The average cost of home insurance for a Massachusetts home with $250K worth of dwelling coverage is $1,307 annually. The Bay State isn’t the most affordable place to live. Massachusetts has a median property value of $418,600 as of 2019. According to the Council for Community and Economic Research, Boston is one of the 10 most expensive cities in America.
Before purchasing a homeowners insurance policy, you should consider how much coverage you need, based on the value of your home and your personal belongings. For coverage that goes beyond the policy’s limits, you may need to add an endorsement.
Massachusetts’s best home insurance companies
The best home insurance companies in Massachusetts may not be the same for all homeowners because needs for coverage vary. Bankrate helped you narrow down your search by comparing the top Massachusetts insurance companies that offer home insurance. We found Amica and Allstate to be the most reliable. We looked at factors such as insurance costs, homeowner coverage, discounts available, financial stability, customer satisfaction scores, and financial stability from third-party sources such as J.D. Power.
Amica
Amica is the highest qualified scorer for consumers, based on customer satisfaction scores from the most recent J.D. Power Home Insurance study. Massachusetts residents can select from many coverage options to personalize their home insurance policy. It also offers marine, auto, life, small-business, flood, motorcycle, and auto insurance. One of Amica’s best perks is the ability to get a dividend returned to you on your policy of up to 20% of your annual premium. You can use this to pay future premiums, or as a check.
Allstate
Allstate provides Massachusetts homeowners with affordable premiums and discounts that can help them save money on their home insurance. The company also sells auto, motorcycle, business, life and identity theft insurance. Allstate features a good range of discounts and an innovative Claim Rateguard that ensures your premium won’t increase after filing a claim.
MetLife
Farmers Insurance acquired MetLife in April 2021. Farmers Insurance has been offering home, condo, and renters insurance for more than 150 years. Farmers now offers standard coverage for your home, property, and liability. There are also a few discounts that can lower your cost such as safety discounts, employee discounts, and membership discounts. MetLife policyholders can access 24/7 customer service through Farmers and file a claim online. You can customize your policy with optional coverages to suit your budget and lifestyle.
USAA
Insurers are familiar with USAA because it provides insurance coverage to military personnel and their families. The company provides competitive rates and highly-rated customer support to those who are eligible. USAA sells policies only to members of the armed services and veterans and their families. USAA is a great choice for homeowners insurance in Massachusetts if you fall within this category.
Travelers
Travelers has several options for additional coverage for your home insurance policy like scheduled personal property, contents replacement and additional replacement cost protection coverage for your property. There are many ways that Travelers can save you money, including multi-policy discounts, protection device discounts, and early quote discounts for policyholders who qualify. J.D. Although J.D.
Massachusetts homeowners insurance average cost
The average cost of homeowners insurance in Massachusetts is $1,307 per year, which is cheaper than the national average of $1,477 per year. Because of their similar weather patterns, Massachusetts’ average annual premium is comparable to Rhode Island and Connecticut. All three states are vulnerable to hurricanes, blizzards, and ice storms.
Massachusetts Home Insurance Considerations
If you live in Massachusetts, homeowners insurance is an important consideration. You are financially vulnerable to injury or damages to yourself or others if you don’t have home insurance. According to the most recent data from the Insurance Information Institute, the average property claim loss is $15,855. If you cannot afford to cover the damage to your belongings and defense your liability if sued then purchasing Massachusetts home insurance is a good way to protect your finances.
Common Loss Causes in Massachusetts
Massachusetts experiences many common losses each year. These include storm surges, floods, storms, and ice storms. High winds and heavy rainfall can also be brought to coastal towns by hurricanes. Additionally, some people opt for flood insurance if their home is in a high-risk flood zone.
In 2018, there were five catastrophic events that caused roughly $487.8 million in property damage in Massachusetts. These events include:
- Flooding: Flooding is a common occurrence, especially along the coast.
- Freezing rain and ice: Massachusetts is often subject to freezing rain and/or ice during winter months
- Snow: Blizzards and heavy snow are common in the state, particularly in the west.
- High winds: Coastal towns may see damage from high winds and hurricanes
Massachusetts Common Coverages
In Massachusetts, homeowners insurance policies include five main common types of coverage, including:
- Dwelling coverage and hazard insurance: Dwelling insurance protects the physical structure of your home, as well as attached structures. Hazard insurance is the portion of your insurance that covers your home’s structure.
- Personal property coverage: Personal property coverage protects the items inside your home, like furniture and clothing.
- Liability coverage: Liability coverage pays for your legal fees if you accidentally damage someone else’s property or someone injures themselves in your home and they take you to court.
- Medical payments: If someone is injured on your property you will be able to pay their medical bills.
- Loss of use: If your home gets damaged and you have to temporarily move out, loss of use coverage will pay for your hotel and food bills.
These coverages are not enough. Massachusetts homeowners might also want flood insurance, especially if they live near the coast.
Questions frequently asked
Massachusetts homeowners insurance: Is it required?
Massachusetts does not require homeowners insurance. However, if you have a mortgage on your home, your lender may require it. You may want adequate homeowners coverage if you are unable to afford to replace or repair your home.
What is the cost of Massachusetts homeowners insurance?
A Massachusetts homeowners insurance premium costs on average $1,307 annually. The amount you pay will vary depending on where you live, how old your home is, and your claim history.
What is the best Massachusetts homeowners insurance?
You can find the best Massachusetts homeowners insurance by comparing the coverage options available. Compare quotes from multiple insurance companies to find the best coverage. This will help you to find the best homeowners coverage for your Massachusetts home at a fair price.
How can I get Massachusetts homeowners insurance?
You can find homeowners insurance in Massachusetts by shopping around. Compare the rates and choose the ones that provide the coverage you need. Then, get sample quotes and compare the rates. Talk to a licensed agent about the coverage that is sufficient to protect your personal property and home in the event of a loss.