Best Home Insurance Rates In Massachusetts

On average, your neighbors pay $115 a month.

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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.

Average Massachusetts Homeowners Insurance Rates

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 (MA) Average Annual Homeowners Insurance Rates
  2013 2014 2015
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
National Rank 10 10 10
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.

Massachusetts average homeowners insurance rates

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.

Most Popular 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
  4. MetLife
  5. Progressive
  6. AAA
  7. American Family
  8. Erie Insurance
  9. Travelers
  10. Farmers
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Best Homeowners Insurance Companies in Massachusetts

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:

  1. Amica: Best Overall
  2. MetLife: Best for Bundling
  3. Allstate: Best for Local Agents
  4. Hartford: Best for Seniors
  5. State Farm: Best for Pet Owners
  6. Travelers: Best for Flexible Policies
  7. Nationwide: Best Replacement Coverage
  8. Farmers: Best for Eco-Friendly Homes
  9. Liberty Mutual: Best for Quick and Easy Quotes
  10. Auto Owners Insurance: Best Claims Experience
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Top Massachusetts Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Financial Rating Market Share
1 MAPFRE Insurance A 12.9%
2 Liberty Mutual A 11.0%
3 Arbella Mutual Insurance A- 7.4%
4 Safety Insurance A 6.9%
5 Chubb Corp. A++ 6.2%
6 Andover Cos. A+ 5.9%
7 Travelers Companies A+ 5.3%
8 Mutual Insurance A++ 3.6%
9 Vermont Mutual Insurance A+ 3.6%
10 USAA Insurance A++ 3.5%
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Massachusetts Home Insurance Rate Factors

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.

Your Personal Rate Factors

Your House

All homes are unique and therefore have different insurance risks. Here are three of the most important factors for your house:

  • Your home’s age. An old house has a higher chance of needing major repairs. And major repairs often come with a home insurance claim. That’s why people with older homes pay more for insurance. 7 percent of homes in MA were built on or before 1939, which means many state residents own old homes. That fact drives up the cost of home insurance, especially for a poorly maintained house.
  • The quality of your roof. Keeping your roof in good shape can cut down your insurance rates, especially with region-appropriate material. A well-maintained roof may be the difference between major and minor repairs after a storm. In MA, for example, keep your rain gutters clear to prevent severe storms from damaging your roof. And make sure your roof can handle Massachusetts’ considerable snowfall.
  • Your home’s replacement cost. Replacement cost is the price tag to rebuild your home from the ground up. Your home’s replacement cost should match your dwelling/structure coverage. A higher replacement cost means higher homeowners insurance premiums. Replacement cost is based off your home’s style and size, not how much you bought it for. In other words, the land value doesn’t impact replacement cost – only the structure of the home matters. A $200,000 house in Springfield could have a higher replacement cost than $750,000 home in Boston.

Claims History

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.

Pets

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.

Credit Score

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.

Massachusetts Rate Factors

Weather

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:

  • Earthquakes
  • Landslides
  • Severe snow storms
  • Floods
  • Thunderstorms
  • Hurricanes
  • Extreme heat

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.

  • Make a record of your personal belongings by taking photos/videos.
  • Board up windows before a storm if possible.
  • Buy flood insurance.
  • Remove dead or rotting tree branches from around your home.
  • Clear clogged rain gutters.

Property Crime

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.

Types of Home Insurance Policies

As a homeowner, you have several options for insurance policies. In MA, you can choose from these insurance types:

  • HO-1: The most basic policy. It covers all normal damages.
  • HO-2: A broad level policy that covers everything in HO-1. It also includes falling objects and damages to AC units, pipes, and other home systems.
  • HO-3: This is by far the most popular homeowners policy type. It covers all damages unless specifically excluded.
  • HO-5: This is a comprehensive policy like HO-3, as well as a premium policy. It comes with more coverage and less property claim limitations than HO-3.
  • HO-6: If you own a condo, this may be the best policy for you. It covers possessions and provides liability for condo owners.
  • HO-7: Are you a mobile home owner? This may be the best policy for you. It offers similar coverage as HO-3, but for mobile homeowners.
  • HO-8: If you own an older home, you’re probably aware that it can require special attention. This policy is like HO-3 but designed for older homes.

Massachusetts Division of Insurance

Website:
Homepage
Insurance Commissioner:
Gary Anderson
Insurance Hotline:
(877) 563 – 4467
Office Hours:
Monday - Friday
8:45 am to 5:00 pm
File a Consumer Insurance Complaint
Insurance Complaint Page

Sources:

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