We offer Renters Insurance coverage in Massachusetts, Maine, New Hampshire, Rhode Island, Maine, New York and Florida.
Please ask one of our agents how we can provide you with insurance across multiple states.
What is renters insurance?
Renters may not have to insure their place against damage like most homeowners do, but they’re still exposed to some risks. Renters insurance may help tenants in Massachusetts protect their belongings, and themselves from lawsuits. It can cover other costs, too.
Renters insurance is akin to a modified homeowners insurance policy. It offers affordable coverage for the risks that tenants face.
Who in Massachusetts does renters coverage make sense for?
Renters coverage is something that most tenants leasing in Massachusetts should have. This is highly under-utilized insurance, as only about 40% of tenants carry coverage but almost everyone ought to.
Moreover, coverage isn’t something that just tenants who lease their primary residence should get. Policies are broadly recommended for almost anyone who rents, which can include:
- Those who lease their primary residence
- Residents leasing a place on Cape Cod for summer
- College students leasing off-campus housing in Boston or Amherst
- Contractors leasing an apartment while working in the state
Quotes Available in MA, RI, CT, NH, ME, NY and FL
What protections can renters policies provide?
Renters policies may offer multiple protections, but there are three main ones that most policies are focused on:
Does renters liability insurance cover a tenant’s dog?
Dog owners might be sued if their dog bites someone and causes significant harm. Lawsuits for serious dog bites can become surprisingly expensive after legal fees and a settlement are added together.
Renters liability insurance often can cover dog bites, but coverage varies. It’s common for policies to restrict coverage for certain breeds, only protecting more aggressive breeds if an endorsement is selected (or not at all).
Tenants who need coverage for a dog should work with an insurance agent who knows renters liability insurance coverages well. A knowledgeable agent will be able to check which policies would cover the dog’s breed.
What’s the difference between actual cash value and replacement cost coverage?
The personal property coverage that a renters policy provides might be “actual cash value” or “replacement cost.” In general, replacement cost coverage is better protection.
Actual cash value normally pays what a belonging is worth at the time of a claim. This takes into account depreciation, which can be far less than what something originally cost to purchase. Just a quick search of Facebook Marketplace or Ebay will show how much items can depreciate.
Replacement cost normally pays what it costs to replace a belonging at the time of a claim. Even if an item is worth much less than its original price tag, replacement cost may cover the price of a new similar item.
Replacement cost often costs a little more, but the difference in premium can be quite small compared to how much more coverage this option provides.
How much are premiums for renters policies?
The premiums for renters policies tend to be quite affordable. Tenants can often get coverage for just a little bit each month, and there’s a policy for almost everyone’s budget.
An independent insurance agent can help tenants compare quotes from different insurance companies, so they can see coverages and premiums.
Where can tenants leasing in Massachusetts find renters insurance?
For help finding renters insurance in Massachusetts, contact the independent insurance agents at Coonan Insurance Agency. Our agents have helped many tenants, and we can help you find a policy that meets your coverage needs and budget.
