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Renters’ Insurance Overview

If you’re like many North Shore and Boston, MA residents, you currently rent the place you live in. Often, because rental policies are not required of tenants, they are overlooked as necessary until it’s too late. For example, in the case of fire, theft or vandalism, you may want to consider, can you afford to replace pricey items such as a smart TV or laptop on your own? Your entire wardrobe? Without a renters policy, that is what you will be doing in the case of an unexpected loss. Others will think they simply don’t need it because their possessions aren’t valuable enough to warrant it. This may be true; however, your rental policy covers more than just your contents. It can help you if you need to relocate due to repairs on your unit, and it will also cover you for liability in the case that a visitor is injured on the premises and looking for reimbursement.

Renters’ Insurance Key Facts

  • A typical renter’s policy covers you for your personal property, liability, and increased living expenses.
  • MA does not require that tenants have a renter’s policy, but many landlords do, and regardless, it should be considered a necessity if you are renting.
  • Your renter’s policy premium is largely based on the value you place on your contents. If you feel your contents don’t have much value, your policy is likely going to be very inexpensive, about $20 a month or less. If on the other hand, you have high value items that need additional protection, such as an engagement ring, there are additional riders and endorsements to protect them.

Useful Tools:

Frequently Asked Questions

Don’t all rental policies cost the same?

The cost of your rental policy depends on the value you place on the contents in your apartment.

Isn’t rental insurance expensive?

It is very affordable, usually around $20 a month, and can nearly pay for itself with the account credit received under the auto policy for having 2 policies with the same company.

How do I determine how much coverage I need for my contents?

You can estimate what it would take to replace all your contents (clothes, furniture, kitchenware etc.) as a starting point. An average value is usually 5000-15,000 per room.

Can I add my roommate to my renters’ policy?

2 unrelated individuals can be on the same policy. If there are more than 2 in the home, we recommend separate policies for each.

Renters Insurance Service Area

Phil Richard Insurance, located in Danvers, MA, offers Renters Insurance services to the North Shore of Massachusetts including but not limited to Danvers, Peabody, Beverly, Salem, Newburyport, Ipswich, Rockport, Gloucester, Marblehead, Swampscott, Amesbury, Georgetown, Lynnfield, Middleton, Hamilton, Wenham, Greater Boston Area, and more. We also serve New Hampshire, Connecticut, and Maine.

See what our clients have to say:

I Just wanted to tell you how much I enjoy working with Jackie Montes. She’s the best! She’s efficient, professional, and always on the ball. It’s a pleasure to deal with her!! She has helped me out tremendously with getting all our insurance requirements for the Compliance Depot (nightmare!) and I can always count on her to get my COI out in a timely manner. I never have to worry about anything when I deal with her.

Excellent staff member!!

Tina W. April 19, 2017

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27 Garden Street

Unit 1B
Danvers, MA 01923


Office Hours


Mon – Fri: 9am – 4:30pm

Sat – Sun: Closed



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