Whether you’re a student living in the Knowledge Corridor along the Connecticut River or trying to pursue your dream job in Boston, renting is a great way to call a place home. Renting can actually offer several advantages over owning a home, which is why some people choose to rent even when buying is possible. While you're enjoying the convenience of your rented home, make sure to keep it protected with Massachusetts renters insurance.
If you need renters insurance, consider contacting an independent insurance agent. The network includes 22,000 member agencies in over 27,000 locations, so you may even be able to find an independent agent right in your ZIP code. To compare Massachusetts renters insurance quotes, contact an agent today.
- Median contract rent was $911
- Upper quartile rent was $1,050
- Lower quartile rent was $508
- Rental vacancy was 4.76%
Why Do I Need Massachusetts Renters Insurance?
Many renters don't realize that their belongings aren't protected from theft or damage through the insurance held by a landlord or property management company. To cover the contents of your rented home or apartment, you need a renters insurance policy. Imagine there is a fire in your apartment that engulfs your kitchen and living room.
The landlord insurance policy will replace and repair the walls, replace the windows, and ensure that the space is structurally sound. You are completely responsible for replacing your couch, dishes, and HD television. Without Massachusetts renters insurance, your out-of-pocket expenses can be tremendous after a disaster. But how much insurance do you really need?
Getting the Right Amount of Coverage
To make sure you’re fully protected, it's a good idea to purchase enough Massachusetts renters insurance to cover a total loss. If you aren’t sure how much your belongings are worth, an agent can help you develop an inventory value. Some insurance experts recommend using the 200% method. This involves taking an inventory of all your personal belongings, especially major purchases. Don’t forget about small items like dishes, towels, and sheets.
Once you’ve come up with a total, double it. This dollar amount is the coverage limit that is ideal for the majority of renters. Very valuable items like artwork or high-dollar collectibles may need scheduling. This involves attributing a specific value to the item along with an individual deductible. Appraisals may be necessary to get an accurate value.
Liability and Renters Insurance
Another advantage of Massachusetts renters insurance is the liability protection it provides. This protection is available even when you aren’t in your apartment. It protects you from major costs resulting from bodily injury and property damage that you cause to a third party. If a guest falls in your apartment or cuts a finger with a knife, the liability portion will help pay for medical expenses. To learn more about how renters insurance can protect you, contact an agent.
When you work with an independent agent in our network, you'll get accurate comparisons of Massachusetts renters insurance quotes. Our agents will advocate for you and will make sure you won’t overpay for insurance that you don’t need. Renters insurance is an affordable product, so don’t wait to purchase the protection you need.
Contact an agent for help with all your insurance needs.