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CheapRenters InsuranceMassachusettsThe Best and Cheapest Renters Insurance Companies in Massachusetts for 2023: Rankings, Reviews and Rates
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CheapRenters InsuranceMassachusettsThe Cheapest Renters Insurance in Massachusetts
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:
$20,000
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Best Renters Insurance Companies in Massachusetts
The best renters insurance company in Massachusetts is State Farm, with a MoneyGeek score of 99 out of 100. Amica Mutual and Allstate came in second and third, with MoneyGeek scores of 89 and 73, respectively.
The best insurers were determined using affordability metrics, customer service scores from J.D. Power and financial stability ratings from AM Best. Although these companies may not be the cheapest, they offer the best balance of affordability and customer satisfaction. This ensures you get timely support from your insurance company at a reasonable price.
1
State Farm
Score:99
State Farm is MoneyGeek’s top pick for renters insurance in Massachusetts, with a score of 99 out of 100. The company earned perfect scores for affordability and financial stability. If you’re renting a home in Massachusetts, you can take advantage of the insurer’s personal injury coverage, which expands your liability protection.
More About State Farm
State Farm’s policies are available in all 50 states. But the company offers only two discounts and three coverage options — most competitors offer more of both. State Farm can still save you some money if you bundle your insurance policies or install protective devices in your home. You can apply for renters insurance on State Farm’s website, and it also has a mobile app to help you monitor your policy.
Read MoneyGeek's State Farm renters Insurance Review2
Amica Mutual
Score:89
With a score of 89 out of 100, Amica Mutual came in second in MoneyGeek’s evaluation. It earned the best score in the state for customer satisfaction, although its affordability leaves something to be desired. The vendor provides a unique computer coverage option, providing vastly expanded coverage for these devices compared to a standard policy.
More About Amica Mutual
Renters can benefit from the eight coverage options that Amica Mutual offers. Most of these are common coverages, but in addition to the aforementioned computer coverage, another uncommon option is flood insurance. When it comes to discounts, Amica Mutual has a unique e-discount that provides lower premiums if you agree to receive policy information and billing statements electronically. You can also use Amica Mutual’s mobile app for quick access to policy information, claims and billing transactions.
Read MoneyGeek's Amica Mutual renters Insurance Review3
Allstate
Score:73
Allstate came in third as per MoneyGeek’s evaluation as it scored highly in customer satisfaction and financial stability while its scores for affordability were lower. The company offers flood coverage that pays for damages to your personal belongings due to flood water.
More About Allstate
Allstates policies are available in all 50 states but come with only four additional coverage options. However, it does offer five discounts, which include a unique offering for retired individuals who are above 55 years of age. Allstate provides an easy online interface where you can apply for renters insurance as well as manage your accounts once you’ve purchased a policy from them. You can also use their mobile app to pay bills and file claims.
Read MoneyGeek's Allstate renters Insurance ReviewMONEYGEEK EXPERT TIP
Although choosing cheap policies will lower your insurance premiums, they don’t always come with great service. You may be better off increasing your budget to get policies from reliable providers with the best renters insurance policies who offer a smooth experience for filing claims.
Largest Renters Insurance Companies in Massachusetts
Choosing larger insurers for your renters insurance policy is a good idea, as they are usually financially stable and more likely to pay your claims quickly and fairly. Such insurers also ensure a good customer experience, which is important in times of distress.
Company | Market Share | |
|---|---|---|
1. | MAPFRE Insurance | 13.1% |
2. | Liberty Mutual | 9.8% |
3. | Safety Group | 7.0% |
4. | Chubb | 6.3% |
5. | The Andover Companies | 6.1% |
6. | Arbella Insurance Group | 5.6% |
7. | Amica Mutual | 4.1% |
8. | Travelers | 4.1% |
9. | USAA | 4.1% |
10. | Vermont Mutual | 3.7% |
Average Cost of Renters Insurance in Massachusetts
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renters insurance is equal to the average.
Massachusetts residents have to pay $138 per year on average for renters insurance, which is $22 cheaper than the national average.
MoneyGeek compared quotes from several leading insurers to find average rates in Massachusetts. However, how much you pay for renters insurance largely depends on the value of your personal belongings.
You can use our calculator to see how much you’ll have to pay based on the value of your personal property.
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Total: $0
MONEYGEEK EXPERT TIP
Before deciding on the best renters insurance policy, get quotes from multiple insurers to get a fair idea of how much it will cost. Comparing renters insurance quotes from multiple companies can help you save around $51 on insurance premiums per year.
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.
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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
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.
Despite covering several types of emergencies, renters insurance in Massachusetts may fail to protect you in certain situations. These can include the following.
MONEYGEEK EXPERT TIP
If you need more information about renters insurance, you can check our review on what renters insurance covers and also visit the Massachusetts Division of Insurance. The Division offers important data and support for insurance customers in the state.
You can reach out to the Massachusetts Division of Insurance on the following platforms:
- Office address: 1000 Washington St., Suite 810, Boston, MA 02118
- Toll-free consumer helpline: 877-563-4467
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FAQs About Renters Insurance in Massachusetts
If you’re new to renters insurance, you may not know what factors affect premium rates in Massachusetts. You can check some of the most frequently asked questions to learn more about renters insurance.
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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 Mark Fitzpatrick
sources
- Massachusetts Division of Insurance. "Renters Insurance." Accessed March 30, 2022.