Massachusetts Landlord Insurance
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- Massachusetts Landlord Insurance
3 Min Read
Of the nearly 7 million people living in Massachusetts, nearly 1 million are renters. That makes the state a pretty lucrative place for landlords — whether you live in The Bay State or just operate rental properties there. Extensive thought goes into any great business plan, and you need to seriously consider purchasing a Massachusetts landlord insurance policy.
It helps pay to repair or completely rebuild your rental property if it’s been damaged by one of the state’s many perils, like heavy snowfall caving in the roof, a rambunctious house party resulting in a more than a little heat in the kitchen or a rare-but-damaging hurricane that rips through the Atlantic seaboard.
At Clovered, we can help pair you with the right landlord insurance in Massachusetts. One that meets your coverage needs and your budget — no matter if you’re renting out a single-family home, a few units in a multi-unit apartment building or have built a small empire with a combination of properties across the state.
What’s Covered With a Massachusetts Landlord Insurance Policy?
Dwelling
This covers the actual structure of your home and the components that make it, such as the roof, siding, windows, countertops and flooring. Since you’re not the one living in the home and taking care of it full time, the landlord’s dwelling coverage should be equal to or a little more than your home’s actual value.
Other Structures
Depending on the type of property you own, other structures coverage may or may not apply. If you rent out a house, this coverage extends to things like fences, sheds, carports and detached garages, and is typically up to 10 percent of the dwelling amount. However, if you’re renting one or a few units in a condo complex, there’s a good chance you won’t own any of these types of coverage and, therefore, don’t truly need it.
Personal Belongings
If you store on the rental property things like a lawnmower, tools for working on the home or other items that directly help you maintain your rental unit, these items would be covered under the personal belongings portion of your landlord policy. Unfortunately, your tenants’ belongings are not covered.
Landlord Liability
It’s a good idea to maintain adequate landlord liability protection in the event one of your tenants or their guest is injured on the property and you’re held liable. This could happen for a number of reasons, including a broken stair that wasn’t repaired or a faulty fix. This coverage helps to pay for medical bills and legal expenses up to your policy’s limits.
What Are Some Extra Massachusetts Landlord Coverages to Consider?
Landlord Contents: For those landlords who furnish part or all of their rental properties, there’s an optional landlord contents coverage you’ll want to opt in to. This covers the belongings you keep in the unit, like furniture, electronics and appliances.
Construction: If the building codes change or you’re working on renovations, you’ll want to make sure you have coverage for your rental property that’s under construction. This helps mend the money until the home is ready for occupation again.
Loss of Income: If your rental property is hit by a covered peril and your tenants are forced to temporarily move out of the home, you’re not getting a rent payment each month. Luckily, this can help pay you the money you’re losing out on each month until the home is repaired and tenants are able to move back in.
Burglary & Vandalism: If your rental property is broken into and damaged or vandalized, purchasing additional coverage for burglary and vandalism will quickly become your best friend. This can help repair parts of your home that have been damaged or replace your property that was stolen.
What’s the Average Cost of Massachusetts Landlord Insurance?
The average cost of landlord insurance in Massachusetts is about $1,700 per year. That’s about 20 percent more than homeowners coverage and just a bit above the national average. But when you account for the amount of coverage this policy provides at that price, it’s practically a steal — especially if you incur a covered loss just one time in 20 years.
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Average Cost of Landlord Insurance in Massachusetts: $1,700 per year
Compare and Buy the Best Landlord Insurance in Massachusetts
With tons of properties, cities and styles to choose from, being a landlord in Massachusetts is extremely lucrative. Clovered can help make your side hustle or full-time business of renting out properties a lot more lucrative with the right Massachusetts landlord insurance policy.
Just get an online quote today and, within minutes, you could have the pick of the litter, choosing from the best policies at the cheapest prices to meet your coverage and budgeting needs.
You've worked hard to buy your rental property. Protect it with a custom policy at an affordable price.
The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.
