In just a few weeks, Boston will be bustling with college students moving into dorm rooms and off-campus apartments. If you plan to rent an apartment in Boston or in any other part of the state, it’s important to consider Massachusetts renter’s insurance. Here is some information that will help you understand why it’s important for MA college students living off campus, what it covers, and more.
Why MA College Students Living Off Campus Need Renter’s Insurance
Lacking Massachusetts renter’s insurance is one of the most common mistakes made by college students. Let’s face it, if you’re a student, you simply don’t have much money. This means, you probably get by with the bare necessities. Renter’s insurance may not seem that important in light of everything else. However, think about this… as a college student, can you afford to lose all of the belongings in your apartment?
Landlords maintain homeowner’s insurance on properties that they own, but those policies would not include any personal belongings. In fact, most specifically exclude tenants’ belongings. If the property was robbed, vandalized, or destroyed in a fire, none of your belongings would be covered by that insurance. Without your own Massachusetts renter’s insurance policy, you would receive no compensation for your loss!
What Massachusetts Renter’s Insurance Covers
Massachusetts renter’s insurance can cover anything from your furniture to electronics and jewelry. Typically, the policy will cover like-kind replacement value. It’s important to note that the item is replaced but not any added value stored within them. For example, if your laptop was stolen, you would receive replacement value for that laptop but not for class notes, school papers, or the years of photos stored within it.
Most policies also cover things like medical payments. This is helpful in cases where someone is injured while visiting your apartment or gets food poisoning while dining at your home. There is something known as “no fault” coverage for small injuries where no one may be at fault.
You will want to ask your insurance agent about how much coverage you should purchase based on your personal situation. All policies will have limits, but you also have the option to increase them as needed.
Average Cost of Renter’s Insurance
The cost of Massachusetts Renter’s Insurance is less expensive than you may think. The national average is less than $190 per year, but the Massachusetts average is close to $170 per year. It’s possible to pay less than $10 if you bundle your Massachusetts renter’s insurance with an auto insurance or other policy. At such a low monthly cost, it’s certainly worth it to protect your belongings!