Best Renters Insurance in Massachusetts (2024)
Get a quote from the best provider in Massachusetts, Lemonade.
Whether you rent an apartment, townhome, or single-family residence, you should consider purchasing renters insurance. A renters insurance policy covers your personal property from unforeseen incidents, such as theft and vandalism, for a relatively low monthly cost. Quartz Advisor Reviews Team analyzed the best renters insurance companies nationwide. In this guide, we rounded up our top choices for Massachusetts renters.
4 Best Renters Insurance Companies in Massachusetts
Based on our research, here are the top renters insurance providers in Massachusetts:
- Lemonade: Best for Easy Coverage
- Liberty Mutual: Best Value
- Allstate: Best for Unique Liability Coverage
- USAA: Best Membership Perks
Lemonade
Best for Easy Coverage
Liberty Mutual
Best Value
Allstate
Best for Unique Coverage
What Is the Average Cost of Renters Insurance in Massachusetts?
According to the Insurance Information Institute (III), the average cost of renters insurance in Massachusetts is $186 per year or $15.50 per month. Massachusetts ranked ninth in the nation for the most expensive renters insurance. The following factors affect average renters insurance costs:
- Certain dog breeds: Some providers will refuse to grant coverage if you own a dog breed known for aggressive behavior. Other providers will raise your monthly premium. A few common aggressive dog breeds are Doberman pinschers, German shepherds, pit bulls, and Rottweilers.
- Your belongings: Your renters insurance premium will vary based on the amount of coverage you need. It’s important to consider how much your personal belongings are worth before signing up for a policy.
- Your deductible: Your policy’s deductible also affects its cost. A higher deductible typically means your policy will cost less, while a lower deductible means your premium will cost more.
- Your location: Providers typically charge more for a renters insurance policy if you live in an area that is at high risk for floods, natural disasters, crime, and other covered perils. Also, the age of your building affects your policy’s cost since you are more likely to file a claim for a damaged roof in an older building.
What Does Renters Insurance Cover?
Generally, renters insurance policies offer four types of coverage: liability, loss of use, medical payments to others, and personal property.
- Liability: Liability coverage protects you from responsibility for damage to someone else’s property or bodily harm that occurs to a neighbor due to your actions.
- Loss of use: Loss of use covers additional living expenses if your home becomes uninhabitable. Examples of additional living expenses include hotel room fees, meals, and laundry fees.
- Medical payments to others: If someone injures themselves in your home, your policy will cover their medical bills up to your policy’s limit.
- Personal property: Personal property coverage protects your belongings in your home or car. Note that your policy typically won’t cover valuable belongings, such as jewelry, unless you purchase an endorsement.
What Risks Do Renters in Massachusetts Face the Most?
With its varied landscape, Massachusetts residents are susceptible to several risks that may occur based on their location. Below is a list of common risks to consider when shopping for your renters insurance policy.
- Earthquakes: Earthquakes occur enough to be considered a risk. Earthquake protection is typically an endorsement for most providers. Consider your needs and budget before adding earthquake protection.
- Flooding: If your home is near a river or by the coast, there is a risk of flooding. Most providers don’t include flood protection. Therefore, we recommend purchasing a flood endorsement if you live on the coast.
- Wildfires: Wildfires pose a risk to homes near forest land. Ensure your personal property coverage limit is enough to cover the value of your belongings should a fire occur.
Our Conclusion
A renters insurance policy protects your belongings while living in a rental property, giving you peace of mind should a covered loss occur. For those who want a quick and convenient sign-up process, we recommend Lemonade. If you need generous liability coverage, Liberty Mutual is a solid choice. Finally, Allstate is worth considering if you need extensive personal property coverage.
Before signing up, we recommend pulling quotes from different providers to compare policy coverage, costs, exclusions, and limitations.
Renters Insurance in Massachusetts FAQ
What is the average cost of renters insurance in Massachusetts?
According to the III, the average cost of renters insurance in Massachusetts is $186 per year or $15.50 per month. Policy costs may vary based on your location, coverage needs, and endorsement selections.
Is it mandatory to have renters insurance in Massachusetts?
It is not mandatory to have renters insurance according to Massachusetts law. However, many landlords require tenants to have renters insurance before renting their properties. A landlord’s insurance only covers the landlord’s property, leaving your personal property at risk.
What does “replacement cost” mean in renters insurance?
In renters insurance, replacement cost refers to the cost of replacing a covered item with a new one of the same quality.
What’s the difference between renters insurance and tenant insurance?
There is no difference between “renters insurance” and “tenant insurance.” Insurance companies use the terms interchangeably.
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