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The Cheapest Renters Insurance Companies Massachusetts 2021
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.
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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.
- Travelers: Travelers offers solid renters insurance policies with a few options for added coverage.
- Safeco: Safeco is known for offering basic renters insurance policies at a price that won’t break the bank.
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):
| Allstate | |||
| Liberty Mutual | |||
| Safeco | |||
| Travelers |
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.
Best 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.
Best 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.
Best 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.
Massachusetts renters insurance FAQs
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.
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.
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.
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.
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Methodology
The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.
For every review, our editorial team:
- Identifies five measurable aspects to compare across each brand
- Determines the rating criteria for each aspect score
- Averages the five aspect scores to produce a single SimpleScore™
Here’s a breakdown of the five aspect scores and their rating criteria for our renters insurance reviews.
Why do some brands have different SimpleScores on different pages?
To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.
However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare State Farm’s home insurance according to our criteria for the best home insurance, it scores a 3.8 out of 5. But when we compare State Farm according to the criteria for the best auto insurance, it scores higher, since the features the company offers can vary by the type of insurance.
Discounts
We awarded higher scores to insurance providers with more discounts available on their website.
Coverage Options
We gave providers with more renter insurance coverage options a higher score because they’re more likely to have a policy that best meets your needs.
Support
We awarded higher scores to renters insurance providers with the most channels for customer support.
Customer Satisfaction
We leveraged the J.D. Power Home Insurance Satisfaction Study℠ to see how customers rated their experience with each insurance provider. (If a provider wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.)
Accessibility
We awarded higher scores to insurance providers that have more online and mobile features to easily manage your policy and claims.
