It’s about that time of year again when you have to say goodbye to your children and send them back to college. If your child is living in an apartment this year, you may be more worried than usual. This is the first time they are really on their own, since they aren’t living in a school building. It may help ease your mind by purchasing renter’s insurance for their apartment.
Renter’s insurance generally acts as a homeowner’s insurance policy for those who rent—and inevitably can help protect you and your assets. Most often, Massachusetts renters insurance covers your possessions for common causes of loss, additional living expenses related to making other living arrangements, medical expenses for treating people injured on your premises as well as unfortunate lawsuits. At Merrimack Valley Insurance Agency, we can protect your personal assets and belongings by securing a policy that is designed especially for tenants.
Things to Keep in Mind:
- Many people believe that they don’t need renter’s insurance because their landlord’s insurance will cover their personal belongings, however that is not the case.
- Renter’s insurance is very inexpensive, the average cost is somewhere between $15-$30 a month.
- Even if you don’t think your furniture or appliances are worth insurance because they are old or used, think about how much it would cost to replace your phone, computer, books, clothes, shoes, etc.
Tips on Purchasing Renter’s Insurance:
- Make sure you keep inventory of all of your belongings and what they are worth; keep the list in a safe place so you can get to it easily in case anything gets damaged.
- Know the number to call, who to talk to, and what information you need to provide when filing a claim.
- Purchase extra coverage on items that are very important that your typical coverage might not cover.
- Understand the difference between Actual Cash Value and Replacement Value: –Actual Cash Value takes into account the usage and depreciation of your items, so you will not get back the money it would cost to get a brand new item. Replacement Value gives you the full amount of money it would cost to buy a new item, however will typically be more expensive
Contact Merrimack Valley Insurance Agency today for more information and fill out our free Massachusetts renters insurance quote form!We also provide coverage in Connecticut, New Hampshire, and Maine!
Contact Merrimack Valley Insurance Agency:
Call Us: 978-667-2541
655 Boston Road 1A
Billerica, MA 01821
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