Some people are under the false impression that the property owner’s insurance also covers the tenants’ personal items. However, that is not the truth. Your landlord’s property insurance covers damage or destruction of the building, but it doesn’t cover your stuff, or your liability if a third party becomes injured in your Boston apartment.
The good news is that renters insurance in Boston protects both you and your belongings. If you are leasing a Boston apartment for the first time, or have not given it much thought before, read on to find out if it’s truly worth it.
How Much Does Renters Insurance Cost in Boston?
Basic renters insurance in Boston costs approximately $180-$360 per year. However, there are renters insurance plans available for as little as $12 per month. Your insurance company will typically offer various payment options- monthly, quarterly, or yearly- that may be easier to fit into your budget. That’s a minor expense when you consider the big picture. If you think about it, for only $180 per year, you can sleep soundly knowing that everything you own in your Boston apartment is protected. That’s the cost of one nice dinner for two in the city.
So, what exactly does that $180 per year for renters insurance in Boston get you? You will typically have upwards of $20,000 worth of coverage for your belongings, and $500,000 in liability coverage if someone is injured while at your residence. Keep in mind that if your personal belongings are worth more than $20,000, you can always take out a higher coverage amount for a little more money. In any case, you will need to create an inventory list and submit it to your chosen insurance company.
It often also covers medical expenses if a third party is injured while at your apartment. If your Boston apartment is damaged or destroyed to the point where you can’t live there until it’s repaired or rebuilt, your additional living expenses are also covered.
Is It Worth It?
If you’re…