Boston renters pay as little as $11 a month for coverage.
The average cost of renters insurance in Boston is $16 a month, just above the national average of $15 a month. Rates can range from as low as $11 a month to as high as $50 a month. The cost depends on the amount of coverage you buy, where you live and other factors.
|Coverage amount||Average cost per month||Average cost per year|
|Source: National Association of Insurance Commissioners (2019, Massachusetts)|
The cost of renters insurance is actually quite reasonable, considering how much protection you get. Buying more coverage will likely raise your monthly premium, but the added protection can be invaluable. In Boston, you can nearly double your coverage from $26,000 to $50,000 by paying only $9 more per month in premiums!
Many people underestimate the total value of all their possessions put together. Even a standard-sized home may be filled with valuable electronics, appliances, collectibles, clothing and unique furniture, not to mention items of deep sentimental value. Bottom line: we think renters insurance is worth it.
About 62% of Boston housing units are rentals. That means a majority of Bostonians are renters. However, only one third of those renters also have renters insurance. Two thirds of renters in Boston are not covered should disaster strike at their rental unit. For as low as $127 a year, you can protect your possessions and your family.
Can you get cheaper rates?
While price is often at the forefront of people’s minds when it comes to insurance, it’s important to explore your options carefully. You can do this by evaluating prospective insurers’ customer service and coverage options on top of price. If you need to file a claim due to a catastrophic event, you’ll be more comfortable with a company you trust.
Our assessments of renters insurance company’s customer satisfaction are straightforward. It’s based on two criteria: their NAIC Complaint Index and their J.D. Power overall satisfaction score. The NAIC Complaint Index is a measure of how many complaints a company receives relative to its size, with 1.0 as the baseline national score. Let’s look at some of the most ubiquitous insurance companies in Boston to see how they measure up to one another:
|Company||2019 J.D. Power overall satisfaction||2019 NAIC Complaint Index (lower is better)|
|Plymouth Rock Assurance||—||0.63|
|Norfolk & Dedham Group||—||0.00|
|*USAA is only available to military service members, veterans and their eligible family members.|
Boston has numerous renters insurance options to choose from. The companies range in size from local companies like Plymouth Rock Assurance to large, national insurers such as Liberty Mutual. This means that the people of Boston have significant choice in what type of company they want to align themselves with: do they value a company with deep local roots and expertise in the area, or are they looking for a better-known brand with a track record of serving people across the nation?
For more information on some of Boston’s best renters insurance companies, check out our rankings of the best renters insurance companies in the U.S.
Deciding how much coverage you need is an important step in getting a renters insurance quote. A renters insurance quote should contain four separate types of coverage, each with its own limit: (1) personal property, (2) loss of use, (3) personal liability and (4) medical payments to others.
Personal property coverage protects your possessions within your home. This is a crucial part of your coverage, and we recommend ensuring that your quote has enough coverage to account for all your stuff. You’ll have coverage for catastrophic events like wind, fire, smoke and hail. Theft should also be a part of personal property coverage. Keep in mind, however, that renters insurance doesn’t cover flooding. You’ll need a separate flood insurance policy.
Most people’s belongings are valued in the $20,000 to $30,000 range, but you should evaluate your goods to be sure your policy fits you. In most cases, it is better to err on the side of caution by over-insuring your personal property rather than under-insuring it.
Loss of use covers your additional living expenses (ALE) if you are temporarily forced out of your home due to a covered accident. A common example would be a fire damaging your bedroom, causing you to need a hotel room for a week. ALE would help pay for a hotel while your rental home is repaired.
Personal liability helps cover your legal liabilities. If someone gets hurt in your rental unit, personal liability coverage is there to help you in paying for what can be enormous legal fees and settlement costs. Many renters insurance policies have limits up to (and sometimes more) $100,000 in coverage for personal liability.
Medical payments to others coverage is similar to personal liability, but specifically covers guests injured within your home. For example, a guest who falls accidently at your home and needs medical aid may incur significant medical costs, which renters insurance can step in to help pay. Policies often provide around $5,000 of coverage, but the exact amount can be adjusted upward or downward depending on your needs.
Pay attention to these coverages when you compare renters insurance quotes. If a quote doesn’t offer enough coverage for your needs, it does not matter how cheap it is.
Renters insurance is not mandated by law in Boston, but your landlord can require you to obtain it as a condition of your lease. Your landlord should have insurance that covers your home itself, but it does not protect your belongings. Therefore, you need your own insurance policy, separate from your landlord’s.
In instances where your landlord requires renters insurance, they are considered an “interested party” and will be notified of your coverage. If you live with roommates, everyone in the house will likely need their own renters insurance policy, unless they are family members.
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