Massachusetts Landlord Insurance
Get a complete analysis of Massachusetts landlord insurance costs, coverages & companies.
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Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Find the Best Landlord Insurance Rates & Companies in Massachusetts
A large percentage of homes in Massachusetts are renter-occupied, and many landlords find this to be a great state for owning a rental property. Whether you rent out small, affordable apartments for college students or large luxury apartments for professionals, you need to protect your investment with a comprehensive Massachusetts landlord insurance policy. Having coverage can help you recover from huge financial losses in the event of a fire, lawsuit, or other common disasters landlords face.
Fortunately, a Massachusetts independent insurance agent can help you find the right landlord insurance. Your agent will get you set up with all the coverage you need for your rental properties. But first, here's a breakdown of Massachusetts landlord insurance requirements and more.
Best Landlord Insurance Companies in Massachusetts
Many carriers in Massachusetts sell landlord insurance. But if you're ready to find top-quality coverage, you're in the right place. Here are a few of the best landlord insurance companies in Massachusetts.
- Progressive: This carrier sells landlord insurance and many other types of personal insurance and business insurance. Progressive has outstanding financial strength and offers many discounts and 24/7/365 customer service.
- REinsure Pro: This carrier sells landlord insurance and many other types of property insurance. REInsure Pro has a superb rating from the Better Business Bureau (BBB) and is known for its fast claim responses.
- Stillwater: This carrier sells landlord insurance and many other types of personal and business insurance. Stillwater has excellent ratings from AM Best and the BBB and offers nationwide coverage and 24/7 claims reporting services.
A Massachusetts independent insurance agent can provide you with several landlord insurance quotes from each of these insurers and any others you're interested in comparing coverage from.
What Is Landlord Insurance?
Landlord insurance is somewhat similar to homeowners insurance and other types of property insurance. This coverage can provide you with reimbursement if your rental properties get damaged or destroyed by perils like vandalism, fire, hail, etc. Landlord insurance also includes liability coverage in case you are sued by a tenant or another third party.
How Is Landlord Insurance Different from Home Insurance?
Since landlords turn a profit from their renters, their coverage must also include certain elements of business insurance. One of the key protections in landlord insurance is loss of income coverage. This coverage can reimburse a landlord for lost rental income if a covered disaster like a fire causes their rental property to be temporarily uninhabitable.
Is Landlord Insurance Required in Massachusetts?
Landlord insurance isn't mandatory by state law in Massachusetts. However, having coverage may still be a wise decision. Without landlord insurance, you could end up having to pay out of your own savings for lawsuit expenses, repairs to your property, or other costly disasters landlords regularly face.
What Landlord Insurance in Massachusetts Can Cover
You can design your Massachusetts landlord insurance policy in a way that makes the most sense for you. Most carriers in the state offer the following coverage options to choose from:
- Loss of income coverage: Covers lost rental income and provides a continuation of coverage for other expenses if a rental property becomes temporarily uninhabitable due to a covered loss, such as hail damage, vandalism, or a fire.
- Other structures coverage: Covers losses related to the damage or destruction of detached structures against the same perils as dwelling coverage.
- Liability insurance: Covers tenant or other third-party lawsuit expenses related to claims of bodily injury or personal property damage.
- Premises medical protection coverage: Covers medical expenses if a tenant gets injured in a covered event while living at your rental property.
- Dwelling coverage: Covers repairs to your rental property's dwelling and attached structures in case fire, smoke, vandalism, windstorms, hail, or tenants cause damage or destruction.
- Optional coverage: A few additional options for landlords to consider include rent guarantee insurance, natural disaster insurance, vandalism coverage, burglary coverage, rental property under construction coverage, building code coverage, employer liability insurance, and landlord contents insurance.
A Massachusetts independent insurance agent can help you build and complete your landlord insurance policy with each type of coverage you need most.
What Landlord Insurance in Massachusetts Will Not Cover
In Massachusetts, just like anywhere else, landlord insurance comes with various coverage exclusions. Being aware of your policy's specific exclusions can help you avoid filing unnecessary claims and better understand your coverage. Here are some of the most common landlord insurance exclusions:
- Intentional or malicious acts to third parties
- Flood or earthquake damage or destruction
- Routine maintenance costs due to normal wear and tear
- Damage to or loss of tenants' personal property
- Water or sewer backup damage or destruction
- Loss, theft, damage, or destruction of your personal property
Be sure to ask about any endorsements you may be able to add to your policy to increase your coverage. For example, you can often purchase additional coverage for incidents of sewer backups or flood damage to your rental properties.
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Average Cost of Landlord Insurance in Massachusetts
In Massachusetts, landlord insurance costs an average of $1,929 per year. Keep in mind, though, that the cost of an individual policy can vary based on the following:
- The exact location of your rental units
- Your claims history
- The age, size, and condition of your rental units
- The number of rental units you own
- Any potential risk features present at your rental units, such as pools
Also, make sure to ask about any Massachusetts landlord insurance discounts you may qualify for, which can help reduce the cost of your premiums. Discounts are often available for bundling more than one policy through the same carrier.
Popular Questions about Massachusetts Landlord Insurance
Landlord insurance isn't required by law in Massachusetts. However, having coverage can help you avoid potentially huge financial losses and bankruptcy.
In Massachusetts, landlord insurance covers tenant damage to your rental property's structure. Tenant damage to your own personal property or your renters' personal property isn't covered.
Landlord insurance in Massachusetts costs about $1,929 annually. Many factors can influence the cost of a policy, however, such as the location of your rental units, the value of your rental properties, and more.
According to our research, Progressive is the best landlord insurance company in Massachusetts this year. Progressive offers excellent rates, coverage options, discounts, and more.
As a landlord, you might want to require your renters to provide proof of renters insurance before signing their lease. That's because you're not required to cover your tenants' personal property, and landlord insurance doesn't provide this coverage either.
Eviction costs typically aren't covered by landlord insurance in Massachusetts or anywhere else. You might be able to add an endorsement to your policy or purchase separate coverage for eviction expenses, though.
Massachusetts independent insurance agents can help you find the landlord insurance you need from a top-rated local carrier. Independent insurance agents work hard to find quality coverage at the most affordable rate. They'll shop and compare landlord insurance quotes from several carriers for you.
And down the road, they can help you file landlord insurance claims or update your coverage as needed. Your agent can help you find landlord insurance in Boston or wherever you reside.
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