Questions to Ask When Buying Renters Insurance in Massachusetts

The State Sanitary Code in Massachusetts protects the safety, health, and well-being of the tenants. The local board of health enforces this code’s regulations for adequate water supply, heating system, pest control, proper kitchen, and maintenance of structural elements in a rented space. But, you need protection for your personal belongings and assets, besides these general amenities.

Your landlord may have property insurance, but it doesn’t cover your property against theft, vandalism, or damage. It will help if you have renters insurance Massachusetts to meet your specific needs.

Though the policy may cost you a few dollars every month, it saves your thousands spent if accidents happen. Before selecting the insurance provider, ask these questions to make the right decision.

 

Do I Need to Get Renters Policy in Massachusetts?

When leasing a residential space in Massachusetts, you can procure a renters policy to save yourself and your space against any elements or accidents.

The policy also covers residents leasing primary residences, vacationers leasing coastal houses for seasonal use, snowbirds leasing summer residences, college students living in off-campus apartments, and long-distance workers leasing apartments for working on local job sites.

Even if you live with a roommate, you can purchase a policy that extends coverage to both of you.

 

What Will the Renters Policy Cover?

According to Massachusetts laws, you can avail of liability or personal property coverage. Under the personal property coverage, the insurer will pay repairs or replacement costs for personal belongings, getting damaged, stolen, or lost.

On the other hand, liability coverage protects against property damage and bodily injuries caused to others while they are on your property. You can buy additional coverage called a floater or rider for expensive items like art collections or fine jewelry.

 

How Much Should My Renters Insurance Cost?

In Massachusetts, the average rent is higher than the national average, especially in cities like Billerica, with a rise of 1.6% per month and Malden with a monthly increase of 0.9%. Boston apartments are the most expensive with an average monthly rent of $3438, and Cambridge comes second with a monthly rent of $3182. Depending on the size and location of the rental spaces, the renter’s insurance premium may range from $15 to $30 each month.

For example, if you live in an area with low crime rates, your premiums will be low. Cities like Worcester, Springfield, Lynn, and Brookline have higher insurance costs than Lowell, Malden, Fall River, Somerville, etc. The state average is $16 for renters insurance in Massachusetts.

If you want to get the best insurance coverage rates, start by making a comprehensive list of your possessions, including their serial numbers, prices, and model numbers. Add the pictures of your items or interiors with this list and then estimate the total value with receipts. Ask a third-party insurance company to provide the best options based on these details.

 

What Events Will My Renters Policy Cover?

The annual crime rate in Massachusetts is 3.38 per 1000 residents, and the property crime rate averages at 12.63/1000 residents. It includes burglary at 2.01 and theft at 9.67 per 1000 residents. If you are a renter in this state, you need renters insurance to protect your possessions. Find a policy covering vandalism, theft, smoke damage, damage from electric appliances, short-circuit, and explosions.

If you live in high-risk and flood-prone areas like Adams, Boston, Norwood, and Cape Cod, you need renters insurance in Massachusetts to cover damages caused by these climatic elements. Windstorm, hail, and floods can be severely responsible for damages to your possessions in or outside the house. Selecting a comprehensive coverage can offer protection against them.

With these answers, you can wade through loads of renters’ insurance policies and find the best one.

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