Newton Pads | Renters Insurance

How will insurance protect my property? When is the best time to get insurance?

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Renters insurance is viewed by most as a benefit to both tenants and landlords in the Greater Boston Area. Boston Landlords should strongly encourage their tenants to acquire renters insurance for a myriad of reasons. Many residential tenants do not realize that they must purchase their own insurance to cover damage at their rented apartment resulting from risks included by not limited to: theft, vandalism, and fire.

Many Boston tenants are also not aware that they can be potentially liable for injuries to visitors at their rental or for damages to the property by others, including the landlord’s property. Often times tenants and/or their guests are negligent in damages to the property. A common misconception is that a landlord's insurance will protect tenants in many cases; this is often not true. Several state statistics have shown that less than twenty five percent of renters acquire renters' insurance.

Boston landlords and property managers should make it a top priority to educate their tenants to the importance of purchasing renters insurance. Greater Boston Lease agreements and addendums should clearly state that the owner’s insurance policy will not insure a tenant’s personal property, cover damages to the landlord’s property caused by the tenant’s negligence, or protect the tenant against liability claims. Greater Boston Landlords and property managers should provide their tenants with several online or print resources on where to quickly acquire renters insurance.

Landlords need to be aware that most tenants have limited assets and getting meaningful judgments against them for negligent related damages is very challenging. However, greater Boston landlords often get sued when someone is injured on their rental property regardless or not if the landlord was at fault. Encouraging Boston area tenants to maintain renters insurance may guard against the need for the landlord's insurance policies to pay claims.

Boston Area Landlords should make their tenants aware that they do have the legal right to collect monies from them for any damages caused by the tenants negligence. Tenants are often negligent and cause fires through the use of defective or faulty extension cords and appliances, carelessness with cigarettes and lack of oversight while cooking.

Renters Insurance is very affordable when compared to other forms insurance and in nearly all cases is worth the expense. In the instance of renters insurance; a little bit of monies can go a long way in protecting the property and assets of the tenant and also the landlord in some cases.