As a Bay State resident, you can rent your home. In Care Of Massachusetts residents 37.6%. Rent an apartment or house, which is higher than the overall national average. If you’re one of the state’s many renters, you may need to protect your personal property with low-cost renters insurance.
Renters insurance is a form of protection that helps pay for the cost of replacing your personal property if you are the victim of a disaster (such as a fire, theft, or electrical storm). of Top renters insurance policies Also, offer liability coverage to help cover legal fees and medical expenses if you’re sued by an injured visitor on your property. Read on to learn more about the benefits of investing in a renters insurance policy, what your policy will cover, and a few of the best providers in the state.
2023 Top 4 Renters Insurance Providers in Massachusetts
After extensive research, we at Guides Home have found the following to be the best renters insurance providers in Massachusetts.
- Lemon: Our choice for college students
- Giko: Our choice for easy policy management
- All state: Our choice for the elderly
- Amika: Our choice for high coverage limits
Lemonade renters insurance
Lemon is our top pick for college students looking for affordable coverage for their property — a big plus if you’re saving to own your own home one day. Policies are available from just $12 per month, which fits most renters’ budgets. Lemonade Technology makes it easy to submit claims and applications in just minutes and submit a claim in 60 seconds. While Lemon offers limited claims history and more options, it can be a good choice for budget insurance.
While Lemonade offers affordable renters insurance and an easy application process, it may not be the right choice for renters looking for highly customizable policies.
Costs and coverage options
Lemonade renters insurance starts at $12 a month in most areas. When we asked for a price for a Boston resident, we found a monthly rate of about $32 a month. Note that coverage is not yet available in all states, so you’ll need to request a quote to learn more about policy options in your zip code.
Discounts: Full payment, protection items, multiple policies and registration before your current policy expires
Supports: water backup, earthquake coverage and appliance breakdown (appliances); For drivers with valuables up to $1,500
To learn more: Lemon renters insurance review
Geico renters insurance
- AM best level A++
- Jedi Powerpoint: N/A
Although Geico does not write its own insurance policies for renters, it acts as a general renter’s insurance broker. If you’re already a GECO customer, you can bundle your current auto insurance or other insurance coverage with your renters coverage. However, you won’t be able to choose which company offers your third-party integrated policy, which means fewer offers to take advantage of.
Geico can help you find affordable policy options, but coverage varies by location.
Costs and coverage options
Because third-party policy availability varies by location, Geico does not provide online estimates for rental insurance. Be sure to get a quote to learn more about what you’ll pay for coverage when you choose Geico.
Discounts: Multi-policy discounts and fire and burglar alarm discounts; Additional discounts may vary by location and third-party match.
Supports: Flexible
To learn more: Geico Insurance Review
Allstate renters insurance
Allstate is a national insurance carrier backed by strong credit ratings. With savings of up to 25% for retirees over age 55, Allstate is a great option for seniors looking for renter coverage. Allstate offers three tiers, with property damage coverage up to $40,000 and personal liability coverage up to $250,000. This comprehensive, flexible coverage will be a great quick option for many renters looking for comprehensive coverage.
Costs and coverage options
Allstate renters insurance policies start at $4 per month. When we asked for a quote for a renter in Boston, we received quotes ranging from $18 for basic coverage and $20 to $26 for extended coverage. Discounts are automatically applied when we request a quote.
Discounts: Multi-policy, 55 and retired and easy payment plan
Supports: Identity-theft protection, replacement value coverage, drivers for individuals, valuables
To learn more: Allstate Insurance Review
Amica renters insurance
Amica offers special maximum coverage limits for renters insurance. You can customize your personal property coverage up to $500,000 and personal liability coverage up to $2,000,000, among the highest in the industry. You can also choose a deductible as low as $250. Plus, depending on your additional coverage choices, you’ll only pay a few dollars more per month for extended coverage.
Amica offers great options for renters looking to increase their coverage limit and customize their plan without dramatically increasing their monthly payments.
Costs and coverage options
According to our sample quote for an apartment in Boston, a standard plan costs $26 per month and extended coverage costs $28 per month. Extended coverage doubles the dollar amount of your coverage limit, but increases your deductible. You can also adjust your rates by customizing deductibles and coverage limits.
