Rental Property Insurance Massachusetts

Choice Insurance Agency

Rental Property Insurance in Massachusetts

Offering customized insurance solutions in Massachusetts and beyond.

What is rental property insurance?

Rental properties can prove to be profitable long-term investments, but it’s important to mitigate the risks that these properties present. Rental property insurance may help landlords in Massachusetts shield their properties and themselves from a variety of risks.

Rental property insurance offers customizable protections for landlords and their rental properties. A policy might protect against property damage, liability lawsuits, and lost income.

What type of properties do Massachusetts landlords need rental property coverage for?

Rental property coverage is broadly recommended for landlords who have smaller rental properties in Massachusetts. Policies are usually for buildings with fewer than 5 units. For example, rental property policies are regularly used to insure freestanding houses, townhouses, condominiums, duplexes, triplexes, and quadplexes.

Landlords who have buildings with 5 or more units usually need a slightly different type of policy. They might be better off with apartment complex insurance or another investment property insurance.

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Rental Property Insurance Massachusetts

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Gained a customer for life.

Moved all my personal lines of insurance over to Choice. They found me a set of policies that saved me over $1000/year. Then, Julie took care of my commercial line, jumped through so many hoops and got me a policy for my business at an amazing rate.

Great people, great insurance, great advice, great price.

Kristoffer S., Google Review

Choice insurance has been providing insurance coverage to our commercial real estate business for over 7 years and the service has been tremendous. Peter has always responded quickly and with incredibly aggressive pricing; and with a perspective to assure that we are fully covered for all potential issues without unnecessary coverage and fees. There is such a comfort when working with Peter and his company that our best interest is their top priority.

Mike R., Google Review

I have been a happy customer of Choice Insurance for 12+ years. Peter and the team have been fantastic — always professional and knowledgeable about supporting my business insurance needs as well as our personal, home, car, and condo insurance needs. Peter has helped us with insurance questions related to buying and selling homes, a flood insurance claim, a tree that almost fell on our house and destroyed our fence, and a car accident. Recently, Peter noticed that our condo insurance (inherited from the prior owner) was severely inadequate. He helped us switch to a much better policy within less than a day. And, thank goodness he did. A couple weeks later, I smelled gas outside our home. It was a gas leak that National Grid fixed right away. But, I slept more soundly that night knowing that if the worst had happened, we would be fully covered thanks to Peter! I can’t recommend Choice enough!

Christine A., Google Review
This is our third policy with Peter, he’s awesome!! We started with a policy for a commercial space and added a home insurance and auto policy because of the quality of service that we received.
We highly recommend Choice Insurance Agency for competitive pricing and transparency. Want a great policy and customer service experience look no further.
M. Maxwell, Google Review

Peter and his team are thorough and have a strong sense of urgency for all matters pertaining to our account. Each time we reach out for assistance, our expectations are exceeded. I would recommend his team to anyone.

Chris C., Google Review

I switched to Choice 10 years ago and with 2 teenage drivers we interact frequently. Every time they have made the process quick and effortless. My family and I could not be more pleased.

Matthew P., Google Review
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What insurance coverages should landlords get?

Depending on the specifics of a property and situation, there are a few coverages that might be important for landlords to consider:

  • Dwelling Coverage: Might protect the rental property itself against damage, usually covering the building and other structures.
  • Landlord Contents Coverage: This might protect items a landlord stores at the rental property, possibly covering appliances, snowblowers, lawnmowers, and furniture if renting furnished places.
  • Loss of Income Coverage: Might protect against unreceived rents, if a disaster renders the property uninhabitable and tenants move out.
  • Rent Guarantee Coverage: Might protect against unreceived rents, if tenants are unable or unwilling to pay their rent for an extended period.
  • General Liability Coverage: Might protect against common accidents, in which tenants, visitors, or others are injured on the property.
  • Legal Assistance Coverage: Might protect against costs related to legal actions such as securing evictions or judgments (not liability lawsuits).

An insurance agent specializing in rental property policies can review all available coverage options.

When does rent guarantee coverage make sense?

Rent guarantee coverage is generally recommended for landlords who rely on the cash flow that rental payments provide. 

Landlords ought to consider this coverage if they need a tenant’s rent to cover monthly mortgage payments. In fact, many rental property loans require that this coverage be in place. Landlords should also strongly consider this coverage if they need the rental income to cover routine personal expenses.

Landlords might forgo rent guarantee coverage if they don’t need rental income for immediate expenses. If short-term expenses could still be covered when tenants don’t pay, then it may be possible to forgo this coverage.

An insurance agent who understands rental properties well can help think through this decision.

Rental Property Insurance Massachusetts

Can rental property policies cover mixed-use properties?

Rental property policies are normally designed for smaller residential properties and not properties that have residential and commercial spaces. Mixed-use properties are typically insured via a slightly different type of insurance policy.

Can a single rental property policy cover multiple properties?

Yes, multiple rental property insurance policies are able to cover multiple properties. Landlords who have several similar rental properties will likely have no issue finding a multiple rental property insurance policy, especially if working with an experienced insurance agent.

How much does it cost to insure a rental property?

The cost of insuring a rental property depends on many factors and thus varies depending on the situation. Insurance companies often look at the property’s size, construction, location, and many other factors. A landlord’s experience and insurance claims history can also have an effect on premiums.

To see how much a specific property will cost to insure, landlords can work with an independent insurance agent. Independent agents aren’t affiliated with one particular insurance company but can check quotes from several companies. They’ll be able to request quotes for insuring a single policy or for a multiple rental property insurance policy.

Choice Insurance Agency

Where can Massachusetts landlords find rental property insurance?

If you need insurance for a rental property that’s in Massachusetts, contact the independent insurance agents at Choice Insurance. Our agents will work closely with you, to find a rental property insurance solution that protects your investment well.

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