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No matter where in the state you live, a Massachusetts renters insurance policy can help you protect your valuables and your bank account. For just a few dollars a month, you can make sure that the contents of your apartment are guarded against things like fire, theft or a number of other catastrophes.

The National Association of Insurance Commissioners estimates that, on average, the monthly premium for a Massachusetts renters insurance policy is under $19 a month. Most people spend that or more eating out each week. This is a small price to pay for approximately $20,000 of insurance coverage.

Yet, despite its low cost and numerous benefits, some renters still don’t purchase renters insurance. Some expect the policy to be too expensive while others simply do not believe they own anything valuable enough to insure.

The Importance of Massachusetts Renters Insurance

No matter how little you think your clothes, jewelry and other possessions are worth, you still need renters insurance. Let’s say you have an apartment in Cambridge that suddenly goes up in flames while you are at work or school. Imagine everything that you would lose inside of your rental. What would it cost to replace all of your furniture, clothes and other items? Even if your belongings were worn or purchased second-hand, replacing them could still be costly.

Too often, students attending schools like Massachusetts Institute of Technology (MIT) or Boston College make the mistake of thinking that they do not need to insure their belongings. It is commonly believed that students are covered by their parent’s insurance policy. While this may be the case as long as they are on campus, it may not be once they relocate to an off-campus apartment.

Another common mistake is when renters assume that their belongings are covered by their landlord’s insurance policy. In most cases, the landlord’s policy covers the physical structure, not the belongings inside of it. In fact, the only time that a landlord would be responsible for covering a renter’s possessions is if the loss is caused by the negligence of the landlord. In the event that this does happen, it can be very difficult to prove in court.

When you purchase a Massachusetts renters insurance policy, you are also getting liability coverage. If you are hosting a party in your rental and someone slips and falls on a wet floor in your home, your liability coverage can help cover any surgery or rehabilitation costs. In the event that the guest sues you for lost wages or medical expenses, liability coverage can help protect your finances.

Where Can I Get Massachusetts Renters Insurance?

Now that you know why you need renters insurance, the next step is to find out where you can get it. Luckily, getting coverage has never been easier. Simply go online and search for renters insurance in your area. As a general rule, most companies that offer homeowners insurance will also offer renters insurance.

Before purchasing a renters insurance policy, you will need to determine how much coverage you need. Start by taking a careful inventory of your belongings. Go from room to room in your rental and write down each item you own. It is also a good idea to take a picture of each item for your records. Next, go online with your list and figure out how much it would cost to replace each item. Store the list and pictures in a safe place in case you need them.

How to Save Money on Massachusetts Renters Insurance

While renters insurance is typically very affordable, there are a few things you can do to get even more for your dollar. Many insurers will offer reduced rates for safety features like window bars and alarm systems. Additionally, bundling multiple insurance policies is another way to save money. Contact your car insurance provider and ask if they can offer a discount if you add a renters policy.

Another money-saving idea is to see if you can locate a comprehensive loss underwriting exchange (CLUE) report for the residence you want to rent. This report is used by insurance companies to monitor how many claims have been filed at that particular address. The number of claims may play a role when the insurer quotes your rate. Finding a property with a low CLUE score can help you get a better rate.

No matter what city you live in, a Massachusetts renters insurance policy is a great tool to protect your belongings. Get a quote today.