Best Renters Insurance in Massachusetts

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  • Best Renters Insurance in Massachusetts

Massachusetts is one of the priciest states in the country to rent in. While you may be occupied trying to keep your costs low, don’t overlook the need to protect yourself as a renter. Going without coverage can make a bad situation worse if unexpected property damage blindsides you.

For just over the cost of a Spotify premium membership every month, you can get renters insurance to cover your personal belongings, liability, and more. Even the cheapest renters insurance in Massachusetts will have policy limits in the tens or hundreds of thousands of dollars.

Read our guide for help finding the best renters insurance in Massachusetts.

How Much Is Renters Insurance in Massachusetts?

Renters insurance in Massachusetts costs about $207 yearly or $17 every month. The renters insurance companies in Massachusetts we examined had average rates between $13 and $18 monthly.

It’s important to note that your actual cost may be higher or lower depending on a few factors about yourself and your rental property. The average cost of renters insurance in Massachusetts varies by company and location; two renters in the same neighborhood may have different insurance premiums.

Nevertheless, it’s helpful to know some estimates before getting quotes. The table below shows average Massachusetts renters insurance rates from some large providers in the state.

Massachusetts Renters Insurance Rates by Company

Company

Allstate
Amica
Arbella
Travelers

Avg. Annual Rate

$211
$164
$162
$180

Avg. Monthly Rate

$18
$14
$13
$15

Protect Your Belongings With Renters Insurance

Averaging just $12 per month, renters insurance can protect your belongings for the cost of a few cups of coffee.

Companies Offering Cheap Renters Insurance in Massachusetts

The cheapest renters insurance in Massachusetts was Arbella, with Amica and Travelers just $1 and $2 more expensive per month, respectively. All three options are good choices for cheap renters insurance in Massachusetts.

All four insurers we examined were relatively close together overall, although Allstate was the only carrier on the list topping $200 per year. Your exact rate may differ from above, and Allstate may even turn out to be the most affordable option for you. 

You should always contact a few insurers to compare rates and coverage options. You may also qualify for some discounts with one provider over another, such as a bundling discount.

Arbella is slightly different from the other three providers we reviewed because Arbella is a regional carrier primarily serving the New England area. Amica, Allstate, and Travelers are national brands with a presence all over the country. 

Getting quotes from regional and national carriers might be a good idea to note differences in user experience, customer service, and rates. Another popular regional renters insurance company in Massachusetts is MAPFRE.

What Does Renters Insurance Cover in Massachusetts?

Renters insurance policies reimburse you if you’re affected by covered sources of damage called perils. Common perils include:

  • Theft
  • Fire 
  • Windstorm
  • Frozen or burst pipes
  • Weight of ice and snow
  • Accidental injury

Renters insurance in Massachusetts will protect your belongings and liability from these sources of damage and more. Your coverage is separated into the areas outlined below:

Personal Property Coverage

Your provider will reimburse you if your belongings are damaged or stolen through personal property coverage. It covers furniture, clothes, electronics, tools, bicycles, jewelry, and more.

Loss of Use Coverage

Suppose you’re forced to move out of your rental after damage from a covered peril makes your residence unlivable. In that case, your insurance company can cover living expenses such as lodging, gas, and food through loss of use coverage.

Liability Coverage

If a guest or visitor gets hurt and sues you for damages, your liability coverage can cover medical expenses, legal fees, lost wages, and more. It can also cover you if you accidentally cause property damage to someone else.

Medical Payments Coverage

Medical payments to others can cover minor injuries someone can suffer. It’s like liability coverage on a smaller scale.

How to Get the Best Renters Insurance in Massachusetts

The best renters insurance in Massachusetts will balance your coverage needs with your budget. You should shop around to find a company that covers you sufficiently and affordably. You may need to modify your coverage slightly to make a policy a perfect fit for your needs.

Changing your coverage limits will change your premiums significantly. For instance, if you don’t have a lot of personal belongings to insure, you don’t need as much personal property coverage as someone with a large home full of items. You’ll pay more for $40,000 in personal property coverage than $20,000 worth of coverage.

Determine the amount of personal property coverage you need with a home inventory. A home inventory lists all items you own along with their prices. The grand total is the amount of personal property insurance you’d need to be fully covered.

