Renters insurance in Boston is more expensive than in most areas in the United States. It’s expensive for a few reasons, but the main one being that it’s necessary to protect your belongings. With a high amount of claims every year, providers must make up for any foreseen losses by charging Bostonians more for coverage. For this reason, renters in Boston need to find the best insurance companies on the market.
To help you navigate through the overwhelming sea of insurance providers, we used our SimpleScore methodology to find the companies that deserve your business and attention.
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The best renters insurance companies in Boston
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Best for bundling with auto insurance – Geico
You always have to think of the bigger picture, and with Geico you’ll save big if you do.
Even though Geico has third-party underwriters, that doesn’t mean you’re not going to get a good deal. Since you’re working through Geico, you can save on both your renters insurance and your auto insurance if you decide to purchase both policies with Geico. Bundling insurances with the same provider is called a multi-policy discount, and if there’s any company you want this with, it’s Geico since you could save as much as 25%.
Best for affordability – Travelers
Any national carrier that can boast it is the cheapest provider in a city infamous for expensive rates deserves your undivided attention.
Travelers is a national provider that has been quietly beating some of its bigger rivals as of late when it comes to price. Currently, it’s the cheapest provider in Boston, Massachusetts, for most renters. However, not only is it affordable, but it also offers a few discounts to help lower your premium. Open up another policy or install various protective devices in your home, and Travelers will give you a discount.
Best for discounts – State Farm
If you like your money to stay in your wallet and not in someone else’s, put State Farm on your shortlist.
State Farm offers many discounts, no matter what type of policy you have. Get a renters insurance policy with State Far and you could save on your monthly premium if you install a:
- Smoke detector
- Burglar alarm
- Home monitoring system
Of course, you’ll also save if you get multiple policies, too.
The savings aren’t anything to walk away from, either. As one of the biggest insurance companies globally, State Farm can offer its customers the most significant savings year after year.
Best for fast quotes – Garrity Insurance
Getting a quote from Garrity Insurance is so fast and personable that you’ll wonder why the internet thing is such a big deal.
A national provider can pump out an online quote within a few minutes, but it turns out so, too, can Garrity Insurance. The average wait time to speak with an agent is about 20 minutes. Not only do you get your quote, but you also get to speak with a real live person who can answer any question you may have, such as how much renters insurance you actually need.
Choosing your provider
When choosing which provider you want to work with in Boston, Massachusetts, you should look at both national and local providers. Each has its own unique set of pros and cons, and therefore each deserves your attention.
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Local Carrier
Pros:
- Supports your local economy
- Develop ongoing relationships with the same agents
- Agents know exactly what you need to have in your policy for your area
Cons:
- May not have as strong of an online or mobile app presence
- May be more expensive than a national carrier
- May not have as many coverage options as a national carrier
National Carrier
Pros:
- Able to offer cheaper rates than many local carriers
- Will likely have a stronger online and mobile app presence
- Will likely have more coverage options than a local carrier
Cons:
- Agents may not be familiar with your needs as a Boston resident
- Will be difficult to develop an ongoing working relationship with an agent outside of filing a claim
- You will likely not have access to a brick and mortar location
Additional renters insurance coverage in Boston
Boston, Massachusetts, has a higher crime rate than much of the United States. Currently, residents in Boston have a 1 in 153 chance of becoming a victim of crime. Unfortunately, insurance companies definitely look at this type of data when calculating what you’ll pay for a premium. If you are considered to live in a high risk area, you’ll pay more.
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Boston has also been experiencing more flooding as of late. When purchasing renters insurance in Boston, you will definitely want to consider also purchasing flood insurance.
Flood Insurance
A standard renters policy does not protect you from damages from flood waters. Though you may be able to purchase flood insurance through your insurance provider, most renters opt to purchase it from the U.S. government’s FloodSmart program. To see if you live in an area prone to flooding, you can input your address into FEMA’s flood zone map.
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How much does renters insurance cost in Boston?
The average cost for renters insurance in Boston is $191 a year, which is only $12 more than the national average of $179. A lot of factors influence the total cost you’ll pay for renters insurance. These include such things as:
- Deductible amount
- Type of policy you choose
- ACV (actual cash value) policy versus a replacement cost policy
- Property coverage amount
- Liability coverage amount
- Location of rental
- Applicable discounts
Boston renters FAQs
Yes, a landlord can require renters insurance in Boston MA. Though there is no state law requiring it, it is well within your landlord’s rights to require it if he or she states so in the lease.
Yes, according to the Insurance Information Institute, Massachusetts is the tenth most expensive state to purchase renters insurance. A variety of factors influence this, but rising flood occurrences is one of the biggest reasons.
Yes, flooding in Boston has been progressively getting worse. Even if you don’t live in a ground floor apartment, it’s a good idea to purchase flood insurance.
Too long, didn’t read?
Finding the best renters insurance in Boston does require a little bit of patience and legwork. Just be sure to do your due diligence by checking in with both national and local carriers for both rates and coverage options. Do so and you’ll be fine. If you feel you need more guidance, be sure to check out our Ultimate Guide to Renters Insurance.
We welcome your feedback on this article and would love to hear about your experience with the insurers we recommend. Contact us at [email protected] with comments or questions.
Source: thesimpledollar.com