Renters Insurance

Over the years, more renters are taking advantage of renter’s insurance and the benefits that it has to offer. Even in Rhode Island and Massachusetts, if you are renting an apartment or a single-family home, it is best to protect your personal property with renter’s insurance. Here is some Q&A to get your started:

• Is renters insurance required?
  While the state of Rhode Island and Massachusetts does not require renters to carry renter’s insurance, many property owners are requiring a policy to be purchased as a stipulation in the leasing agreement. This policy keeps everyone protected and provides a level of financial assistance in the event of a tragedy.
• What is covered with renters insurance?
  Since you are not the owner of the structure you are renting, this insurance policy only covers damages and theft that belong to you and your family members. In the event of a natural disaster or a theft, your personal property could be destroyed or stolen. Renters insurance will replace these items at an equal or lesser value (less depreciation), so you do not have to.
• What will my liability coverage cover?
  While you may not own the property you are renting, you could be found liable if a guest is harmed while visiting you and on the rental property. For example, pet bites that happen by a pet that you own on the property make you responsible for the medical bills. There is liability coverage to assist you with these unfortunate situations.
• Will my renter's insurance pay for relocation expenses if needed? The answer is yes. Property damage may require you to vacate the rented premises until renovations are complete, making the home livable. During that time, you will have to relocate and find temporary housing. You can be reimbursed for relocation expenses while you are away from the rental property with your renter's insurance.
• Is renters' insurance expensive?
  Renters insurance is typically minimal and ranges from $150-$300 per year in Rhode Island and Massachusetts (please keep in mind cost depends on coverage amount and other factors such as pets, etc.)

Do you need a renter's policy? We’ve got your back!

Contact us and an agent will help you get the right amount of coverage for your rental space. Start your quote above or you can reach us via phone at 401-900-INSU or via email at info@schiappainsurance.com.