The Best and Cheapest Renters Insurance in Massachusetts
There’s no getting around it – you need renters insurance. If something happens to your belongings while you’re living in a rental, your landlord’s insurance won’t cover it.
And believe it – something will happen at some point.
We did the research and found the best and cheapest renters insurance in Massachusetts.
Keep reading for the top recommendations!
Why Do College Students Need Insurance?
As a college student in Massachusetts, there are a few good reasons to consider getting renters insurance.
For one, most college students live in rented apartments or houses. While the landlord is responsible for the building itself, the tenant is responsible for their own personal belongings. If there is a fire or break-in, the landlord’s insurance will not cover the tenant’s lost or damaged possessions.
This is where renters insurance comes in.
A renters insurance policy can help to cover the cost of replacing lost or damaged belongings. It can also provide liability coverage if the tenant accidentally damages someone else’s property.
And don’t think you’re safe from any risk because you’re a college student. Even buildings located on or near college campuses are subject to crime. At one Massachusetts college in 2015, there were more than 400 property-related crimes, 16 burgarliers, and 382 thefts. Renter’s insurance is worth it.
In addition, renters insurance can help to cover the cost of temporary housing if the apartment is uninhabitable due to a covered event.
In the U.S., nearly 43 million households are renters, and that number is only growing. As a renter, you may be considering whether or not to purchase renters insurance.
For these reasons, it is important for all college students to have renters insurance.
How Much Does Renters Insurance Cost?
These figures are based on a 20-year-old male student and include $20,000 of personal property coverage, $100,000 for personal liability, $6,000 for loss of use, and $1,000 for medical payments to others.
Note that they do not include extra coverage for electronics or valuables, which are usually listed as separate add-ons to a policy. It’s important to note that Massachusetts renter’s insurance premiums are slightly lower than the national average.
Premium Cost Per Month
Ready to learn more? Let’s take a closer look at what each company offers for renters insurance to college students in Massachusetts.
Average Price: $11
USAA offers renters insurance policies with a variety of coverage options to meet your needs. Some of the benefits of renting insurance from USAA include coverage for your personal belongings, protection from liability, and discounts on auto and property insurance.
One of the biggest advantages of choosing USAA from your renters insurance needs is that this company works exclusively with military members, veterans, and their families. This means they can offer some of the lowest rates.
However, it also means it can be impossible to get a policy unless you fall into this category.
Average Price: $15
GradGuard is a leading provider of renter’s insurance for college and university students in the United States. The company was founded in 2008 with the goal of providing quality, affordable insurance for college students and their families.
It currently offers coverage in all 50 states, and is the official provider of renter’s insurance for more than 250 colleges and universities nationwide. GradGuard offers a variety of coverage options to meet the needs of college students and their families, including personal property protection, liability coverage, and medical payments coverage.
There is even a renter’s insurance discount program for students who maintain good grades and do not have any prior claims history.
Average Price: $16
Nationwide is a company that offers renters insurance policies to customers across the United States. When you purchase a policy from Nationwide, you will be able to choose from a variety of coverage options, including protection for your personal belongings, liability coverage, and medical payments coverage.
You can also add on additional coverage for things like jewelry, computers, and bicycles. In the event that you need to make a claim, Nationwide will work with you to quickly and efficiently resolve the issue. With Nationwide renters insurance, you can rest assured knowing that your belongings are protected.
Average Price: $16
Acuity is a leading provider of renters insurance, offering a wide range of coverage options to meet the needs of different customers. The company has a strong reputation for customer service and claims handling, and its policies are backed by top-rated insurers.
Acuity offers both standard and custom coverage options, so policyholders can tailor their coverage to their individual needs. Standard coverage includes personal property protection, liability protection, and guest medical protection. policyholders can also add on additional coverage for things like jewelry, electronics, and bicycles.
Acuity also offers a variety of discounts, including a safe renter discount, a multi-policy discount, and a loyalty discount.
Average Price: $16
As one of the largest providers of renters insurance in the United States, American Family Insurance offers a wide range of coverage options to meet the needs of policyholders.
