Renters Insurance in Massachusetts

WHAT IS IT? WHO NEEDS IT? COVERAGES OFFERED

Tenants don’t own the buildings they live in, but they’re still exposed to a variety of potential risks. Possessions can be damaged or stolen, and tenants themselves can be named in liability lawsuits. Tenant or Renter’s insurance policies also provide tenants coverage not afforded to them by the landlord’s policy.

College students who rent an off-campus house or apartment
Residents of other states who have a part-time residence in Massachusetts
Young professionals saving for their first home purchase

What is Renters Insurance?

Renters insurance provides a range of important protections, yet many tenants don’t safeguard themselves with a policy. According to the Insurance Information Institute, just 37 percent of tenants have a renter’s policy. The other 63 percent are left exposed to losses generally covered by personal policy protections.

Who in Massachusetts Needs a Renters Policy?

All individuals that pay rent in Massachusetts should have a Tenant policy. This includes residents, who lease their permanent living space, as well as:

College students who rent an off-campus house or apartment
Residents of other states who have a part-time residence in Massachusetts
Young professionals saving for their first home purchase
Employees with temporarily leased residence while on a working on assignment

TESTIMONIALS

Customers Love Us

When I called the staff at Paul T. Murphy Insurance, they explained how auto reform would allow me to increase coverage and save money at the same time. I moved my home and umbrella insurance to my current auto carrier and saved over $350. In July 2008 when my auto insurance renews with Safety Insurance, I will save another $300 just for having my auto and home insurance with the same company. The staff at Paul T Murphy Insurance Agency really understands the new Massachusetts reform and how to pass savings and additional coverage to their clients.

Frank

Winchester, MA
After many years of doing business with the Paul T. Murphy Insurance Agency, I am thrilled to learn of this relationship with Northrup to service the Lynnfield area. I have trusted both my personal and business policies with Paul and have never received less than the best of service. I like the face that they service as professionals but treat you like a friend. Recently during a complicated Workers Comp claim, Paul showed up to walk me through what I thought would be a mess of paperwork and confusion – the personalized service I receive spoke volumes. I have never gotten service like that from anyone else. I also like the fact that they are always ready to save me money without ever compromising my coverage.

Tony Bartolo

Lynnfield, MA
One of the best business and personal decisions I ever made was to collaborate with Paul Murphy Insurance Company for our families insurance needs. Starting with our business policies, then eventually all of our personal policies, we have slowly transitioned all to be managed by PMI. Many companies loosely tout that they treat you as one of the family; PMI proves it in their actions. We are glad we are part of their family.

Kelly Ilebode

Boston, MA

What Coverages Are Included in Renters Policies?

The three main coverage types provided by a Renters policy are Personal Property coverage, Personal Liability coverage and Loss of Use coverage. Each of these coverages provides distinct protections:

Personal Property, protects belongings that are owned by a tenant. This may be a wide range of items. Tenants personal contents such as clothing, furniture, electronics and even books are among many possible belongings covered.
Liability Insurance, helps shield tenants from certain liability suits arising from bodily injury or damage to someone else’s property.
Loss of Use, provides coverage for a tenant that may incur additional living expenses if displaced due to a covered loss.

Do Renters Policies Cover Physical Structures?

Renters policies don’t provide coverage for physical buildings or structures. Since landlords own the buildings that tenants live in, Renter’s policy are not required to cover the dwelling itself.

What is an HO-4 Form Policy?

Massachusetts’s residents live in many different housing situations, and insurers offer a range of home insurance policies. These home insurance policies are identified by a standardized abbreviation beginning with the letters “HO.” The Renter’s Policy Form is referred to as an HO-4 Form policy.

How Can Tenants Get Renters Insurance?

Navigating all of the available Renters coverage can be frustrating. Determining how much coverage you need and locating a policy that meets those needs isn’t as simple as one might imagine. Our agents have the knowledge to help you define the appropriate coverage levels, as well as locating an affordable policy. Our Personal Lines Insurance agents may even be able to secure additional discounts on your premium by combining your Tenant policy with your Auto policy!

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This material is for informational purposes only. All statements herein are subject to the provisions, exclusions and conditions of the applicable policy, state and federal laws. For an actual description of coverage, terms and conditions, please refer to the applicable insurance policy or check with your insurance professional. The illustrations, instructions and principles contained in the material are general in scope and, to the best of our knowledge, current at the time of publication.

What is Renters Insurance?

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TESTIMONIALS

Customers Love Us

Frank

Tony Bartolo

Kelly Ilebode

What Coverages Are Included in Renters Policies?

What is an HO-4 Form Policy?

How Can Tenants Get Renters Insurance?

Get Free Renters Insurance Quotes!