Some renters believe everything inside their apartment is insured under their landlord’s policy. However, that policy generally only covers the building itself. If your apartment gets burglarized, or sustains smoke damage in a fire, you would be liable for repair and replacement costs. Which is why it is a smart move to invest in renters insurance


Since no one can predict what will happen, it’s always wise to take out a renters insurance policy. It’s affordable coverage and gives you peace of mind. Your property and financial well-being are at stake!

Before you decide to purchase a renters policy, you should familiarize yourself with what the policy covers and how it can protect you.  

Coverage Basics

Renters insurance is pretty much identical to homeowners insurance, with the best types of renters insurance offering coverage for:

  • Personal possessions against damage due to smoke, fire, lightning, vandalism, theft, explosion, water, high winds and other disasters. Possessions may include furniture, clothing, appliances, electronics, kitchen utensils and bed linens.

  • Liability to protect you against lawsuits for bodily injury or property damage, and no-fault medical coverage in the event a visitor is injured while in your home.

  • Additional living expenses, including restaurant meals, hotel bills, and other expenses in the event your home or apartment is uninhabitable due to one of the covered hazards.

How Renters Insurance Works

When you file a claim, the adjuster inspects the damage that occurred and will then determine the monetary value of the loss. If your claim gets accepted, you will be reimbursed in one of two ways, which will depend on the way your policy is structured:

  • Actual cash value (ACV). This method reimburses you for your lost or damaged possessions depending on the age of each item and minus wear and tear that could lessen its value.

  • Replacement cost value (RCV). This would replace your possessions with like items at current market value. Annual premiums are about 10 percent higher that ACV ones.

Why Renters Insurance is Important

As an under-utilized insurance product on the market today, renters insurance is often overlooked by renters because it’s not mandated by the state like car insurance is, or by lenders, who insist on homeowners insurance for mortgage agreements.

Renters insurance is a valuable addition to any insurance portfolio. Not only are the premiums relatively low, it provides a high degree of peace of mind. All it takes is one burning candle in one unit to get knocked over and displace hundreds of people in the resulting fire. With so many neighboring tenants, the exposure to a potential lawsuit is very high. You can’t afford to make the mistake of living without the protection of renters insurance.

Contact Bearce Insurance for Renters Insurance 

To learn more about our renters insurance coverage options, please contact us locally at 508-586-3400 or toll-free at 800-498-9900, or get an online quote today.