Renters Insurance in New England

Renters Insurance

When budgeting for an New England apartment, don't forget to include the cost of renters insurance. It is a common misconception that a landlord is responsible for damage to you or your personal property in case of fire, floods from failed plumbing or theft. A landlord may only be liable for such damages in cases of proven negligence. The property owner's insurance only covers damages to his property - the building and improvements - not yours. The same is true for accidents and injuries that happen inside your New England apartment. You are liable, not your landlord.

So if a pipe bursts and all of your furniture is ruined in the flood, your landlord is not required to reimburse you for damages. Or if a friend slips on your kitchen floor and breaks his foot, you could be forced to pay his medical expenses.

Disasters, major and minor, do happen, all too often. Renters insurance will protect you and your New England property from a host of catastrophes, and it really doesn't cost that much. Depending on what part of the country you live in, the typical New England apartment renter can get complete coverage for a few hundred dollars a year or less.

Your automobile insurer is a good place to start when looking for renters insurance. But remember, like any insurance, it's a good idea to get more than one quote and compare rates.

The basic renters policy covers losses due to theft, fire, flood due to burst pipes, etc. It also provides some liability coverage should someone be injured in your apartment. Many policies further cover damage you or a guest may cause to the landlord's property (breaking a window).

One option in your renters policy will be whether your possessions are covered for replacement costs or actual value. Actual value means that a television you bought 5 years ago, burned in a fire, will be covered for the actual amount you paid for it, less depreciation. Coverage for replacement costs is a bit more expensive, but if you have significant electronic equipment, that depreciates rapidly, you would have a hard time actually replacing your lost equipment based on actual value. Replacement coverage will cover the purchase of a comparable item at today's prices.

Deductibles are another consideration. Like any other insurance, a $500 deductible means that your insurer will only reimburse for losses over and above $500. The lower your deductible, the higher your premium. You must make a judgment as to what deductible you will be comfortable with, in the event of disaster.

The same hold true with liability coverage. Most policies have a per-incident cap. These limits can be raised, with a corresponding raise in rates. Again, this is a personal decision. What are you willing to risk? Increasing liability coverage generally does not result in a major increase in rates.

It will help you both before you buy insurance and if you have to make a claim to have a good inventory of your possessions. List all of your big-ticket items, like stereo equipment, computers and jewelry and their purchase price, and photograph the items if you can. This will be useful in determining the appropriate level of insurance coverage you will need, and it speed things along when making a claim. Be sure and keep a copy of your inventory off-site in case of a major disaster, like a fire.

It could be easier than you think to lose everything you own - just like that. A few dollars a month in renters insurance could make the difference between a major disaster and a minor inconvenience.

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