Massachusetts presents a perfect balance between the old-world charm with an enticing countryside landscape and the bustling city life with the state-of-the-art infrastructure.
The cost of living index for The Old Bay State stands at 127.2, which is relatively higher than the U.S. average. Likewise, Massachusetts’s median home cost is at a staggering $400,000, urging about 37% of The Bay State households to be renters.
The high home prices and the nearly 40,000 property crimes recorded in recent years, add burden on renters. In such a scenario, renters’ insurance companies like https://www.lopriore.com/renters-insurance-massachusetts/ can get you covered from any mishap. Here is a comprehensive guide that explores critical aspects of this personal protection.
What is Renters Insurance?
Tenants in The Bay State face several potential risks that insurance can help mitigate. For instance, Massachusetts receives 48” of snowfall, which is nearly double the U.S. average. It creates a risk factor for the renters.
Renters insurance will enable you to protect your property from damages due to perils like fire, vandalism, and ice and snow weight.
Who Can Avail Renters Insurance in Massachusetts?
Any Bay Stater who leases a living space in Massachusetts is eligible for a renters policy that covers themselves and that property.
Did you know that Boston has the highest share of new high-rise apartment buildings, in this decade, at 55%? Residents leasing primary residences in such establishments must get renters insurance.
Likewise, vacationers leasing coastal residences for a season and college students looking for leasing off-campus apartments qualify for renters insurance.
What Does Renters Insurance in Massachusetts Cover?
Though there are different coverage combinations, renters insurance has a few broad coverages, like:
- Personal Property
- Additional Living Expenses
Most homes in the Bay State have wood frame construction, and a fire break-out can engulf the entire building. You can protect your personal property with renters insurance.
Boston ranks as the third most expensive rental market in the country. With such a high cost of living, bearing the expenses of lawsuits filed for damages due to your carelessness can burn your pockets. Renters insurance offers liability coverage to mitigate such situations.
Likewise, if there are frozen pipes, your landlord might ask you to return to the property once the repair works are complete. Staying at hotels in Massachusetts that charge over $100 a night is not economical. Renters insurance gets you covered during this interim period to meet your expenses.
What Does Renters Insurance in Massachusetts Not Cover?
Though renters insurance might seem to cover every peril, there are a few risks that are often not covered.
Damages due to rodents, high-value jewelry, antiques, and losses from nuclear war are few such perils. Make sure you know the entire list of potential risks that policy does not cover before getting renters’ insurance.
What is A HO-4 Policy?
Homeowners and renters insurance policies follow standardized forms that identify the property coverages, with each plan designated with “HO” and a number. HO-4 stands for renters’ insurance coverage.
The HO-4 policy offers coverage from 16 perils, including smoke, theft, and a few less-common hazards like explosions and falling objects.
Cost of Renters Insurance
Massachusetts is home to prestigious educational institutions like Harvard University and MIT, attracting engineering students from all over the world. It isn’t easy to find a rental apartment in these neighborhoods at affordable rent rates.
Fortunately, renters insurance from companies like https://www.lopriore.com/renters-insurance-massachusetts/ is quite inexpensive across the Bay State, costing you an average of $14 a month. The rates are reasonable for an average rent of $1,500 to $2,000 a month in the Bay State.
Last year, Massachusetts ranked #1 as the most prosperous state in the U.S., owing to its strong business, governance, and natural environment. Besides, the new Massachusetts law requires a $1 million liability limit for short-term rentals.
With such excellent infrastructure and dynamic policies, the Bay State ensures you and your landlords lead a peaceful life.