenant faces a covered liability lawsuit, the liability protections contained within a renters policy frequently help with legal costs, and any settlement or judgement. Coverage often begins when the claim is filed regardless of whether the lawsuit is finalized yet, and coverage is typically limited to the policy’s maximum allowed amount.
What is an HO-4 Policy?
Within the insurance industry, homeowners policies are commonly abbreviated with “HO-” followed by a number. Renters policies frequently get lumped in with other homeowners policies, and on abbreviation used for them is “HO-4.”
An HO-4 policy is fairly basic and standard renters policy. It alone meets many tenants needs, and those who need additional coverage often end up purchasing a policy that either builds on the HO-4 policy or supplements it.
How Can Tenants in Massachusetts Get Renters Insurance?
For help comparing renters policies, contact the independent insurance agents at Charles River Insurance. Our agents are able to request renters insurance quotes from multiple insurance companies in Massachusetts, and they have the expertise necessary to assist you in selecting the best one.
