You’ve finally got your own place! Now, how do you protect it? You’ll need to do much more than lock your door at night. Renters insurance is a must-have for anyone leasing a home or apartment in Massachusetts. It protects your personal belongings and offers liability coverage – a financial lifeline after flooding, fires, robberies, or other unforeseen accidents. Depending on the terms of your lease, your landlord may require renters insurance. With so many options available, how do you even begin?
The best renters insurance companies in MA
When it comes to renters insurance in Massachusetts, several companies stand out for their exceptional coverage and customer service:
- Safeco is a reliable choice for insurance. It offers comprehensive coverage and competitive rates to keep your personal belongings safe. The plan even includes liability coverage, which means you’re protected if someone gets hurt on your rental.
- Plymouth Rock is another reputable option for a renters insurance company in Massachusetts. It provides a range of coverage options to suit your specific budget.
- State Farm is known for its extensive network and personalized service. It offers a variety of plans and potential discounts when bundling with other policies.
- Progressive is well-known for auto insurance, but it also offers renters insurance. Bundling your auto and renters insurance with Progressive can lead to substantial savings, too!
What are my cost and coverage options?
Before purchasing renters insurance, remember that rates can vary depending on your exact location and how much coverage you need. Wondering what’s typically covered in a standard plan? You can expect personal property coverage, liability coverage, and additional living expenses if your rental is uninhabitable. You may also want to add scheduled personal property coverage.
Let’s dive a little deeper into what these options mean:
- Personal property coverage protects your belongings, including furniture, electronics, clothing, and more.
- Liability coverage safeguards you against potential lawsuits if someone gets injured while they’re in your rental.
- Additional living expenses coverage can help pay for temporary living arrangements if your home is uninhabitable due to a covered event.
- Scheduled personal property coverage is additional coverage for high-value items like jewelry or collectibles that may go beyond personal property coverage.
If you’re a college student, do you still need renters insurance?
Short answer: it’s complicated. If you typically live at home with family or other caretakers, any homeowners insurance will cover you while you’re in their household. If you’re a full-time college student living on campus, you’re still (most likely) covered. Even then, that policy may have limited coverage for property theft or an unlivable dorm room.
Give your existing homeowners insurance a once-over. Consider whether you want to add more coverage or grab some renters insurance while you’re at school.
Six tips to save money on your renters insurance
- Bundle your policies: As mentioned earlier, bundling your renters insurance with your auto insurance can make a huge difference. Companies like Progressive offer discounts for bundling policies.
- Opt for a higher deductible: Consider choosing a higher deductible, which is the amount you pay before your insurance covers a claim. A higher deductible can lower premiums (your regular insurance payments). Make sure you can comfortably afford the deductible if you need to file a claim! It’s all about finding the right balance between deductible and premium for your budget and risk tolerance.
- Improve security: Installing security features like alarms and deadbolts can make your rental safer and could lead to lower renters insurance rates. Smoke detectors and fire extinguishers can also show proactivity.
- Adjust your payment method: Depending on the policy, paying your annual premium in one go might snag you a hefty upfront discount. Some insurers also offer autopay discounts: they appreciate the dependability of scheduled payments. Opt for the method that suits your budget and enjoy the benefits.
- Shop around: Getting quotes from multiple insurance companies to find the best deal is always a good idea. Need a place to start? Try a quick quote from Plymouth Rock here.
Renting offers plenty of flexibility, but don’t forget to take care of your space. You’ll want to find the best renters insurance in Massachusetts to meet your needs. If you have any questions or want personalized advice, don’t hesitate to reach out to us.