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When bad things happen, such as fire, robbery, or bodily injury, having renters insurance will often help pay to replace your belongings and/or cover medical bills. Our guide below explores all things related to a renters insurance policy in Massachusetts.
Average Renters Insurance Cost in Massachusetts
Renters insurance in Massachusetts averages around $206 per year. Even though that is 10% more than the average across the country, it’s still less than the cost of replacing your possessions if they’re damaged, stolen, or destroyed.
Consider all your belongings: furniture, electronics, kitchenware, clothing, appliances. It would certainly cost more to replace all of those things than it would to insure your apartment for one year. Even for those who make minimum wage, it would only take 23 hours of work to pay your annual rental property premium. Make the investment before you end up on the wrong end of a disaster or burglary without insurance. (For more information, read our “How to File an Insurance Claim after a Home Burglary“).
What Massachusetts Rental Insurance Covers
You arrive home after a hard day only to discover that your valuables have been stolen. Unfortunately, you’re not the only one to receive such a shock. In 2012, there were 34,540 burglaries in Massachusetts.
Renters insurance is one way to minimize the stress and hassle that happens after a break-in. Knowing you are covered for the replacement cost of your stolen items is a huge help. Not only does renters insurance often replace items at full retail price, it also protects you in the event that your belongings are damaged from water (not flooding), fire, wind, or if someone is hurt while visiting you and sues. When you take all the potential problems into consideration, it’s easy to see how smart it is to have renters insurance.
You should consider purchasing more than the minimum liability coverage to ensure you have personal property coverage. A more extensive policy could help with things such as replacement cost, water damage, and possibly even medical payments.
Discounts to Save More
Your renters insurance premium is established by looking at multiple factors, such as: where you live, your history of claims, any current policies you currently hold, and more. You can knock some of the cost off your premiums by qualifying for available discounts.
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- Multi-Policy: Combine insurance policies to save more money.
- No Prior Claims: You won’t pay extra if you haven’t ever filed a claim.
- Safety Devices: Smoke detectors, sprinklers, anti-theft systems, and home monitoring systems can save you money.
- Higher Deductibles: Lower your renters insurance premium by raising your deductible. Just know that the higher the deductible, the more you’ll have to spend out-of-pocket if you file a claim.
Facts About Massachusetts Renters
Based on all of the renters in Massachusetts, 37% are renters. When you compare the average cost of a two-bedroom rental, $1,281 per month, to the average price of renters insurance which is just $206 per year it’s hard to deny that the protection you’ll receive is worth the minimal annual premium.
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Read more: Maryland Renters Insurance
Before making any final decisions on your insurance company, it is important to learn as much as you can about your local insurance providers, and the coverages they offer. Call your local insurance agent to clear up any questions that you might have. Questions to consider asking include, “What is the best coverage plan for me/my family/my situation?” “What are the minimum coverage requirements in my state and what form of coverage do you recommend?” “Do you guys offer any bundle discounts if I take out both my auto insurance and home insurance with you?” and “What is the average rate of insurance quotes you guys offer?
Before making any big insurance decisions, use our free tool to compare insurance quotes near you. It’s simple, just plug in your zip code and we’ll do the rest!