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Massachusetts has the oldest university in the country and the site of the Pilgrim’s landing. It also has the roots of the American Revolution. But the Bay State is also home to extreme weather conditions that pose insurance risks for homeowners.
How much is home insurance in Massachusetts? Homeowners insurance premiums in Massachusetts are higher than the national average. The average cost of home insurance in the state of Massachusetts was $1,379, a bit higher than the national average of $1,173. Only nine states that have higher average home insurance rates than Massachusetts.
|Massachusetts Annual Average||$1,263||$1,314||$1,379|
|Massachusetts Price Per Month||$105||$109||$115|
|US Annual Average||$1,096||$1,132||$1,173|
|US Cost Per Month||$91||$94||$98|
|Source: Facts + Statistics: Homeowners insurance|
The graph below shows the change in average Massachusetts home insurance rates from 2011 to 2015. Massachusetts homeowners insurance rates increased from $1,072 in 2011 to $1,379 in 2015, a jump of $307 dollars, or 28.64 percent.
Choosing a homeowners insurance company in Massachusetts should be easier. Actually, it’s already easy. The key to finding the best rates is to compare homeowners insurance quotes in Massachusetts from multiple 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.
The above list shows the most popular home insurers in Massachusetts according to our users. But popular doesn’t always mean best.
Our study on the Best Homeowners Insurance Companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:
|Rank||Company||Financial Rating||Market Share|
|3||Arbella Mutual Insurance||A-||7.4%|
|9||Vermont Mutual Insurance||A+||3.6%|
How much does home insurance cost in Massachusetts? Several factors determine the price of your homeowners insurance policy. Some, like the quality of your roof, are within your control. Others, like property crime rates, are beyond your control.
All homes are unique and therefore have different insurance risks. Here are three of the most important factors for your house:
In general, claims stay on your record for five to seven years. If you’ve filed a claim in that time period, chances are it’s still on your record. And homeowners with recent claims usually face higher home insurance rates. And filing several claims within the span of a few years can cause your premiums to soar. Because of this, try to avoid filing unnecessary claims.
According to a study by the American Veterinary Medical Association, MA has one of the lowest rate of pet ownership. Only about half of MA households own a pet. If you do happen to own a pet though you may face higher insurance rates. Especially if your pet is exotic or a specific dog breed. Or, even worse, you may not be able to find a company to insure you in the first place.
Insurance companies look at your credit score to price your policy. People with bad credit pay more for homeowners insurance. It’s controversial, but it happens. Fortunately, MA residents have good credit overall. The state has the eighth best average credit score in the country.
The lower the risk of natural disasters, the lower your home insurance rates will be. MA ranks as the 36th most natural disaster-prone state in the country. The state isn’t especially prone to natural disasters like earthquakes (although those are possible), but snow and flooding are more likely. MA is the third-most state at risk for severe snow storms.
Insurance risks also depend on where in MA you live. For example, if you live in Boston, there’s a higher chance of a hurricane. And home insurance doesn’t cover flood damage, so make sure you buy separate flood insurance. If you’re further inland, prepare your home for severe snow storms.
No matter where in MA you live, you may face one of these natural disasters:
According to Mass.gov, you can take steps to prepare your home for a natural disaster. These measures will protect your house and help you avoid a substantial home insurance claim.
Home burglary is a big risk for your home, and it also influences your insurance prices. Since home insurance covers theft and burglary, areas with high property crime rates pay more for insurance. Fortunately, MA has the third lowest property crime rate in the nation. In 2017, the average property crime rate in your state was 1,437 per 100,000 residents. Property crime in MA has declined in recent years.
But property crime rate varies based on where in the state you live. For example, Boston has an average of 23.2 property crimes annually per 1,000 residents. Whereas Rockport has an average of 2.08 property crimes annually per 1,000 residents. Insurance companies account for this discrepancy.
Just like taking precautions with natural disasters, there are steps you can take to protect your home from burglary. These include: using deadbolt locks, alarms, security cameras, and more. Taking these precautions can both improve your home’s security and qualify you for a home insurance safety discount.
As a homeowner, you have several options for insurance policies. In MA, you can choose from these insurance types:
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