The Best and Cheapest Renters Insurance Companies in Massachusetts for 2022: Rankings, Reviews and Rates

MoneyGeek’s analysis looked at several renters insurance companies and found that the cheapest renters insurance in Massachusetts offered by State Farm costs an average of $10 per month, while the most expensive company (Allstate) costs $14 per month on average. Shopping around for the cheapest insurance can help you save $51 every year.

State Farm also offers the best balance between cost and quality customer service in Massachusetts, where the average cost of renters insurance is $22 less than the annual national average.

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Last Updated: 11/11/2022
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The 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

5/5

Affordability

4.8/5

User Satisfaction

5/5

Financial Stability

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Geek Quick Take

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 Review
2
Amica Mutual
Score:89

4.2/5

Affordability

4.9/5

User Satisfaction

4.5/5

Financial Stability

Geek Quick Take
Geek Quick Take

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 Review
3
Allstate
Score:73

3/5

Affordability

4.6/5

User Satisfaction

4.5/5

Financial Stability

Geek Quick Take
Geek Quick Take

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 Review
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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%

Average Cost of Renters Insurance in Massachusetts

0
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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.

clothing

Total:


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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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    Location

    If your rental is located in an area that experiences frequent theft or severe weather conditions, your premium may be higher.

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    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.

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    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.

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    Actual Cash Value (ACV) vs. Replacement Cost Value (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.

  • This is an icon

    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.

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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.

  • Event
    Description
  • Flooding

    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 Property

    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.

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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

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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Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.

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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 the Author


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Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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