Best homeowners insurance in Massachusetts for 2021

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For a Massachusetts home with $250,000 in dwelling coverage, the average cost of home insurance is $1,307 per year, according to Bankrate’s 2021 study of quoted annual premiums. 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

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 available 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 Average annual premium for $250K in dwelling coverage J.D. Power score
Amica $1,356 854/1,000
Allstate $877 829/1,000
Chubb $1,753 801/1,000
Travelers $1,300 800/1,000
USAA $919 882/1,000

*Not officially ranked with J.D. Power due to eligibility restrictions

Amica

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.

Allstate

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

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 17% off for recently renovated homes.

Learn more: Chubb Insurance review

Travelers

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

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. If you fit that demographic, USAA may be the best homeowners insurance company in Massachusetts for you to consider.

Learn more: USAA 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 $1,312 per year. The state’s average annual premium is slightly higher compared to average costs in Connecticut and Rhode Island. 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 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. A 2021 report showed that about 45,000 Massachusetts homes are at substantial flood risk.
  • 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.
  • 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.

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, age, claims history and your home’s age and features.

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 to determine what is considered enough coverage to protect your home and personal belongings in the event of a loss.

Methodology

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.

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.