Massachusetts Landlord Insurance
Find the right landlord insurance policy for you.
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Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.
Nearly one million homes in Massachusetts are renter-occupied, and many landlords find this to be a great state for owning a rental property. Whether you are renting out small affordable apartments for college students or large luxury apartments for the well-heeled, you will need to protect your investment with a comprehensive Massachusetts landlord insurance policy.
An independent insurance agent in our network can assist you in your search for insurance. Member agents can explain your options and answer your questions so that you are able to make an informed decision when you purchase a policy. Contact an agent in your ZIP code now to receive a variety of Massachusetts landlord insurance quotes that meet your unique coverage and budgetary needs.
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Top 10 Cities in MA with the Highest Percentage of Renters
- Sommerville: 69.4%
- Cambridge: 67.8%
- Lawrence: 67.8%
- Boston: 67.7%
- Fall River: 65%
- Lowell: 56.9%
- Malden: 56.7%
- Worcester: 56.6%
- New Bedford: 56.1%
- Brookline: 54.5%
Massachusetts has a diverse population with various housing needs. While 38.29 percent of all homes in Massachusetts are occupied by renters, in many cities and towns, the population of renters is notably high. In fact, on the list of the 100 American cities with the highest percentage of renters, 11 of the cities listed are located in Massachusetts.
This state is also home to several colleges and universities. College towns are great places for landlords to establish rental units. Students, visiting professors and other employees often prefer to rent their homes, and landlords can benefit from this demand for affordable, temporary housing. It's a good idea to ensure that your investment continues to be profitable, and the most important step toward this end is securing a first-rate Massachusetts landlord insurance policy.
What Massachusetts Landlords Are Charging for Rent
- Less than $200: a total of 65,917 rental units, making up 7.1%
- $200 to $299: a total of 55,583 rental units, making up 6.0%
- $300 to $499: a total of 131,590 rental units, making up 14.1%
- $500 to $749: a total of 267,427 rental units, making up 28.7%
- $750 to $999: a total of 203,232 rental units, making up 21.8%
- $1,000 to $1,499: a total of 129,997 rental units, making up 13.9%
- $1,500 or more: a total of 44,182 rental units, making up 4.8%
- No cash rent: a total of 33,145 rental units, making up 3.6%
- The median cost to rent a home in Massachusetts: $684
Many people who are new to the landlord business are surprised to learn that traditional homeowners insurance will usually not cover property damage if their home is occupied by tenants. A different sort of insurance policy, called landlord insurance, is necessary to cover any loss, damage or liability expenses that you may face due to incidents that occur on your rental property.
Your tenants will need to protect their personal belongings with a renters insurance policy. You, on the other hand, will be responsible for covering any damages to the home, loss or damage to any of your own personal property inside the home, and any liability expenses that may arise. Landlord insurance tends to be a bit more expensive than traditional homeowners insurance. This is due to the fact that property owners face more inherent risks when tenants are involved.
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Landlord Insurance Covers Property Loss and Damage
You should expect that your tenants will cause a bit of wear-and-tear to your rental properties, but sometimes the damages caused by tenants can be quite expensive. Weather events, such as violent thunderstorms and heavy snowfalls can also lead to property damage to your rental home and to rugs, appliances and light fixtures you keep within it.
Burglaries are another factor that can result in property loss or damage to your home. While you are not responsible for covering losses to your tenants’ belongings, burglars often damage property as well. If a door or window is broken or if any of your own personal property is taken, your Massachusetts landlord insurance policy can provide compensation for your losses.
Massachusetts Property Crime Statistics
- More than 36,500 burglaries occur in this state each year
- Approximately 5.55 of every 1,000 Massachusetts residents will be a victim of burglary
- This is lower than the national rate of 7.02 of 1,000 citizens becoming a victim of burglary
While burglary rates in this state are relatively low, the location of your rental unit may affect your risk for a break-in. You can do your part to prevent the likelihood of a burglary by ensuring that the entrances are well lit, that deadbolts are installed on each door, and locks are installed on the windows.
Landlord Insurance Covers Liability Expenses
Your Massachusetts landlord insurance policy will also protect you if your tenants or any of their guests are injured on your property due to negligence in upkeep on your part. It will also protect you if your tenants sustain property damage from a leaky roof, for example. Other problems that can open you up to liability charges include carbon monoxide poisoning, non-working smoke-alarms or fire-extinguishers, or faulty wiring that may lead to a fire. If you are assessed any liability fees, your landlord insurance carrier will likely attempt to settle the matter out of court. If a covered event ends up going to trial, most policies will provide coverage for your court costs and legal fees as well.
Find Your Ideal Massachusetts Landlord Insurance Policy
The only way to be certain that you are getting a great policy at a competitive rate is by reviewing a variety of Massachusetts landlord insurance quotes. Comparison shopping can often be time-consuming and frustrating, however. Independent insurance agents in our network can simplify the process by doing the comparison shopping for you. Your local member agent can go beyond simply helping you find a great landlord insurance policy. Your agent can assist you with all your insurance-related needs and can review all of your current policies to ensure that you have sufficient coverage.
Contact an independent network agent in your neighborhood today to get more information and a variety of obligation-free Massachusetts landlord insurance quotes.