Boston Renters Insurance

Whether you are renting a studio apartment in Mission Hill or leasing a townhouse in Dorchester, you can benefit from having a good renters insurance policy. These policies are designed to give tenants peace of mind knowing that their property and finances are covered if disaster strikes.

Independent agents in Boston are available to help you find the best and most affordable renters insurance policy. These agents work for you, not for an insurance company, so they are free to shop around to find you a suitable policy at a competitive price. Find an insurance agent near you to learn more.

Rental Statistics in Boston, MA

The cost of housing in Boston is very high. That is why many residents of this city opt to rent their homes instead of buying a house. Let’s look at some figures:

Is Renters Insurance Required in Boston?

Renters insurance is usually not required, though some landlords may require you to carry it as one of the terms of your lease.

Even though it is optional, it can prove invaluable if a disaster strikes and damages your personal property or displaces you from your home. It can even protect you if you end up on the wrong end of a liability lawsuit.

How Much Does Renters Insurance Cost in Boston, MA?

The cost of living in Boston is already high enough, so you probably don’t want to add to your housing expenses by purchasing renters insurance. However, this coverage is very affordable and many people find that the value far outweighs the cost.

The average renters insurance policy in Boston costs around $262 a year, or around $22 a month. This is significantly higher than the state’s average rate of $194 a year due in large part to the high value of homes in this city.

Factors that can make your actual cost higher or lower than this average amount include:

• The amount of personal property coverage you want to purchase
• The crime rate and weather risks where your home is located
• Your claims history and credit score
• Whether you are bundling your renters insurance with other policies like car insurance

By taking the time to compare quotes from a few different insurance companies, you can be sure that you are buying your policy at a reasonable price. Independent agents make comparison shopping easy.

How Does Boston Renters Insurance Cover Your Property?

Every renters insurance policy includes contents coverage. This is designed to cover repair or replacement costs if your personal property is lost or damaged by a covered event.

Problems this insurance will cover against include:

• Property crimes, like burglary and vandalism
• Fires and smoke damage
• Severe weather events, excluding floods

When you purchase your contents coverage, you will need to choose between actual value or replacement cost coverage:

• Actual value contents coverage
  • Pro: More affordable than replacement cost coverage
  • Con: Can only reimburse you for the actual depreciated value of your property, so it will probably not be enough for you to fully replace all of your personal belonging with new items.
• Replacement cost coverage
  • Pro: Reimburses you for the cost of a new item that is comparable to the one you lost. Therefore, if your 10-year-old couch burned in a fire, you would be compensated with enough to purchase a brand new couch of similar size and style.
  • Con: Costs more than actual value coverage

When deciding between actual value and replacement cost coverage, it may help to review customized quotes for each before making a choice.

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How Does Loss of Use Coverage Help Renters in Boston?

If your home is severely damaged by a covered event like a fire or a severe storm, it may be necessary to seek alternate living arrangements while your landlord makes repairs and brings it back to code.

Loss of use insurance, which is another part of your renters insurance, can cover your extra living expenses during this time. It can not only pay for your hotel or other accommodation costs, it can also cover expenses like moving costs, storage fees, pet boarding, and meals.

Coverage can continue until you are able to move back into your home or have found a different home to move into.

How Does Renters Insurance Cover Your Liability Risks?

Renters liability insurance is also included in your policy. This is designed to shield you from large financial losses if you are responsible for the unintentional infliction of injuries, property damage, or financial losses on others. 

This coverage may be necessary if your pet bites a neighbor, if you accidentally injure someone while away from home, or if you are accused of libel or slander.

It can cover your legal defense fees, mediation costs, settlements, judgements, and other related expenses. Most people never have to use their liability coverage, but it's good to know that it's there just in case.

What about Coverage against Floods?

Nearly 20,000 properties in Boston have been identified as having a significant risk of sustaining flood damage. However, property damage caused by a flood is not covered by renters insurance. This may leave you wondering what your options are.

The only way to cover your property against flood damage is by supplementing your renters insurance policy with flood insurance. Affordable contents-only policies are available through the National Flood Insurance Program (NFIP).

How High Is the Risk of Burglary in Boston?

The burglary rates in Massachusetts, and in Boston specifically, are lower than the national average rate. Residents of this city report around 1,800 burglaries a year.

• Number of burglaries per 1,000 people in the US:  3.76
• Number of burglaries per 1,000 people in MA:  2.01
• Number of burglaries per 1,000 people in Boston:  2.44

The good news is that if your home is burglarized, your renters insurance can compensate you for your stolen and damaged property. You will need a copy of the police report when you file your claim.

Why Work with an Independent Agent in Boston, MA?

When you are looking for a good renters insurance policy, a local independent agent can help. These agents can request customized quotes from some of the area’s most highly rated insurance companies as they work to find you a reliable policy at a competitive price.

It doesn’t cost anything to get information from an independent agent. Arrange an obligation-free consultation with an insurance agent near you to learn more about your renters insurance options.