- November 17, 2021
- Posted by: Western Mass Auto
- Categories: blog, renters insurance
There are hundreds of insurance companies in Massachusetts, which makes it all the more important to know what factors to consider when choosing your home insurance provider. We looked into the rate data and satisfaction scores of a dozen major insurers to identify which ones do the best job of delivering affordable, effective coverage.
Find the Best Renters Insurance Policy
Renters insurance is a great investment, regardless of whether you live in a luxurious rental property or a cozy apartment. You will benefit from renters insurance in the event of unexpected events such as theft, fire, vandalism, or other unfortunate situations. Renters insurance can be quite affordable, even though the cost of your policy will vary depending on where you live and what other factors are involved. For $15 per month, renters insurance is a good option considering how much you could lose if anything goes wrong.
Massachusetts Renters Insurance Average Costs
Massachusetts’ average homeowners’ insurance premium is $1,307 per annum, which is lower than the national average of $13,312. The average annual premium in Massachusetts is slightly higher than the average cost of homeowners insurance in Connecticut or Rhode Island. All three states are vulnerable to hurricanes and blizzards.
The amount of coverage you purchase will affect the price of renters insurance. Each company will have a different minimum amount of personal property coverage. This is the coverage that covers your clothing, furniture, and electronics. Some insurance companies have a minimum personal asset amount of $2,500 while others require coverage amounts between $20,000 and $25,000. Your property insurer may require a minimum coverage amount of $2,500, while others may require coverage amounts between $20,000 and $25,000.
Factors that Influence the Cost of Renters Insurance
Knowing the factors that affect renters insurance costs can help you make an informed decision about which coverages you want to include in your policy. There are many standard coverages for renters insurance. You can choose to have higher or lower limits depending on your requirements. How much you pay will depend on your liability coverage, the endorsements you add, and what deductible you choose. Renters insurance companies offer a variety of additional coverages.
Renters insurance will be more expensive if your home is located in an area that is susceptible to natural disasters such as tornadoes, wildfires, and hurricanes. If your area is prone to crime or your home does not have a nearby fire station or water hydrant, you may pay more for renters insurance. If you’ve filed claims in the past three to five years, even with a different company, your current insurer will likely see you as a greater risk and raise your premium. . A claim on your record could increase your premium by more than 20%
Things to Consider Before You Buy Insurance
Renters insurance companies offer a variety of additional coverages. An insurance agent licensed can help you select the right coverages for your needs.
What You Need to Know About Your Deductible
The amount you pay out of your pocket to file a claim is called your deductible. This is known as the “assumption risk.” This is a way of taking on the responsibility of paying a portion of a claim. Your deductible will have an impact on your premium.
The deductible on your policy will generally affect your premium. Renters insurance policies often have a $500 deductible. With many insurers, this could be the lowest deductible you can choose.
Massachusetts Insurance Premium
Your premium may be affected if you have ever filed property claims. Insurance companies consider you more likely to file future claims and charge you a higher premium in order to compensate.
Even if you live in a different area, have a different insurance company, or file a claim under another policy type (e.g., homeowners or condo), your new insurance company will see all of your claims on your CLUE Report. Your premium will be affected by claims made within the last five years, but this can vary from company to company.
How to get Discounts for Your Insurance Coverage
You may be eligible for a discount if you have security and safety equipment such as smoke detectors or security systems. Smoke alarms and security equipment can help you avoid theft and alert you to potentially dangerous situations. You might be rewarded by your insurers for taking preventive measures.
You may be eligible for a discount if you pay your annual premium in full. However, it could also help you avoid having to pay additional monthly bills or billing fees. Ask your insurer if you are eligible for this discount.
Renters insurance is generally less expensive than homeowners insurance. However, there are still ways to save. These are the easiest ways you can reduce your renters insurance costs. But remember, not all renters insurance policies are equal. Bundling policies, such as life or auto insurance, could be a good idea. You might be eligible for multi-policy discounts on all your insurance policies.
Does Massachusetts Law Require Me to Purchase Renters Insurance?
Although renters insurance is not required by law, your landlord may require it. The landlord’s insurance policy typically covers losses that affect the structure of the rental building. However, you are responsible for personal property damage and any liability arising from injuries to guests. Renters insurance companies may offer additional coverage for pets.
Why Choose Western Mass Auto Insurance
We are a dedicated group of insurance professionals that work for you! Are you unsure which type of policy or coverage is right for you? Our agents are knowledgeable and professional and are always available to assist you.
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