What is Renters Insurance?

Tenants don’t own the buildings they live in, but they’re still exposed to a variety of potential risks. Possessions can be damaged or stolen, and tenants themselves can be named in liability lawsuits. Tenant or Renter’s insurance policies also provide tenants coverage not afforded to them by the landlord’s policy.

Renters insurance provides a range of important protections, yet many tenants don’t safeguard themselves with a policy. According to the Insurance Information Institute, just 37 percent of tenants have a renter’s policy. The other 63 percent are left exposed to losses generally covered by personal policy protections.

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Who in Massachusetts Needs a Renters Policy?

All individuals that pay rent in Massachusetts should have a Tenant policy. This includes residents, who lease their permanent living space, as well as:

  • College students who rent an off-campus house or apartment
  • Residents of other states who have a part-time residence in Massachusetts
  • Young professionals saving for their first home purchase
  • Employees with temporarily leased residence while on a working on assignment
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What Coverages Are Included in Renters Policies?

The three main coverage types provided by a Renters policy are Personal Property coverage, Personal Liability coverage and Loss of Use coverage. Each of these coverages provides distinct protections:

  • Personal Property, protects belongings that are owned by a tenant.  This may be a wide range of items. Tenants personal contents such as clothing, furniture, electronics and even books are among many possible belongings covered.
  • Liability Insurance, helps shield tenants from certain liability suits arising from bodily injury or damage to someone else’s property.
  • Loss of Use, provides coverage for a tenant that may incur additional living expenses if displaced due to a covered loss.

Looking For a Quote?Do Renters Policies Cover Physical Structures?

Renters policies don’t provide coverage for physical buildings or structures. Since landlords own the buildings that tenants live in, Renter’s policy are not required to cover the dwelling itself.

What is an HO-4 Form Policy?

Massachusetts’s residents live in many different housing situations, and insurers offer a range of home insurance policies. These home insurance policies are identified by a standardized abbreviation beginning with the letters “HO.” The Renter’s Policy Form is referred to as an HO-4 Form policy.

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How Can Tenants Get Renters Insurance?

Navigating all of the available Renters coverage can be frustrating.  Determining how much coverage you need and locating a policy that meets those needs isn’t as simple as one might imagine.  Our agents have the knowledge to help you define the appropriate coverage levels, as well as locating an affordable policy.  Our Personal Lines Insurance agents may even be able to secure additional discounts on your premium by combining your Tenant policy with your Auto policy!

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