The Best and Cheapest Renters Insurance in Massachusetts for 2021: Rankings, Reviews and Rates
Renters insurance can help protect your property from unexpected damage by providing you with low-cost coverage. MoneyGeek evaluated the top renters insurance companies in Massachusetts and found that the cheapest insurer costs $10 per month while the most expensive costs $14 monthly. So renters can save about $50 each year if they shop around for the best price. The average cost of renters insurance in Massachusetts is $11 per month.
If you want to find the best renters insurance in Massachusetts, MoneyGeek’s scoring system evaluates factors such as customer service, affordability and financial strength. Using our rankings can help you identify the best provider and the most affordable coverage.
Cheap Renters Insurance Companies in Massachusetts
For many renters, the cost of insurance matters when selecting a policy. On average, State Farm and Metlife are the cheapest renters insurance providers in Massachusetts. For an average renter, a policy at State Farm typically costs $115 per year or $10 per month. Renters with a Metlife policy pay $134 per year or $11 per month for the same coverage.
MoneyGeek calculates these average annual and monthly premiums by comparing quotes from different ZIP codes throughout Massachusetts. The average costs are for a standard policy with $20,000 personal property coverage, liability coverage of $100,000 and a deductible of $500.
Personal Property Coverage:
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Best Renters Insurance Companies in Massachusetts
While important, cost is not the only factor to consider when looking for renters insurance in Massachusetts. Consumers should also find out if their insurer can provide great services and support.
MoneyGeek ranked the best renters insurance providers in Massachusetts based on affordability, J.D. Power and Associates’ customer service rankings and AM Best’s financial stability scores.
According to the rankings, State Farm is the best renters insurance company in Massachusetts, scoring 95 out of 100. Amica comes in second place with 89 points.
More About State Farm
In addition to basic coverage, State Farm allows policyholders to add earthquake, water damage and theft protection coverage.
Customers can also receive discounts for bundling multiple policies or installing home safety equipment like smoke detectors and burglar alarms.
More About Amica Mutual
In addition to basic coverage options, Amica offers protection for your computer and smart devices.
Policyholders can sign up for fraud coverage and broader protection for valuables like fine art and jewelry.
Amica Mutual offers loyalty, auto-pay, multi-line and claim-free discounts to customers to help them save money.
More About MetLife
Metlife will pay the cost of repairing or replacing your property. Their coverage includes identity protection services.
Renters receive flexible payment and claim submission options. Customer service is available 24/7.
Metlife also provides additional coverage for musical instruments, electronics, sports equipment and other valuable luxury items.
More About Allstate
Allstate offers generous discounts and can be ideal for senior renters age 55 and older since they can save up to 25% off their premium.
Renters within Massachusetts who are claim-free can get discounts of up to 20%. Customers who have their monthly premium automatically deducted from their bank account can save up to 5%.
Allstate offers 24/7 phone support and makes it easy to get a quote online.
Largest Renters Insurance Companies in Massachusetts
According to market share data, the biggest insurance providers in Massachusetts include MAPFRE Insurance with 13% of the market share, Liberty Mutual with 10%, Safety Group with 7%, Chubb Limited with 6% and Andover Group with 6.09%. The top 5 companies make up about 42% of the renters insurance policies in the state.
By purchasing coverage from a large insurer, you can have added confidence that the company is stable enough financially to pay out your claims.
The Andover Companies
Arbella Insurance Group
Average Cost of Renters Insurance in Massachusetts
renters insurance is equal to the average.
The average cost of renters insurance in Massachusetts is $138 per year, which is $22 less than the national average. Typically, a renter within the state pays approximately $11 each month for premiums that include personal property coverage of $20,000, $100,000 of liability coverage and a deductible average of $500. This is $2 less per month than the national average.
Renters in Massachusetts can save money by comparing renters insurance quotes from various providers. Our sample renter can save $51 per year by selecting State Farm, which is the cheapest policy at $115 per year, instead of Allstate, which is the most expensive with an average rate of $166 per year. That translates to savings of about $4 per month.
