Best Renter's Insurance Companies in Cambridge

FAQs

• Should a student consider buying renter's insurance in Cambridge?

  It depends. A student residing in a Cambridge University campus dorm may still be covered by their parent's homeowners or renter's policy. However, students who live off campus may be required by their landlords to get renter's insurance. Such students may consider having insurance even though they may not have many expensive belongings. The cost of replacing personal belongings such as laptops, gadgets, and art equipment may add up substantially if stolen or damaged by fire.

• Which is better for a renter in Cambridge, replacement cost or cash-value coverage?

  It depends. Replacement-cost coverage is usually more expensive than cash-value coverage. However, it will provide a higher payout when a claim is made. For example, if a laptop in Cambridge is stolen 10 years after its purchase, replacement-cost coverage will return the money used to buy it. On the other hand, cash-value coverage will only provide the current value of the stolen laptop.

• Will you be required to have renter's insurance if you rent a Cambridge-City-assisted property?

  You cannot be required to spend more than 30% of your income on city-assisted property. This means you may not have renter's insurance if its cost plus the rental dues exceed 30% of your income. However, getting renter's insurance is generally recommended. For more questions, contact the Cambridge Housing Division at 617-349-4622 or send an email to housing@cambridgema.gov.

• If you are renting in Cambridge, how can you insure expensive belongings?

  Most renter's insurance policies in Cambridge can be added with extra coverage, called scheduled personal property coverage. This add-on can provide financial protection for expensive items such as jewelry, musical instruments, high-end bikes, and top-of-the-line cameras. Some policies even cover incidents such as mysterious disappearances, which are so-called because the item's disappearance cannot be explained.

• Does renter's insurance in Cambridge cost much?

  According to the guide from the MA Office of Consumer Affairs and Business Regulation, renter's insurance can cost around $15 to $30 monthly. The monthly premiums depend on the Cambridge zip code, the rental unit's size, and the value of the policyholder's belongings. The coverage limit is also a cost factor. Standard renter's insurance usually includes coverage for personal property and liability.