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Massachusetts consistently ranks as one of the most expensive states to live in, which is why many residents opt to rent their home instead of buying. But with severe winter weather, ice storms and even hurricanes, having renters insurance in Massachusetts is critical.
Find the Best Renter Insurance in Massachusetts
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Even though renters insurance isn’t required by the state, it’s still a smart investment. Without renters insurance, you risk paying out-of-pocket to repair or replace your personal belongings if they get damaged. Depending on the value of your items, that could put you in debt.
According to the Insurance Information Institute (III), the average cost of renters insurance in Massachusetts is roughly $194 per year. Although it’s technically the ninth most expensive state for renters insurance, the cost is still affordable for most renters.
As you’re shopping for renters insurance, there are a few things to keep in mind. You’ll need to determine how much coverage you need and what you can afford to pay for your deductible. You should also decide if you need extra coverage for valuables, like jewelry, electronics or collections.
Best cheap renters insurance companies in Massachusetts
Because of the high volume of renters in Massachusetts, there are also a large number of insurance providers. But not all renters insurance companies are created equal. To help you select the best provider for your needs, we evaluated the four best Massachusetts renters insurance companies based on ratings from J.D. Power’s 2019 Renters Insurance Study:
- Allstate: Allstate earned average ratings in most categories in J.D. Power’s study, but it earned a perfect 5-star rating for claims handling.
- Liberty Mutual: Liberty Mutual earned average ratings in J.D. Power’s study. The company is headquartered in Boston and has a longstanding history of serving the community.
- Safeco: Safeco is known for offering basic renters insurance policies at a price that won’t break the bank.
- Travelers: Travelers offers solid renters insurance policies with a few options for added coverage.
In addition to the rankings from J.D. Power’s study, we evaluated how each company is rated by AM Best and the Better Business Bureau (BBB):
If you’re in the market for renters insurance, know that there isn’t one insurance company that is best for every renter. Each company has pros and cons and will offer you a slightly different quote based on your zip code, credit score, income and other factors personal to you.
To help you get an idea of which renters insurance company might be right for you, here’s an idea of what certain companies are best at. We also received sample quotes for $20,000 in personal belongings, $100,000 in liability coverage and a $500 deductible.
Cheapest Massachusetts renters insurance for renters over 55: Allstate
Allstate offers a variety of discounts that can help customers save money on their insurance premiums. For renters over the age of 55, Allstate offers a discount up to 25% off your premium if you’re not actively looking for work. In Massachusetts, a 55 year-old married female living in Boston, MA would pay $276 per year.
Cheapest Massachusetts renters insurance for extra coverages: Travelers
If you’re looking for additional coverage on top of your basic renters insurance policy, Travelers is a good option for you. The company offers contents replacement cost coverage, which pays to replace your items at their original value. Customers can also get valuable items plus coverage, which provides protection for jewelry, fine art, musical instruments and home computers for an extended number of losses. In Massachusetts, a 26 year-old single female, living in Boston, MA would pay $285 for a renters insurance policy with these add-on coverages.
Cheapest Massachusetts renters insurance for military members: Liberty Mutual
For members of the military, getting renters insurance through Liberty Mutual will be the cheapest option. The company is one of the only insurance providers to offer a military discount on all insurance policies. The savings vary by state and military status, so contact an agent to find out how much you can save.
Frequently asked questions
Is renters insurance required in Massachusetts?
No, renters insurance isn’t a requirement in Massachusetts unless your landlord makes it a requirement. However, given the low monthly cost, it’s a smart investment for all renters.
How much renters insurance do I need in Massachusetts?
To determine how much renters insurance you need, survey your personal belongings and calculate the total value of their original worth. That’s how much insurance you should get.
What is the best renters insurance company in Massachusetts?
There isn’t a single best insurance company for all renters in Massachusetts. Each insurance company offers different policies, add-on coverages, discounts, and pricing. It’s important to shop around before deciding on a company.
How much does renters insurance cost in Massachusetts?
The average cost of renters insurance in Massachusetts is $194 per year. However, the actual amount that you’ll pay depends on a number of factors, including your zip code, the size of the home, if you have pets, your claims history, your credit score and your age.