Adjusting liability limits typically influences your premiums less than personal property limits, but it still has an effect. We recommend choosing more than the minimum amount of required liability coverage, which is typically $100,000. Limits often go up to $1 million. 

You’re better off choosing a number between $300,000 to $500,000. Consider choosing on the higher end if you have a large dog, a high net worth, or are planning on frequently having guests over.

Most people are chiefly concerned about the price of your policy, but it’s not the only thing to consider. You want a friendly, helpful provider, so note user experience and customer service when getting your quotes. 

You also want to ensure that you have enough insurance coverage to make you whole again in a worst-case scenario, so we don’t advise purposely skimping on coverage to save a few extra dollars. Instead, shop around with your desired limits until you find the best Massachusetts renters insurance rate.

Protect Your Belongings With Renters Insurance

Averaging just $12 per month, renters insurance can protect your belongings for the cost of a few cups of coffee.

What Is Renters Apartment Insurance in Massachusetts?

Renters insurance in Massachusetts is good for apartments, single-family homes, townhomes, and rowhouses. There is no difference in coverage for renters in an apartment versus in a home.

Renters insurance policies are officially known as HO-4 plans. HO-4s are suitable for any tenant-occupied residence. No matter your dwelling type, your renters insurance includes the same coverages and protects against the same perils.

In some cases, apartment insurance in Massachusetts may be cheaper than renters insurance on a home in the state. Renters in apartments may need less personal property coverage than renters in apartment units. Apartments often fit fewer items. Also, many students or young professionals just starting out live in apartments and haven’t had a chance to acquire as many possessions as someone older renting a home. 

Usually, when someone is looking for apartment insurance, they want renters insurance, not landlord insurance, which is coverage for a landlord to protect the structure of their property.

How Companies Calculate Renters Premiums

Insurers analyze several factors to determine premiums. The average cost of renters insurance in Massachusetts can vary depending on several variables, including:

Location: Renters who live in areas prone to theft, flooding, or storm damage may have higher premiums. You may also get a discount if you’re within a certain distance of a fire station.

Coverage amount: Higher policy limits will create higher premiums. Additionally, you can change your deductible to change your rate. Opting for a higher deductible will lower your premium.

Claims History: If you’ve filed several claims in the recent past, or you live in a property that has spawned several claims, you’ll likely pay more for insurance since you represent a larger financial risk for a provider.

Property features: Older properties may have higher renters insurance premiums as the results of dated construction and wear and tear can weaken the structure and contribute to damage claims more easily. Also, certain features that make your home riskier, like wood stoves and pools, can raise your rates.

Is Renters Insurance Required in Massachusetts?

Renters insurance isn’t legally required in Massachusetts, but some landlords require tenants to get coverage before allowing them to move in. It’s also a good idea to have it even when not mandated, as your landlord’s insurance won’t cover you at all.

Landlords and property managers sometimes stipulate renters insurance as part of lease agreements. They do this to further limit liability on their property for them as well as other tenants in multi-unit dwellings or apartments.

Landlord insurance covers the rental structure and an apartment complex’s common areas. Their insurance doesn’t ever cover your belongings. You should always have renters insurance to protect your personal property and liability in case of unexpected events.

 Massachusetts Renters Insurance Laws

While no law requires renters insurance, Massachusetts has rules regulating renters insurance companies. A company cannot unfairly discriminate against you while underwriting.

We went over the many factors carriers look at to determine your premiums. All considerations, even the personal ones, had to do with your level of risk. An insurance company can’t base premiums on age, race, gender, or anything like that.

Additionally, landlords have many laws they need to follow with their tenants regarding what they can require and when. Consult a legal expert if you feel your landlord has changed your lease in any way.

 How to Get Renters Insurance Quotes in Massachusetts

You should always compare your options from several insurance companies when getting renters insurance quotes in Massachusetts. At Clovered, make shopping around for insurance easy. Use our quoting tool to compare policies from the best renters insurance companies in Massachusetts.

As an independent insurance agency, we partner with several companies in Massachusetts, so we can present you with choices to choose from. You can also consult one of our licensed, in-house agents for help with your quote at 833-255-4117 during business hours. You could also shoot us an email at agent@clovered.com.

Renters
Protect Your Belongings With Renters Insurance

Averaging just $12 per month, renters insurance can protect your belongings for the cost of a few cups of coffee.

The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.

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