Renters Insurance Massachusetts

Your comprehensive guide to finding the best renters insurance in Massachusetts.

Finding the Best Renters Insurance in Massachusetts

Renters insurance is something I would recommend everyone currently renting, or who is planning to rent in Massachusetts, to get. If you are thinking right now that spending a few dollars a month on renters insurance when you already have landlord’s insurance protecting your property is a waste of money, then you would be wrong. In fact, purchasing renters insurance may be the best decision you can make when renting a property. This is for the pure reason that landlord’s insurance mainly only benefits the landlord – it covers and protects the property, such as its plumbing system and appliances. However, what it does not cover is your personal belongings, the things that are most important to you. This is covered by renters insurance, along with your liability, additional living expenses and medical payments to others, and in the long run, this insurance may save you thousands of dollars in losses. This article will discuss exactly what renters insurance is and how to find the best renters insurance in Massachusetts for you.

An Overview of Renters Insurance in Massachusetts

To give you an idea of what renters insurance in Massachusetts looks like, we will first run through some statistics. To start off with, you will find that purchasing renters insurance in Massachusetts is more expensive than if you were to look in other states – the average cost for renters insurance in Massachusetts annually is $217, or $18 a month. This is $32 more expensive than the national average annual cost. To further this, around 50% of Massachusetts' rental housing units spend 30% or more of their income on rent and utilities. Breaking down these statistics further, one of the cheapest cities in Massachusetts for renters insurance is Lowell, where a typical renters insurance costs $180 per year, or $15 a month – this is $74 less than the state average. In contrast, the most expensive city in Massachusetts for renters insurance is Chelsea, ranking in at a significant $240 annually, or $20 per month. Renters insurance rates can vary between cities within a state, and we will discuss why this is the case later in this article.

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Is Renters Insurance Required in Massachusetts

To answer the questions "is renters insurance required in Massachusetts?" – no, renters insurance is not required by state law in Massachusetts. However, you will likely need renters insurance before you sign a lease with your landlord's property management company, as many landlords include it as a requirement in the lease agreement. Regardless of whether or not, it is required by state law or your tenancy agreement; it is nevertheless a good idea to purchase renters insurance. This is for the sole reason that it is the best (and most affordable) way to protect and safeguard your personal belongings, as well as other things that we shall discuss in-depth later, such as your liability, medical payments to others, and additional living expenses. Trust me – in the event of a covered peril damaging your property such as a fire, theft or vandalism; you will be glad to have spent a couple of extra dollars a month on renters insurance rather than being caught without it and having to be held financially responsible for your losses. In the long run, having renters insurance will save you thousands of dollars, as you never know when you might suffer damages to your valuables.

How Much is Renters Insurance in Massachusetts

As was briefly touched on earlier in this article, renters insurance rates in Massachusetts vary considerably between cities. The table below showcases the average monthly renter's insurance costs in a city-by-city breakdown to get a visual idea of this. There are a few reasons why renters' insurance costs vary so much between cities of the same state. One of these is the number of claims filed locally, which can be related to factors such as the frequency of insurance-covered natural disasters such as fires and destructive storms in a certain area. Of course, this may vary from city to city, so renters' insurance rates will also vary. Individual, personal factors may also play a role in how much renters insurance in Massachusetts will cost you, the most prominent of these being your credit score and how many claims you have filed in the past. Renters insurance rates also vary drastically between insurance providers, as each company offers its own plans and coverage options.

What Does Renters Insurance Cover in Massachusetts

Renters insurance tends to cover a minimum of four main expenses across most states, and the same applies to Massachusetts. These four bases include liability, additional living expenses, medical payments to others and, most importantly, your personal belongings. In all these cases, you are protected in the event of a definitive list of perils, which include but are not limited to fire, smoke, lightening, theft, vandalism, and volcanic activity (though we would hope that you needn't ever claim for that last one!). To briefly go over what renters insurance covers, we can start with liability – this means that should someone sustain bodily injury or your property be damaged as a result of your negligence, your renter's insurance will pay for this, as well as any legal fees should someone make a claim against you. Additional living expenses include expenses such as hotel fees that you may incur as a result of not being able to live at your property due to damage caused by a covered peril. These fees will be covered for a limited time while the damage is being repaired or while you look for a new property to live in. Medical payments to others are covered in the event that someone is injured on your property as a result of something that isn't your negligence. Finally, and most importantly, renters insurance covers your personal belongings in the event that they are damaged or lost due to a covered peril such as theft or fire.
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Best Renters Insurance Companies in Massachusetts Based on Consumer Ratings

Having read our article and learning almost all, you need to know about renters insurance in Massachusetts, you may now want to begin searching for an insurance company. To find the best renters insurance companies in Massachusetts for you, the best thing you can do is check and compare consumer ratings – more specifically, check rating systems such as NAIC and J.D. Power. One of the best renters insurance companies in Massachusetts, in our opinion, is Amica. It boasts a low NAIC Complaints Index score of only 0.22, meaning it merely received 22% as many complaints as one might expect from an insurer of its size. Another top pick in Massachusetts is GEICO which, though it is a lower score than Amica, has an NAIC score of 0.92, which is better than the national average. Another good renters insurance company in Massachusetts is Travelers, with a decently impressive NAIC Complaint Index score of 0.64 and an average J.D. Power score, ranking quite highly in terms of customer satisfaction compared to many of its competitors.

Compare Renters Insurance in Massachusetts for the Best Rates

We’ve discussed all the basic information that you need to know to choose the best renters insurance in Massachusetts for you, which means you are more than ready to get out there and start looking for an insurance company. While you are searching, something important to do is to compare renters insurance in Massachusetts, as each company will offer you different things and benefit you in different ways. To make the process of finding an insurance provider easier, you first need to consider what exactly it is you are looking for in an insurance plan – if you value affordability in a policy, for example, then you may want to look for companies that offer loyalty or other discounts, such as a discount provided when you bundle auto insurance with renters insurance (a service that State Farm offers, for instance). On the other hand, if you prioritise a wide range of coverage options, or perhaps you are instead looking for a specific type of coverage, then you will have to seek out an insurance company that offers you just that. In conclusion, using the advice and knowledge I have given you in this article, compare and contrast different insurance companies and plans and you will find the best renters insurance in Massachusetts for you in no time.