Discounts: Policy summary, paperless billing, automatic payment
Supports: Water backup and water storage pump, identity fraud costs, special computer equipment
To learn more: Amica Insurance Review
Do I need renters insurance in Massachusetts?
The state of Massachusetts does not currently have any laws requiring renters to have insurance to rent a house or apartment. It is also against Massachusetts law for a landlord to require tenants to purchase renters insurance through a company-selected special provider.
However, there is no law that requires a landlord to maintain their own independent renters insurance coverage as part of their lease. Regardless of the legality and if your lease requires you to have insurance, it may be a good idea to purchase renters insurance.
Your renter’s insurance doesn’t provide any coverage for your personal belongings, which means you’ll be 100% responsible for replacing things in the event of an emergency, fire, or other disaster. Renters insurance covers medical bills for anyone injured on your property, as well as additional living expenses if you need to relocate temporarily after experiencing a covered loss.
There are exclusions, so you’ll want to know what your renters policy covers.
How do they affect renters insurance rates in Massachusetts?
There are several factors that affect the cost of renters insurance in Massachusetts, and the amount you pay will vary depending on where you live and other factors. Some of the most important factors that affect your rate include:
- Location: Where you rent plays a direct role in the price you pay for coverage. If you live on water or in another area prone to natural hazards, you’ll pay more for coverage because you’re more likely to make a claim. You will pay more if you live in an area with a high rate of property crime as you are more likely to be a victim of theft and need to file a claim.
- The total value of your property: Renters insurance policies often include higher aggregate limits on the annual premiums that qualify for your policy. If you own expensive electronics or other insurable assets, you’ll pay more each month for total loss protection.
- Any pets you own: Dog bites are a common renters and homeowners insurance liability claim. If you own a dog, you may pay higher renter’s insurance premiums depending on the breed of your furry friend. In some cases, if you own a The breed that is statistically more likely to be involved in an insurance claimcoverage may be denied for bite-related claims.
What are the common causes of renters insurance claims in Massachusetts?
Understanding the most common renters insurance claims in Massachusetts can help you better shop around for comprehensive coverage. The following are some of the most common reasons for renters insurance claims in Massachusetts.
Wind and snow
While wind and snow damage to the building you live in is covered by your landlord’s renters insurance, any damage to the building (such as a broken window) is covered by your renters insurance.
theft and robbery
Massachusetts has some. Low property crimes In the US that should translate into savings in most areas. However, if you live in an area known for violence or property crime, you will pay High ratesBecause you will have a greater chance of filing a claim with your renters insurance company.
Deterioration of water and freezing temperatures.
Massachusetts is known for its harsh winters, and water damage and freezing are other common claims for renters living in the Bay State. Note that if you live in a first floor unit and want to add flood coverage, you may need to invest in an added driver.
Bottom line
Renters insurance is affordable protection that easily fits into most renters’ budgets. The amount of coverage you choose and other factors will ultimately determine your insurance premium. However, the best policy for you depends on your individual needs.
For example, if you are looking for an affordable policy with a tech-forward claims process, Lemonade may be the best choice for you. On the other hand, if you are retired and need more coverage options, Allstate may be a great option. Get quotes from at least three top-rated providers to make sure you’re getting the coverage you need at a reasonable price.
Methodology: Our system for ranking the best renters insurance companies
Through in-depth research into the industry, we ranked each company based on the following factors and weights:
- Total Cost: 15%
- Extras and discount options: 20%
- Standard Coverage: 17.5%
- State Offer: 5%
- Support Offer: 20%
- Relationship: 12.5%
- Authority: 10%
We’ve used these ranking factors to determine the best renters insurance companies to help you make your decision when looking at policies. We regularly monitor and update information to ensure the reviews reflect the most up-to-date information and advice.
Sarah Horvat The home service industry is one of the most prolific writers. Her specialties include writing about home warranties, insurance, home improvement and family finances. Her writing can be found in print through distributors such as Home method, Architectural Digest, Good housekeeping and others. When not writing, she enjoys spending time with her fiancé and parrot at her home in Orlando.
Sabrina Lopez He is an editor with over six years of experience writing and editing digital content, with a particular focus on home services, home products and personal finance. When she’s not writing articles to help consumers make informed decisions, Sabrina enjoys creative writing and spending time with her family and their two parrots.