Massachusetts Renters Insurance
Your Massachusetts renters insurance will cover personal liability and property damage, but check if you need flooding coverage if you live by water.
Written by Payton Ternus
Reviewed by Melanie Reiff
The average renters insurance policy in Massachusetts costs around $138 per year. When you purchase a policy, you’ll gain coverage for personal liability, medical payments, personal property, and loss of use.
Buying a renters insurance policy may not be one of the first things on your mind when you think about moving into a new apartment. Don’t worry—getting renters insurance is simple, and you’ll get both legal and financial protection for accidents or losses occurring in your home.
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in Massachusetts. Keep reading to learn about the components of renters insurance, how to put together your policy to fit your needs, and how you can get the most savings when you bundle renters and auto policies.RECOMMENDED
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What is renters insurance?
A renters insurance policy is insurance that supplies financial support if your property is stolen, damaged, or destroyed. Personality liability coverage is also included.
The following coverages are the usual components of a renters insurance policy:
- Property coverage (Coverage C): covers replacement costs or actual cash value (ACV) for your belongings if a covered peril damages them
- Loss of use coverage (Coverage D): also called additional living expenses (ALE), pays for any living expenses (food, hotel room, etc.) if you can’t live in your home due to damages
- Personal liability (Coverage E): covers the amount you are legally obligated (including legal fees) to pay if someone is injured or has their property damaged while at your home
- Medical payments (Coverage F): pays for medical costs if someone else is injured while at your home
Completing an inventory of your belongings, including items like furniture, art, and appliances, will help you determine the level of property coverage you will need. Your landlord may have specific liability limits for your lease agreement, typically $300,000 or higher.
What does renters insurance cover?
Your renters insurance policy will only cover the named perils in your documents. Covered perils can vary by insurance company and area, but this is a general list of what is covered:
- Lightning
- Windstorm
- Hail
- Frozen plumbing
- Fire
- Explosion
- Vandalism
- Theft
- Impact from a vehicle
- Falling objects
All of these and more may be listed as covered perils in your renters insurance policy—but there is the possibility there are fewer covered perils.
Make sure you carefully read over your renters insurance policy so you know what will be covered. For instance, some insurance companies in Massachusetts will provide additional coverage for damages caused by certain natural events, like hail or windstorms.
What does renters insurance not cover?
Renters insurance policies have great coverage, but unfortunately, they will not protect every single piece of your property. These are a few things that are typically not covered by standard renters insurance:
- Valuables: items like jewelry or collector's items usually require additional coverage since a basic renters policy will not cover them
- Work-related items: property tied to business or work may need separate coverage since they will not always fall under your renters insurance
- Cars: your car will not be covered by your renters policy even if it is at the property and will instead need anauto policy
Key takeaway Renters insurance covers your belongings and provides legal protection if an accident or loss occurs at your residence.
Is renters insurance required in Massachusetts?
The state of Massachusetts does not require renters to have renters insurance by law. However, your landlord may require you to have renters insurance as a condition of your lease. It’s still a good idea to have a renters insurance policy if your landlord does not require it since it covers both legal liability and property.
Good news! Renters insurance is some of the cheapest insurance available on the market. Prices change every year, but Massachusetts renters insurance costs less than the national average rate of $173 per year. If you live in the Bay State, renters insurance will cost $10-$11 per month for a policy that could potentially pay out thousands of dollars for a covered loss.
No matter who you are or what your concerns may be, buying a renters insurance policy is a great idea for protecting your property.
How to build a Massachusetts renters insurance policy
Making your renters insurance policy is simple. First, complete an inventory of all of your personal belongings. Keep track of these pieces of information for appliances, art, electronics, and furniture:
- Brand number
- Purchase price
- Purchase date
- Quantity
- Serial number (if available)
Take photos. Photographs help document your belongings and will aid in the claims process should you need to submit a claim.
Pick your liability limit. You can choose your coverage limits for personal liability. Landlords will usually have a specified amount they want you to have in your rental agreement.
Check coverages for your area. If you’re close to a bay of the Bay State, you may want to purchase flood insurance since floods are not covered by your standard renters insurance policy.
Actual cash value vs. replacement cost
When you build your renters insurance policy, you’ll need to choose between coverage for the actual cash value (ACV) of your belongings or coverage for the replacement cost.
Not sure about the difference? Try this—say you bought a new laptop a few years ago for $700. One day, you’re out for a walk and someone breaks into your home and steals your laptop. If your renters policy covers ACV, you’ll be able to claim what the laptop is worth now, possibly $400. Now if you have replacement cost coverage, you’ll get to claim the full $700 you paid at purchase to get a comparable substitute.
Replacement cost coverage may seem like an obvious winner, but keep in mind it will make your renters insurance policy more expensive. Decide which coverage is best for you based on your area’s risk level and your individual needs.
MORE: The difference between replacement cost and actual cash value (ACV)
How to find affordable renters and auto insurance
It’s not difficult to find affordable
renters insurance
rates, but you can save even more when you bundle your policy with an auto policy. Most insurance providers have discounts ranging from 5% to 25% on each policy when you bundle them. You may be able to find a bundle that will essentially pay you to hold renters insurance if your auto insurance payment is $300 or more every month.Ready to start looking for the best deals? Download the
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Is renters insurance worth the investment?
In most cases, renters insurance is worth your money. It’s one of the most affordable kinds of insurance available and provides you with broad coverage.
What is the average cost of renters insurance in Massachusetts?
The average cost of renters insurance in Massachusetts is $138 per year or around $11 per month. This is below the national average of $173 per year.
You could save 15% or more on renters insurance by bundling
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