Massachusetts has a homeownership rate of nearly 62%, but the Bay State is not the cheapest place to live. The capital city of Boston was ranked in the top 10 most expensive urban areas by the Council for Community and Economic Research, and Massachusetts is consistently rated as one of the most expensive places to own a home. However, home insurance Massachusetts is cheaper than the national average. The average cost of a homeowners policy for a $250K home is $1,258, compared to the national average of $1,477.
If you live in Massachusetts, having homeowners insurance is extremely important. Every year, the state experiences blizzards, ice storms, storm surges and floods that damage homes. Hurricanes can also bring high winds and heavy rain to towns along the coastline.
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. Additionally, it’s a good idea to get flood insurance if your home is in a high-risk flood zone.
The best home insurance companies in Massachusetts
Not all home insurance companies are created equal. To help you find the best provider, we put together a list of the best Massachusetts home insurance companies.
We chose these providers based on their ratings in J.D. Power’s 2020 U.S. Home Insurance study. We also evaluated each company individually based on their average rate, policy offerings, discounts, claims handling reviews and customer service.
|Home insurance company||J.D. Power customer satisfaction score||Average annual premium for a $250k dwelling|
Amica is known for offering great customer service and comprehensive coverage options for Massachusetts homeowners. The company also sells auto, life, small business, flood, motorcycle, marine insurance and more. 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.
Allstate offers affordable premiums and discounts to help Massachusetts homeowners save money on their home insurance. The company also sells auto, motorcycle, business, life, identity theft insurance and more. Allstate features a good range of discounts and an innovative Claim Rateguard that ensures your premium won’t increase after filing a claim.
Chubb prides itself on offering many extras to Massachusetts homeowners. It provides complimentary identity management and property management services, as well as 24-hour contact for all claims. Its endorsements and features include replacement value, water backup, and a top-of-the-line home assessment service that can pinpoint hazards before they happen.
Metlife offers home, condo and renters insurance in addition to its well-known life insurance products. 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. There is 24/7 customer support, and you can manage your account and file a claim online. Optional coverages allow you to customize your policy to fit your lifestyle and budget.
USAA may just be the best insurer you’ve never heard of — unless you’re in the military, in which case you probably already know about the company’s stellar customer service and reputation for low rates. USAA sells policies only to members of the armed services, their families, and veterans. If you fit that demographic it should be the first stop in your search for the best homeowners insurance in Massachusetts. Coverage includes dwelling, property, loss of use, other structures and more.
Average homeowners insurance cost in Massachusetts
In the Bay State, homeowners pay an average of $1,258 annually for their homeowners insurance. In comparison, the U.S. national average is about $1,477 per year.
The state’s average annual premium is similar to Connecticut and Rhode Island because they share the same weather patterns. All three states are susceptible to blizzards, ice storms, hurricanes and flooding along the coastline.
Home insurance coverage options in Massachusetts
In Massachusetts, homeowners insurance policies include five main coverages, 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 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 should strongly consider purchasing flood insurance, especially if your home is located along the coast. With rising sea levels, and the risk of storm surges and hurricanes, having flood insurance can protect your home from costly damage.
Common causes of home insurance losses in Massachusetts
In 2018, there were five catastrophic events that caused roughly $487.8 million in property damage in Massachusetts. Those events included:
- 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
Frequently asked questions
Is homeowners insurance required in Massachusetts?
You don’t have to have homeowners insurance in Massachusetts. However, if you have a mortgage on your home, your lender may require it.
How much does homeowners insurance cost in Massachusetts?
On average, a home insurance premium in Massachusetts costs $1,488 per year. But the actual amount you’ll pay depends on your city, your age, your claims history, the size of your home and more.
What is the best homeowners insurance in Massachusetts?
There isn’t one home insurance company in Massachusetts that is the best for everybody. It’s important to do your research and find a company that offers the coverage you need for 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. Before signing a policy, make sure you have 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.