From basic property damage protection to liability coverage, American Family has a policy to fit every renter’s budget and lifestyle.
In addition, American Family offers a variety of discounts and add-on coverages to help policyholders save even more on their premium. Whether you’re looking for coverage for your belongings or protection from liability, American Family has the right policy for you.
Average Price: $22
The Safeco Company is a leading provider of insurance for renters. The company offers a wide range of coverage options, including liability, personal property, and medical payments. Safeco also offers optional coverage for loss of use, identity theft, and credit card fraud.
In addition, the company offers a variety of discounts, such as multi-policy discounts and discounts for safety features. As a result, Safeco is an excellent choice for renters looking for comprehensive coverage at an affordable price.
Average Price: $17
Lemonade is a New York-based renters insurance company that offers simple, affordable coverage to protect your belongings from damage or theft.
Their online platform makes it easy to get a quote and purchase a policy in minutes, and their prices are some of the most competitive in the industry. In addition, they offer a variety of discounts to make their coverage even more affordable.
For example, you can receive a discount if you have a security system installed in your home, or if you live in a community with low crime rates. Lemonade is also one of the few companies that offer coverage for items that are stolen outside of your home, such as laptops and cell phones.
Overall, Lemonade is an excellent choice for renters who are looking for quality, affordable coverage.
Average Price: $24
Allstate is one of the largest renters insurance companies in the United States.
According to a recent study, they are the fourth largest insurer of renters insurance policies. Allstate offers a wide variety of coverage options for renters, including liability, personal property, and loss of use coverage.
They also offer discounts for smoke detectors, security systems, and water backup protection. Allstate’s website provides a number of resources for renters, including an online quote tool and a blog with tips on choosing the right renters insurance policy.
Renter’s Insurance in Massachusetts: What You Need to Know
There are several factors that impact the cost of renters insurance in Massachusetts.
Your location, the amount of coverage you choose, and your deductible all play a role in determining your premium. If you live in an area with a high rate of theft or severe weather conditions, you can expect to pay more for your policy. The same is true if you choose to insure a large amount of property.
However, you can offset the cost of your policy by choosing a high deductible. This will require you to pay more out of pocket if you need to make a claim, but it will lower your monthly payments.
When shopping for renters insurance, be sure to keep these factors in mind to get the best coverage at the most affordable price.
In Massachusetts, renters insurance is a type of insurance that covers your personal belongings in the event that they are damaged or stolen. It does not, however, cover damage to the actual structure of the rental property itself.
That is the responsibility of the landlord.
If you are considering purchasing renters insurance, be sure to ask your agent about what exactly is covered by the policy. In most cases, basic coverage includes protection against fire, smoke, theft, and vandalism.
Other things not covered by renters insurance in Massachusetts include:
- Your roommate’s belongings
- Earthquake damage
- Valuable items
However, you may also be able to purchase additional coverage for things like floods and earthquakes. Regardless of what type of coverage you choose, renters insurance can give you peace of mind knowing that your belongings are protected.
Live Life Protected With Massachusetts Renters Insurance
As a renter, you have many of the same concerns as a homeowner when it comes to protecting your belongings and your family. If there’s a fire, flood or another disaster, your possessions could be damaged or destroyed. And if someone is injured while on your property, you could be held liable.
That’s where Massachusetts renters insurance comes in.
Just like homeowners insurance, renters insurance provides protection for your belongings and can help cover the costs of repairs or replacement if they’re damaged or destroyed in a covered event. It also provides liability coverage if someone is injured while on your property.
So whether you’re renting an apartment, condo or house, be sure to protect yourself with renters insurance. Ask your agent about Massachusetts renters insurance today.
Annie Johnson is a licensed insurance broker, specializing in auto, home and renters insurance products. She reviews insurance content on College Educated for accuracy and has a particular passion for making sure that college students and recent graduates have proper insurance coverage. Her latest passion includes researching all forms of business insurance, to ensure that recent college grads who look to entrepreneurship can have the right protection.