Massachusetts homeowners pay an average cost of $1,307 per year for a homeowners insurance policy with $250,000 in dwelling coverage, according to Bankrate’s 2021 study of quoted annual premiums. This statewide average is slightly higher than the average cost of homeowners insurance nationwide, so Massachusetts homeowners may be looking to save money on the cost of their homeowners policies. However, price is not the only factor that matters when evaluating home insurance coverage.
When looking for the best homeowners insurance in Massachusetts, it may also be helpful to consider how much coverage you need and other factors, like unique policy options, available discounts, customer service ratings or even mobile app accessibility. Depending on your needs and preferences, these factors can have a big impact in determining the homeowners insurance policies that are right for you. If you’re looking for the best homeowners insurance in Massachusetts, Bankrate reviewed dozens of insurance companies, and what we found may help you find the best options for your needs.
Best home insurance companies in Massachusetts
Bankrate’s extensive home insurance research found Amica, Allstate, Chubb, Travelers and USAA to be among the best home insurance providers in Massachusetts. To make this determination, we analyzed the latest premium data from Quadrant Information services, policy offering data, and the best home insurance discounts. We also utilized third-party financial strength and customer satisfaction scores from AM Best and J.D. Power, respectively.
Keep in mind that the best home insurance companies in Massachusetts may not be the same for all homeowners because coverage needs, budgetary restrictions and preferences may vary.
|Home insurance company||Bankrate Score||Average annual premium for $250K in dwelling coverage||J.D. Power score|
*Not officially ranked with J.D. Power due to eligibility restrictions
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 personalize their home insurance policy. The homeowners insurance 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. However, before buying, keep in mind that Amica is the second-most expensive homeowners insurance company on our list, so you may be able to save more elsewhere.
Learn more: Amica Insurance review
Allstate has the lowest average premium on our list, which may be a compelling factor for budget-conscious shoppers. The company 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. However, Allstate’s J.D. Power customer satisfaction rating is only a few points higher than the industry average, which may mean the company has room to improve on meeting policyholders’ needs..
Learn more: Allstate Insurance review
Chubb’s average annual premium is significantly higher than other companies on our list, which may not make it the best option for budget-conscious shoppers. However, the company is known for catering to high-end homes and may be a great option for those looking for high coverage capacities or extended coverage options. For instance, the homeowners insurance company offers unique discounts, such as up to 17% off for recently renovated homes.
Learn more: Chubb 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 devices and early quote discounts for eligible policyholders. While J.D. Power ratings for Travelers are not the highest among the other insurers on our list, the company does have more affordable coverage than the state average, based on quoted annual premiums.
Learn more: Travelers Insurance review
USAA is widely known among insurers as it offers insurance coverage only to members of the military and their eligible family members. For those who qualify, the company offers highly-rated customer service and competitive rates. If you fit that demographic, USAA may be the best homeowners insurance company in Massachusetts for you to consider.
Learn more: USAA Insurance review
How much is 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 $1,312 per year. The state’s average annual premium is slightly higher compared to Connecticut, where the average cost of home insurance for $250,000 in dwelling coverage is $1,184 per year, and Rhode Island, where the average cost is $1,193 per year. All three states are susceptible to blizzards, ice storms and hurricanes along the coastline.
Home insurance in Massachusetts
If you live in Massachusetts, homeowners insurance is an important consideration. Unless you can afford to pay for damage to your property and belongings and defend your liability if sued, most insurance professionals recommend purchasing home insurance in Massachusetts as a way to protect your finances from the unexpected.
Common causes of loss in Massachusetts
Every year, Massachusetts has some common causes of loss, like blizzards, ice storms and storm surges 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 2019, there were five catastrophic events that caused roughly $174.3 million in property damage in Massachusetts. Those events included:
- 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. Massachusetts gets more snow than 42 other states, according to the World Population Review.
- Flooding: Flood damage can be catastrophic, especially in coastal towns. A 2021 report showed that about 45,000 Massachusetts homes are at substantial flood risk.
- High winds: Coastal towns may see damage from high winds and hurricanes.
Home insurance coverage options in Massachusetts
You may want to consider optional home insurance coverage options tailored to Massachusetts’ unique characteristics. For instance, you may want to consider purchasing:
- Flood insurance: With Massachusetts homes projected to become significantly more susceptible to flooding within the next 30 years, purchasing flood insurance may be a good idea.
- Identity theft: Nearly half of Americans experienced financial identity theft in 2020. Identity theft insurance may be right for those who want added financial protection.
- Sewer backup: Sewer backups leave toxic, standing water in your home, which can be extremely dangerous. While evacuating family members and attempting to salvage lost items, the last thing you’ll want to worry about is finances. For this reason, sewer backup insurance can be extremely helpful.
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. The cost of homeowners insurance may seem like an unnecessary expense if you aren’t required to have it, but also consider that the policy includes liability and personal property coverage, along with other optional add-ons that could be personalized to fit your lifestyle and needs.
How do I get homeowners insurance in Massachusetts?
One of the first steps to finding homeowners insurance in Massachusetts is to shop around and pick a few companies that offer the coverage you want. From there, request personalized quotes and compare the rates. Make sure that the quotes include similar coverage options and limits in order to more accurately compare the estimated cost of homeowners insurance. If you have questions or need clarification for how your claims history might impact rates, it can be helpful to ask your licensed insurance agent for help.
What is the cheapest home insurance in Massachusetts?
The cheapest home insurance companies in Massachusetts will depend on your individual circumstances. Home insurance companies calculate your premium based on your home value, ZIP code, claims history and more. However, if you’re on the hunt for cheap homeowners insurance, you may want to request quotes from multiple carriers, which will allow you to compare homeowners insurance rates. It can also be helpful to ask about the discounts you may qualify for to help lower your premium.
How much home insurance coverage do I need?
Your lender may require you to have enough dwelling coverage to pay off your mortgage or home loan if your home were to be destroyed. However, you are not required to purchase home insurance in the state of Massachusetts, so if you own your home, you can decide how much coverage you need. Most insurance experts recommend having enough coverage to rebuild your home in the event that disaster strikes. If you’re still unsure how much coverage you need, it may be helpful to consult your insurance agent.
Bankrate utilizes Quadrant Information Services to analyze 2021 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 will differ.
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