Whether you are renting a two-bedroom apartment in Worchester or leasing one side of a duplex in Boston, you can benefit from having a solid renters insurance policy. Unfortunately, many renters in Massachusetts don’t learn the value of having this important coverage until it is too late.
If you are among this state’s many tenants, a local independent agent can help you find an affordable policy. These agents work for you, not for an insurance company, so they are free to shop around to find the coverage you need at a competitive price. Find an insurance agent near you to get started.
Massachusetts Rental Statistics
- Massachusetts residents pay an average of $1,282 per month in rent.
- Around 37.6% of all homes in Massachusetts are occupied by renters.
- An estimated 46.3% of all renters in this state spend more than 30% of their income on rent and utilities.
How Much Does Renters Insurance Cost in Massachusetts?
You may think that because it is optional and you are already spending enough on housing costs, renters insurance is something you can ignore or put off until later. However, these policies can not only save you from large financial losses if disaster strikes, but they are also surprisingly affordable.
The average renters insurance policy in Massachusetts costs $194 a year. That's just $16 a month, which is about as much as you would spend on a bowl of clam chowder and a lobster roll.
Here are some factors that can make your actual cost higher or lower than this average amount.
- The size of your rental home and the value of your property
- The crime rate and weather risks where you live
- The size of your deductible
- Whether you are bundling your renters insurance with another policy like car insurance
When you compare quotes from a few different insurance companies, you can be certain that the policy you choose is offered at a competitive price. Independent agents make comparison shopping easy.
What Does Massachusetts Renters Insurance Cover?
Renters insurance can shield you from financial harm in a few different ways. You can expect your policy to provide three types of coverage.
- Property coverage: This is called contents insurance. It can cover repair or replacement costs if your belongings are lost or damaged by a covered event. Covered hazards include:
- Property crimes, like burglary and vandalism
- Fire, whether it originated in your own home or in a neighboring unit
- Severe weather, like hurricanes, thunderstorms, windstorms, blizzards, and hail
- Liability coverage: This is called renters liability insurance. It can cover your financial obligations if you unintentionally cause someone else to experience injuries, property damage, or financial harm. It can cover you against things like:
- Injuries caused by your pets or children
- Accidental injuries sustained by visitors in your home that can be attributed to negligence on your part
- Accusations of libel or slander
- Displacement coverage: This is called loss of use insurance. It can cover your various living expenses if a covered event leaves your home uninhabitable and you must seek alternate living arrangements while your landlord makes repairs and brings your home back to code.
When deciding how much property coverage to purchase, be sure to consider all your belongings, including electronics, furniture, clothing, jewelry, and kitchenware and estimate how much it might cost you to fully replace everything if you experience a total loss.
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What about Coverage against Floods in Massachusetts?
It is important that you are aware that renters insurance does not cover against flood damage. However, many part of Massachusetts, particularly those close to the coast, have a significant risk of flooding.
If you are living in an upper-level apartment, you probably don’t need to worry about flood damage to your property. But if you are renting a house or a ground-floor apartment, you may be wondering what your options are.
To be covered against flood damage, you will need to supplement your renters insurance coverage with flood insurance. Affordable policies are available through the National Flood Insurance Program (NFIP), a program that is administered by FEMA. Contents-only policies start at less than $10 a month.
How Can an Independent Insurance Agent in Massachusetts Help?
When you are looking for the right renters insurance policy, a local independent agent can help. These agents are available to answer your insurance-related questions, and they can shop around to find you a good policy at a great price. Best of all, talking to an independent agent is free.
Nearly 1,300 independent agents have offices in Massachusetts. These agents are ready to assist you with all of your insurance coverage needs. Arrange an obligation-free consultation with an insurance agent near you to get more information and to start comparing customized renters insurance quotes.
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