Are There Really That Many Renters In Massachusetts?
As a matter of fact, yes. Real estate in Boston is out of the reach of most people. Many parts of Western Massachusetts have had some economic challenges in recent years. Across the state, renting in Massachusetts is often much more efficient. According to the National Multifamily Housing Council, there are 88,162 apartments in Boston alone!
In Boston, and across the towns and cities that give Massachusetts its colorful history, renters are common. Another thing that’s common is Massachusetts renters insurance. The vast majority of landlords require the coverage. It’s not a law, but you’d be hard pressed to find a lease that doesn’t mandate at least $100,000 of personal liability insurance.
Quick Facts About Living In Massachusetts
- Your car is registered through the RMV, or Registry of Motor Vehicles. In addition to registration fees, you’ll need to pay annual taxes to keep your plates valid and the auto insurance requirements are strictly enforced statewide.
- Sports fans are happy in Massachusetts because there are plenty of teams to root for, no matter what your preferred sport might be. Whether it’s the Red Sox, Bruins, Patriots, Celtics, or all of the above you’ll always have something to watch.
- The price of homes in Massachusetts, and especially in Boston, can vary more widely than in most other parts of the country. You could buy a single-family home in Boston for about $300,000… If you’re very, very lucky. You could also spend a few million if you wanted.
- Thinking of driving in Boston? Think again. Not because Boston drivers are actually as bad as you’ve heard (they’re really not) but because Boston and its suburbs have some of the best public transportation infrastructure in the country. There’s just no need to expose yourself to the stress of driving or the cost of parking.
- Boston, and much of the rest of the state, has developed into a high-tech hub with significant growth in companies in the fields of computers, life sciences, and finance. Some have said that it’s like living in Austin, except with better public transportation and colder winters.
Can Landlords In Massachusetts Require Renters Insurance?
Yes, landlords in Massachusetts can require renters insurance. Just about anything can be set out in a lease, because it’s nothing more than a specific type of contract between you and the landlord. Lifestyle concerns such as quiet hours are often contemplated by a lease, and Massachusetts renters insurance is certainly something that can be mandated.
Since renters insurance only costs about fifteen dollars a month in Massachusetts, on the average, it’s not a significant burden for most renters. Your landlord will likely want to be listed as an additional interest or additional insured on the policy.
What they should want is “additional interest” in nearly every case. This doesn’t give them any coverage, it just makes sure that they are notified if the policy lapses or cancels. Because you pay your bills, but not everyone does and the landlord wants to know you will continue to be covered.
Why Do I Need Massachusetts Renters Insurance If My Landlord Is Insured?
Your landlord has insurance, that much is true. Their insurance covers their liability as well as the cost to rebuild the structure itself in the event of a loss. In a nutshell, your landlord’s insurance covers anything that they have an “insurable interest” in as far as property, and the risk that they or their building will cause bodily injury or property damage.
What your landlord’s insurance does not cover is… Everything else. Does your landlord’s insurance cover a tenant’s personal property? Nope. What about a tenant’s liability when they cause a fire and the landlord’s insurance wants to recover that loss? Nope.
You need renters insurance in Massachusetts because the landlord’s policy doesn’t cover your stuff, your liability, or anything pertaining to you. The good news is that it’s cheaper than you think to get covered!
I Don’t Own Anything Of Value, Why Do I Need Massachusetts Renters Insurance?
Let’s say that you’re a college student and everything you own was handed down to you by your parents. If there was a fire, would you want to shop at a thrift store to replace it all? Of course not. You’d want to replace it with something new of like kind and quality, and that’s what Massachusetts renters insurance does.
The personal property you own may not have much value if you were to try to sell it. However, that has no bearing on the cost of replacing it all or furnishing a new apartment. Those things cost a great deal of money, and that’s why you want replacement cost coverage on your renters insurance.
Consider the cost to purchase everything new, not what you’d get selling it on Craigslist today!
How Can I Buy Cheap Massachusetts Renters Insurance?
That’s easy. Just call Effective Coverage at (800)892-4308 and you can quickly get the coverage you need at a price you can afford. The average cost of renters insurance in Massachusetts is about fifteen dollars a month, which is incredibly cheap for the coverage and peace of mind that you get from it!
What's Your Insurance Language?
- Do You Need Renters Insurance ASAP? Check out the fastest way to buy renters insurance online and get covered in just 60 seconds!
- Do You Feel Like Talking About It? Just call Effective Coverage and a renters insurance expert can help you get great coverage in minutes.
- Do You Need Some Time Alone With Your Thoughts? We understand, which is why we created the Massachusetts Guide To Renters Insurance.
- Just Want To Watch A Movie Together? See our Video Massachusetts Renters Insurance Guide!