For a Massachusetts home with $250K in dwelling coverage, the average cost of home insurance is $1,307 per year. However, the Bay State is not the cheapest place to live. Massachusetts has a median property value of $418,600 as of 2019. The capital city of Boston was ranked in the top 10 most expensive urban areas by the Council for Community and Economic Research.
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. You may also need to purchase endorsements for coverage beyond your policy’s limits.
Best home insurance companies in Massachusetts
The best home insurance companies in Massachusetts may not be the same for all homeowners because needs for coverage vary. Bankrate compared the top insurance companies offering home insurance in Massachusetts to help you with your search and found Amica, Allstate, MetLife, USAA and Travelers to be among the best. We analyzed factors like insurance costs, homeowners coverage offerings, available discounts, financial stability and customer satisfaction scores from third-party sources like J.D. Power.
|Home insurance company||J.D. Power customer satisfaction score||Average annual premium for a $250k dwelling|
Amica is the highest qualifying scorer for consumers based on customer satisfaction scores in the most recent J.D. Power Home Insurance study. Massachusetts homeowners can choose from a wide range of coverages to customize their home insurance policy. The company also sells auto, life, small business, flood, motorcycle and marine 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. This can be applied to future premiums or sent to you as a check.
Learn more: Amica insurance review
Allstate offers affordable premiums and discounts to help Massachusetts homeowners save money on 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.
Learn more: Allstate insurance review
MetLife, acquired by Farmers Insurance in April 2021, has offered home, condo and renters insurance, in addition to its well-known life insurance products, for over 150 years. Now offered through Farmers, policies feature standard coverage for your dwelling, property and liability, and there are a handful of discounts to lower your cost, including safety discounts and a long list of employee and membership discounts. Existing MetLife policyholders have 24/7 customer support through Farmers, and can manage their account and file a claim online. Optional coverages allow you to customize your policy to fit your lifestyle and budget.
Learn more: MetLife insurance review
USAA is widely known among insurers as it offers insurance coverage only to members of the military and their family members. For those who qualify, the company offers highly-rated customer service and competitive rates. USAA sells policies only to members of the armed services and veterans and their families. If you fit that demographic, USAA may be the best homeowners insurance companies in Massachusetts for you to consider.
Learn more: USAA insurance review
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. Travelers offers several easy ways to save on your policy, too, with multi-policy, protective device and early quote discounts for eligible policyholders. While J.D. Power ratings for Travelers are not the highest among the other insurers compared in this review, it does have more affordable coverage than Amica, based on quoted annual premiums.
Learn more: Travelers insurance review
Average cost of homeowners insurance in Massachusetts
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. The state’s average annual premium is similar to costs in Connecticut and Rhode Island, likely because they share the same weather patterns. All three states are susceptible to blizzards, ice storms, hurricanes and flooding along the coastline.
Home insurance considerations in Massachusetts
If you live in Massachusetts, homeowners insurance is an important consideration. Without home insurance, you are financially at-risk for damages or injury to you or others. According to the most recent data from the Insurance Information Institute, the average property claim loss is $15,855. Unless you can afford to pay for damage to your property and belongings, and defend your liability if sued, purchasing home insurance in Massachusetts is the recommended way to protect your finances from the unexpected.
Massachusetts common causes of loss
Every year, Massachusetts has some common causes of loss, like blizzards, ice storms, storm surges and floods that damage homes. Hurricanes can also bring high winds and heavy rain to towns along the coastline. 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. Those events include:
- Flooding: Flooding is common, especially in coastal towns
- Freezing and ice: Massachusetts often experiences freezing rain and ice in the winter months
- Snow: Heavy snow and blizzards are common across the state, especially in the western region
- High winds: Coastal towns may see damage from high winds and hurricanes
Common coverages in Massachusetts
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: In the event that someone gets injured on your property, your medical payments coverage will help pay for 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.
In addition to these coverages, Massachusetts homeowners may want to consider flood insurance, especially if their home is located along the coast.
Frequently asked questions
Is homeowners insurance required in Massachusetts?
You are not required to have homeowners insurance in Massachusetts. However, if you have a mortgage on your home, your lender may require it. If you cannot afford to repair or replace your home if it is damaged, you may still want to consider purchasing adequate homeowners coverage to protect your asset.
How much does homeowners insurance cost in Massachusetts?
On average, a homeowners insurance premium in Massachusetts costs $1,307 per year. However, the amount you pay may differ as it depends on your city, your age, your claims history and the features and age of your home.
What is the best homeowners insurance in Massachusetts?
If you are searching for the best homeowners insurance in Massachusetts, consider the types of coverage you need to protect your home, belongings and finances. Get quotes from several insurance companies offering coverage to compare. This process can help you find the best homeowners insurance for your Massachusetts home at the best price.
How do I get homeowners insurance in Massachusetts?
To get homeowners insurance in Massachusetts, shop around and pick a few companies that offer the coverage you want. Then, get sample quotes and compare the rates. Discuss with a licensed agent what is considered enough coverage to protect your home and personal belongings in the event of a loss.
Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes may be different.
Why trust us
Bankrate demystifies the insurance industry by making it easier to find insurance information. Regardless of where you are in your journey, Bankrate helps you make informed decisions.
We use two key sets of customer priorities to evaluate insurance carriers and help you decide what to consider:
First: we evaluated customer satisfaction and complaints, financial strength and stability and overall costs based on average rates quoted to real drivers.
Second: we evaluated customer experience by assessing each provider’s customer service options through online capabilities and agent accessibility.