Compare Homeowners Insurance Quotes In Massachusetts

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Best Home Insurance Rates In Massachusetts

In Massachusetts, you can find the oldest university in the country, the site of the Pilgrim’s landing, and the roots of the American Revolution. But the Bay State is also home to extreme weather conditions that pose insurance risks for homeowners.

Average Massachusetts Homeowners Insurance Rates

Massachusetts has insurance premiums that are slightly higher than the national average. According to the most recent available data from the Insurance Information Institute, in 2014, the average cost of home insurance in the state of Massachusetts was $1,314, a bit higher than the national average of $1,132. Only nine states that have higher average home insurance rates than Massachusetts.

Massachusetts Average Annual Homeowners Insurance Rates
  2012 2013 2014
Massachusetts Annual Average $1,150 $1,263 $1,314
Massachusetts Price Per Month $96 $105 $109
US Annual Average $1,034 $1,096 $1,132
US Cost Per Month $86 $91 $94
National Rank 11 10 10
Source: http://www.iii.org/fact-statistic/homeowners-and-renters-insurance

Choosing a homeowners insurance company in Massachusetts should be easier. Actually, it’s already easy; you could just go with whichever company your mortgage lender recommends, but you probably won’t get the best rates that way. The key to finding the best rates is to compare homeowners insurance quotes in Massachusetts from multiple companies.

Best Massachusetts Home Insurance Companies

Last year, these were the 10 most common home insurance companies reported by QuoteWizard users living in the state of Massachusetts. Out of the 6,879 Massachusetts homeowners that used QuoteWizard to request insurance quotes last year, 526 had no home insurance.

  1. Liberty Mutual
  2. Geico
  3. Allstate Insurance
  4. MetLife
  5. Progressive Casualty
  6. AAA Insurance Co.
  7. American Family
  8. Erie Insurance
  9. Travelers Insurance
  10. Farmers
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Why contact every individual company in Massachusetts that you want a homeowners quote from when you can just answer a few questions about your home and desired coverage, and get competing quotes from agents? Save time and money with QuoteWizard.

Top 10 Massachusetts Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 MAPFRE Insurance Co. $251,132 12.9%
2 Liberty Mutual $215,301 11.0%
3 Arbella Mutual Insurance Co. $144,327 7.4%
4 Safety Insurance Co. $134,277 6.9%
5 Chubb Corp. $121,863 6.2%
6 Andover Cos. $115,747 5.9%
7 Travelers Companies Inc. $102,888 5.3%
8 Mutual Insurance Co. $70,941 3.6%
9 Vermont Mutual Insurance Co. $70,145 3.6%
10 USAA Insurance Group $67,637 3.5%

Financial Strength Ratings of Top Massachusetts Home Insurers

Source: A.M. Best (Ratings as of 8/24/2015)

  • MAPFRE Insurance Co.: A
  • Liberty Mutual: A
  • Arbella Mutual Insurance Co.: A-
  • Safety Insurance Co.: A
  • Chubb Corp.: A++
  • Andover Cos.: A+
  • Travelers Companies Inc.: A+
  • Mutual Insurance Co.: A++
  • Vermont Mutual Insurance Co.: A+
  • USAA Insurance Group: A++
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Rating Guide

Massachusetts Property & Casualty* Insurance Company Market Share

Source: National Association of Insurance Commissioners
Rank Company Direct Premiums Written (in thousands) Market Share
1 MAPFRE Insurance Co. $1,521,076 12.0%
2 Liberty Mutual $1,193,889 9.5%
3 Travelers Companies Inc. $800,531 6.4%
4 Safety Insurance Corp $717,907 5.7%
5 Arbella Mutual Insurance Co. $706,100 5.6%
6 American International Group $509,984 4.0%
7 Chubb Corp. $402,585 3.2%
8 Hanover Insurance Co. $347,852 2.8%
9 Plymouth Rock Assurance Corp. $333,852 2.6%
10 Geico $301,915 2.4%
*Represents both home and auto insurance

Home Insurance Rate Factors

Many different factors come into play when insurance companies calculate the cost of homeowners insurance. Some, like the age of your home, are within your control. Others, like crime rates or natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in Massachusetts.

Average Home Listing Prices

Home prices can greatly affect the cost of insurance in any given state. A higher average home price generally means higher premiums in that state. For Massachusetts, the average listing price is $464,387 as of July 2015, roughly twice the national average of $284,748.

Average Burglary Rates

Burglary is a serious and sometimes violent property crime. States with higher average burglary rates generally have higher average home insurance premiums, because the likelihood that someone will need to file a claim is higher. According to data from the FBI Uniform Crime Report, in 2013, Massachusetts’ average burglary rate was 459.2 per 100,000 people, which is a lot lower than the national average of 610.0 per 100,000.

States with more law enforcement per capita tend to be safer than states with fewer policemen and women. In Massachusetts, there are 42.7 law enforcement personnel per 100,000 total citizens.

Home Insurance Hazards

As is typical of the New England region, Massachusetts’s weather is marked by occasionally severe summer and winter weather. This, combined with more extreme weather events, represent the major homeowners insurance hazards in Massachusetts.

Cold and snowy winters: Massachusetts averages about 23 days and 44 inches of snow each year. Winter temperatures can be quite cold, especially as you move from east to west. The western and central regions have temperatures 5 – 10 degrees lower than their eastern, coastal counterparts. Intense, winter storms known as “Nor’easters” cause heavy snowfall to occur early in the season, mostly in October and November. Winter is also when the state receives much of its annual precipitation, even though precipitation is mostly evenly distributed during the year. Western and central Massachusetts receive significantly more snow than eastern regions and Cape Cod. For example, the western city of Lanesboro receives about 27 days of snow and about 62 inches per year, compared with Edgartown on Martha’s Vineyard, which receives about 10 days of snow and only about 24 inches in a year, on average.

Hot and humid summers: The hottest month in Massachusetts is July. Massachusetts averages about 70% humidity and daytime highs above 80 degrees, but heatwaves can push both of these numbers quite a bit higher. According to the Boston Globe, a particularly rough heat wave hit most recently in July 2013.

Thunderstorms and other extreme weather: Because Massachusetts sits on the eastern seaboard, it is vulnerable to tropical storms and hurricanes. And, because the state juts further east than other East Coast states, it is especially susceptible to a direct hit. Massachusetts has been directly hit by three major hurricanes, and experiences on average three tornadoes per year. Tornadoes and hurricanes are the most violent kinds of weather around and can seriously damage property.

Massachusetts also experiences severe thunderstorms, usually in the summertime. While much less severe than tornadoes and hurricanes, they are still an extreme weather event that homeowners should be on guard for, as Massachusetts averages about 30 days per year with thunderstorms. These storms occasionally cause severe flooding. Preparation is the only way to combat such severe weather; the only way to obtain flood insurance is through the National Flood Insurance Program. Learn more about the NFIP here.

Massachusetts Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Charlie Baker
Insurance Hotline:
(877) 563 – 4467
Office Hours:
Monday - Friday
9:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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