For a $250,000 home, the average home insurance premium in Boston, Massachusetts is $1,481. This is equal to the U.S. average of 1,477 and slightly higher than the $1,258 annual average for the whole state. Boston is known for being a city that rents. Only 35% of all housing units owned between 2015 and 2019. For the same period, the median home value was $532,700 and the median monthly mortgage payment, $2,442.
Weather patterns play a major role in determining home insurance rates. Boston is located on the northeast Atlantic Coast and can be subject to severe weather conditions like storm surges, floods, and blizzards. The probability of a victim of property crime in Boston is one in 51.
We considered many factors when selecting home insurance companies. Power’s 2020 customer satisfaction ratings. We also considered the quality and breadth and policy options, coverage against specific Boston risks, prices, discounts, and customer service.
The best home insurance companies Boston
J.D. The J.D. Power 2020 U.S. Home Insurance Study rated insurance companies based on their customer service reputations. Allstate and MetLife both scored higher than the average score (823). Although Chubb didn’t receive the same score, it was still a great company thanks to its policy choices. USAA is not included on the J.D. However, USAA was included in the official J.D.
MetLife was established over 150 years ago. It has affordable home insurance policies, as well as a reputation for settling claims quickly. MetLife’s website offers a wealth of information and is easy to navigate. It also has many interactive tools that help customers select coverage and educate them about home insurance.
MetLife provides homeowners with robust coverage, which could be beneficial in areas like Boston that face harsh weather all year. Metlife offers affordable coverage that can meet all your needs, with many discounts and options.
Allstate is a large, well-known company that has been around for a while. This allows them to offer customers a variety of policies. Allstate has a large network of independent agents across the country. This can be especially helpful when you are trying to sort through policy options and take advantage of a variety of discounts.
Allstate policies can be purchased directly through the company. It offers a user-friendly website as well as sophisticated apps that allow you to identify your insurance needs, get quotes, and file claims. Allstate offers a variety of discounts including creative bundling options that combine insurance needs to save money.
USAA’s dedication to customer service is well-known, as evidenced by a 2020 J.D. A Power Score of 889. USAA does not serve military personnel, veterans, and their families. However, the military-type discipline and this focus have helped to improve USAA’s home insurance offerings.
The USAA homeowners policy can be tailored to meet the specific risks of a large metropolitan area such as Boston, which is known for its severe weather. USAA offers many options, including flood and medical coverage as well as a bundle program which can help you save up to 10% on your premiums if you have both auto and home insurance policies.
Chubb has unique coverage options that make it stand out in the home-insurance industry. For example, the Value Article policy protects your most valuable possessions (jewelry and antiques, wine and fine art), in case they are stolen, damaged, or lost.
Masterpiece is Chubb’s top home insurance policy. It’s designed to cater to the needs of wealthy homeowners with substantial assets. However, Chubb offers many options that can help you get a cheaper policy. However, Chubb’s offers may not be the most affordable compared to other providers.
Boston Home Insurance Considerations
Although Massachusetts law doesn’t require homeowners to insure their home, lenders will often require it. Your investment in your home is protected by homeowner’s insurance. You will be compensated up to the policy limits for any unexpected damage to your home or personal property. A homeowners policy can also cover you if you are liable for the injury or accident of another person.
Boston has the following coverages:
- Dwelling coverage: Nearly two-thirds (33%) of U.S. homes aren’t covered with sufficient funds to rebuild a house if it is damaged. Most homeowners insurance policies increase the policy replacement costs by a certain percentage each year. It is possible that this increase will not be enough. Therefore, it is wise for you to consult your agent to review your coverage limits regularly.
- Personal property coverage The amount that is sufficient to replace all your items is the coverage limit. This amount can be difficult to determine. The first step is to list everything you own. You should take photos of the most valuable or expensive items you own and then work with your agent to establish a reasonable limit, based on current replacement cost estimates.
- Liability coverage – Liability coverage helps you protect yourself if someone injures your property. Liability coverage, which is less well-known and more easily understood, may also protect you from claims for defamation.
Flood insurance is a must-have for Boston homeowners. It is often exclusionary from homeowner insurance policies. Flood insurance is essential depending on where you live in Boston.
Boston Home Insurance Discounts
It is important to remember that the base premium for home insurance is just a starting point when searching for the right policy. Each company that we offer discounts offers many other benefits, some of which may not be obvious at first. Ask about any discounts that might be available to your company. Here are some examples.
- Bundling/multi-policy discount: Most companies have various discounts to encourage additional interest in other company products. Bundling is a popular discount that homeowners can get up to 10% when they purchase both auto and home insurance from the same company. Bundling can simplify the life of the insured, who will only need to deal with one company.
- Discount for homeowners who take steps to protect their assets through a monitored burglar system: A security system can not only disrupt burglaries, but it can also deter criminals from trying to break in.
- Discounts that are not subject to claims: Insurance companies will try to encourage customers to reduce their claims. These steps can include installing fire alarm or security systems. Companies often offer discounts to insureds who do not file claims within a specified time frame.
We have provided a list of insurance companies that offer discounts to Boston homeowners. If you do your research and get multiple quotes, you will often find other ways to save money on your home insurance.
Questions frequently asked
Which is the best company for home insurance?
We’ve compiled a list of the top Boston home insurance companies. You may find other companies that are more suitable for your needs. It is not possible to have one size that fits all. Make sure you compare multiple until you find what you are looking for.
What is the cost of Boston home insurance?
For a $250,000 home, the average home insurance rate in Boston is $1481. Insurance rates can fluctuate greatly depending on the condition and location of your Boston home. Your claims history, marital status, and age will all impact how much you pay for your premiums.
What amount of home insurance do you need in Boston?
A professional can help you determine your insurance requirements based on the value and nature of your assets as well as your personal preferences. Keep in mind the impact of inflation on your policy limits. At least once a year, you should review your personal and home replacement cost limits.