More people across the United States are choosing to rent rather than own homes — for various reasons. Massachusetts residents who do this would be wise to obtain renter’s insurance in order to protect their possessions and themselves in the event anything happens to the dwellings in which they reside. No insurance plan is perfect, though, and some who need to use it may find themselves struggling to get their losses fully covered. When dealing with a renter’s insurance dispute, legal counsel may be able to help one fight for relief.
Renter’s insurance is not just an extra expense. It serves a valuable purpose. Not only does it cover the loss of possessions, but it can also cover:
- Personal liability
- Medical payments
- Certain living expenses
Renter’s insurance claims are paid out in one of two ways: replacement cost or actual value. Those who can achieve plans that payout on a replacement cost basis end up getting more for their money, as policies that pay actual value only give policyholders enough to cover the depreciated value of their lost possessions. This is not something many insurance providers will freely explain.
This type of insurance is relatively cheap compared to the coverage it can offer Massachusetts residents, and it is better to have than not. Still, insurance providers are in business to make money, and they will do what they can to limit how much they have to pay out when claims are filed. Right or wrong, it’s how it works. This does not mean one has to settle for a mediocre payout. When dealing with a renter’s insurance dispute, legal counsel may be able to negotiate a better settlement offer out of court or, if necessary, help one litigate the matter.