ADAMS, Mass. — David Bissaillon, owner and president of Smith Bros.-McAndrews (SBM) Insurance Agency wanted to dispel some common myths associated with renters insurance while advocating its importance.  

 

"Renters insurance plays an important role in someone's overall financial planning," Bissaillon said. "It is not the most exciting thing in the world, but people don't think about It nearly enough. It is affordable, it is thorough, and it is really important."

 

Bissaillon said approximately 95 percent of homeowners have homeowners insurance, but, surprisingly, only 41 percent of renters carry renters insurance.

 

"It really hits home when folks have a fire or something, and they lose everything. We all scramble to set up a GoFundMe or a spaghetti dinner, which are amazing, but a lot of that stress and pain could be alleviated with a renters policy...My first reaction how horrible it is for the family, and then secondly I wish someone, including me, had just educated them about renters insurance."

 

Bissaillon went over some common myths that often accompany renters insurance. He said many believe renters insurance is expensive which is simply not the case. Most of the time, renters can insure $30,000 worth of things for between $160 and $250 a year.

 

"For $20 a month you can protect yourself affordably," he said. "All of us spend $250 on a lot of silly things throughout the year...it is a good investment for anyone renting an apartment."

 

He said this cost could potentially be even lower with different bundling options. Often renters insurance is coupled with auto insurance.

 

Bissaillon said a policy often comes with more than just base protection. A plan would protect against losses caused by most fires, lightning, hail, frozen pipes, water damage, and even vandalism, among other things.

 

After an incident, if the renter cannot inhabit their home, coverage could temporarily house and feed them.

 

Also, a plan would provide some personal liability protection if a guest were to get injured in the apartment. Renters insurance could also cover minor medical bills associated with an Injury.

 

Bissaillon said this coverage also follows the renter outside of the home.

 

"It will not only protect your belongings, but it will give you personal liability protection in your apartment as well as in your daily life," he said. "It is just really really important...that personal liability goes with that person. Like if they go golfing, hit someone and are brought into a lawsuit."

 

Bissaillon said it is also important not to assume you are covered under the landlord's policy which is almost never the case. In the case of a fire, the landlord's policy could go towards repairs in the building and the replacement of their own belongings, but that is about it.

 

Bissaillon urged people to let the renters in their lives know about renters insurance. He added that insurance agencies and landlords need to do a better job informing renters.

 

"That is why I chose this topic today. We all get excited when we buy a house, and we are getting insurance and obviously, per Massachusetts law, you have to have car insurance," he said. "...There is no rigid requirement telling any of us that we have to have renters insurance."

 

He said getting a policy is simple and in most cases can take less than 20 minutes.

 

"We need your name and address, a little bit of information about the apartment, an estimate of the value of their belongings and we can put together a quote and bind it immediately," he said. "It literally takes 20 minutes and you will be covered."

 

He said the process can be done over the phone and even online.

 

At SBM, he said his staff makes a point to be very accessible. He added that they are knowledgeable and work well with young renters and families.

 

"Our staff here is very helpful and have worked with a lot of young people," he said. "They know how to help them best navigate insurance. They do a great job helping families and individuals. We've been doing this for years."

 

He said as an independent insurance agency, SBM can pull quotes from multiple companies to find the best fit.

 

"We read about so so many of these fires and tragedies and people are made homeless which is terrible enough. But then in the aftermath," he said. "Not everyone has $15,000 in their bank to just buy new clothing and furniture. It is pretty important."

 

Give SBM a call at 413-743-1216 or visit smithbrosmcandrews.com. They are located at 45 Park St.