The Massachusetts Landlord Tenant Blog is pleased to have Jordan Lavalle from Liberty Mutual guest blog on the important topic of renters insurance. Jordan may be contacted at Jordan.Lavallee@LibertyMutual.com
‘I Don’t Have Renters Insurance, what is the big deal?’ is a question I hear from my clients on a daily basis. Purchasing home insurance on your house is widely accepted, but having renters insurance on your apartment is often ignored. In fact, a 2016 study conducted by the ORC International, found that 95% of homeowners had insurance, while only 41% of renters did.
In my profession as a Sales Representative at Liberty Mutual, I hear weekly stories of people who are left empty-handed after their apartment building experienced a traumatic loss. “It is better to be safe than sorry,” is my motto when it comes to purchasing renters insurance, especially when it is much more affordable than people think. In the same way I aim to advise my clients, my hope for this article is to educate readers on the offerings of renter’s insurance and eliminate any misconceptions.
Renters insurance includes three main coverage’s, although there are many additional coverage’s, called endorsements, which can be added on.
Anything in your apartment, home, or space you rent that belongs to you is covered by renters insurance. All too often, clients underestimate the value of their belonging. Luckily, there are several apps on the market, including Liberty Mutual’s Home Gallery App, which will allow you to calculate the value your belongings. Do not be surprised how quickly you reach the thousands, when you start adding up the cost of your clothing, furniture, and electronics. Not only will your renters policy cover your personal property while it’s sitting in your apartment, but it will be covered ANYWHERE in the world. So you are on vacation in Bora Bora and you lost your designer sunglasses? Good news, you can get a brand new pair with your renter’s insurance policy!
Loss of Use
Not only are your personal belongings protected, but renters insurance has another significant coverage known as Loss of Use. If your apartment is deemed unlivable, Loss of Use will cover costs associated with housing, food, laundry and more while your building is being renovated, up to the policy limits. Not having to think twice about how you will afford being displaced from your home, takes stress away from the situation, so you can continue to focus on work, family and friends.
The third major component to renter’s insurance is liability protection, which will protect you up to your policy limits for medical expenses of others and legal fees. As a renter, you are responsible for any injuries to your guests. From a slip or fall, dog bites, or serving alcohol to your guest who later gets into a car accident, the law suits or medical bills could come back to you. Liability coverage will also protect you if you are found responsible for property damage in your home. For example, if you light a candle near a flowing curtain and start a fire, you will be accountable for the damages. This is where liability coverage can kick-in and cover the expensive repair, so it will not come out of your pocket.
Not only does renters insurance offer these instrumental coverage’s, but you also have the option to add on endorsements to personalize your policy. One endorsement that I often add to renter’s insurance policies is called our Home Computer Endorsement. It covers my client’s computers, laptops, smartphones and tablets if they are damaged or lost, with a $50 deductible. For only an extra $2.00/month to add the Home Computer Endorsement on, it is much less expensive than the cost to buy insurance for you smartphone through your mobile carrier.
Many clients think that adding renters insurance would be a huge cost to them. However, in Boston, most renters’ insurance policies that I sell cost less than $20.00 a month. That is less than the cost of 4 lattes from Starbucks or a night out to dinner! Do not take a gamble on your financial well-being. Protect yourself and your family by putting a renter’s insurance policy in place today!
About Jordon Lavallee
Thank you all for reading about the significance of Renters Insurance. My name is Jordan Lavallee, and I am a Sales Agent for Liberty Mutual, servicing the state of Massachusetts. My passion for what I do, comes from my innate desire to help people. Through coaching clients and offering my advice, I am able to give them invaluable peace of mind. If you or anyone in your network would like to discuss their best insurance options, please email me at Jordan.Lavallee@LibertyMutual.com and connect with me on LinkedIn to see more educational insurance posts.