What Factors Impact Renters Insurance Cost in Massachusetts
The average monthly cost of renters insurance in Massachusetts depends on several factors such as your deductible, location and coverage level. It is important to keep these factors in mind as you shop around for coverage.
Location: If your rental is located in an area that experiences frequent theft or severe weather conditions, your premium may be higher.
Coverage Amount: The higher your coverage amount, the more you’ll pay for your policy. Before choosing a particular company, be sure to calculate how much it would cost to replace your property.
Deductible: Your deductible is what you’ll pay out of pocket before your insurance company starts making payouts on your claim. Getting a policy that charges higher deductibles means that your monthly renters insurance premium will be lower. A smaller deductible means you’ll pay a higher premium each month since it will cover more of the costs when replacing your damaged items.
ACV vs. RCV: Insurers often reimburse their customers using actual cash value (ACV) or replacement cost value (RCV) calculations. ACV policies pay you based on your insured property’s current value. RCV plans are more expensive since they cover the entire cost of getting a new item if your possessions are damaged.
Credit Score: Insurers in Massachusetts are not allowed to use credit scores when determining renters insurance premiums. Most other states will evaluate this when calculating policy costs.
Renters Insurance in Massachusetts: What You Need to Know
Renters insurance provides an affordable way to protect your assets from unexpected disasters like fires, burglaries and destruction caused by extreme weather conditions. 33.5% of the population in Massachusetts are renters. The average monthly rent in the state is $1,360.
A standard renters insurance policy covering $20,000 worth of personal property, liability coverage of $100,000 and a deductible of $500 costs $11 per month on average, which is only 0.84% of the average monthly rent.
What Renters Insurance Typically Covers in Massachusetts
Standard renters insurance in Massachusetts covers four basic incidents. These include personal property coverage, liability insurance, medical payments and additional living expenses. Before purchasing renters insurance, find out what is covered in your plan and what is not.
Some renters insurance companies in Massachusetts provide additional protection for damages caused by natural incidents such as windstorms and hail.
What Renters Insurance Typically Does Not Cover in Massachusetts
Despite covering several types of emergencies, renters insurance in Massachusetts may fail to protect you in certain situations. These can include the following.
Floods: Your insurance should cover water damage from faulty pipes or water mains. However, flooding from natural disasters such as a hurricane or rainstorm are usually not included. Storms and floods are common in Massachusetts, so property owners might want to purchase flood insurance from the National Flood Insurance Program (NFIP).
Structural Damage: Although renters insurance may cover all your personal property, the coverage does not include damages to your rental's structure and frame. Your landlord should take responsibility for these damages.
Valuable Items: Expensive items such as computers and jewelry are often excluded from renters insurance policies. You might need to pay more if you want to protect these items.
Earthquake Damage: While earthquakes do happen in Massachusetts, they are not included in standard renters insurance policies. You might need to buy separate coverage for this type of incident.
Roommate Belongings: Your renters insurance policy won’t cover any damaged property that belongs to your roommate unless they are specifically mentioned in your policy. Your roommate should purchase their own coverage.
Always go through the fine print of a policy to understand what it covers before purchasing a plan. If you have any questions, be sure to ask your agent since your claim may be denied if you don’t fully understand your policy.
FAQs About Renters Insurance in Massachusetts
According to state law, renters insurance is not mandatory when leasing an apartment or home in Massachusetts. That said, your landlord may ask you to get insurance before you sign your lease.
Even though renters insurance is not a legal requirement in Massachusetts, it can protect your property from damage.
Yes, your landlord may ask you to get renters insurance as a requirement of renting their property.
Based on MoneyGeek’s scores, the average cost for a renters insurance policy with $20,000 in personal property coverage and liability coverage of $100,000 is $11 per month.
According to MoneyGeek’s data, State Farm and Metlife offer the cheapest renters insurance in Massachusetts.
Renters Insurance in Massachusetts Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from four of the top insurance companies in Massachusetts that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Massachusetts. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000; liability coverage of $100,000 and a deductible of $500.
About the Author
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