Finding the Best Homeowners Insurance in Massachusetts
At 61.9%, the homeownership rate in Massachusetts is way higher than the national average; this implies that more people are homeowners than renters in the Bay state. Houses across the state regularly sell for six figures and above, and for most people, their home is their greatest investment. Being sited along the coast makes the state prone to brutal weather such as hurricane and flood. The Bay State also experiences winters with heavy snowfall with frequent nor’easter during winter. Nor’easters are terrible strong storms like hurricanes; they can produce heavy snow, wind and coastal flooding. All these factors make your high-value property at the risk of being damaged or destructed, making it essential for you to get the best homeowners insurance in Massachusetts. A good homeowners insurance policy is expected to insure your property from wind damage and damage from falling objects. These factors contribute to the high Massachusetts homeowners insurance quotes. There are few cheap homeowners insurance in Massachusetts; its average annual rate is just a little lower than the average national rates. Regardless of the expenses, homeowners insurance insures your home and personal property against any unexpected damages or destruction that may occur.
| Massachusetts Homeowners Insurance Cost Broken Down | Costs |
|---|---|
| Yearly Cost of Homeowners Insurance in Massachusetts | $941.00 |
| Costs Per Month for Homeowners Insurance in Massachusetts | $78.42 |
How Much is Homeowners Insurance in Massachusetts
Homeowners insurance rates in Massachusetts are quite expensive. According to insurance.com, the average annual cost of homeowners insurance rates in Massachusetts is $1,190, which is just $38 lesser than the national average. The average monthly cost of homeowners insurance in Massachusetts is priced at around $100. The terrible weather condition during winter and its high-valued real estate prices are some of the factors that contribute to the price of homeowners insurance in Massachusetts. The average cost of homeowners insurance in Massachusetts also varies from one city to another. For example, cities like Barnstable, New Bedford, and Dartmouth pay way higher than the state’s average annual premium rate, while cities like Pittsfield and Westfield pay significantly lesser than the state’s average annual premium rate. The most expensive city for homeowner insurance in Massachusetts is Barnstable; people living in this city pay about 76% higher than the state’s premium rate. The annual premium for Barnstable is priced at around $2049. On the other hand, the city with the least expensive homeowners insurance rate in Massachusetts is Pittsfield. People living here pay about 34% lesser than the state’s average premium rate. Homeowners insurance rate in this city is about $761. Even though the economy is on the rise in Massachusetts, housing rates are expensive, especially in suburban communities. About 19% of homeowners in Greater Boston spend more than half of their total income on mortgage and utilities, while in areas like Lawrence, the percentage gets as high as 29%. With the high housing rates, most people cannot afford to spend so much on homeowners insurance, which is why you must shop for the best homeowners insurance for you.
| City in Massachusetts | Monthly Costs | Yearly Costs |
|---|---|---|
| Boston, MA | $106.92 | $1,283.00 |
| Worcester, MA | $85.08 | $1,021.00 |
| Springfield, MA | $90.25 | $1,083.00 |
| Cambridge, MA | $79.92 | $959.00 |
| Lowell, MA | $82.33 | $988.00 |
| Brockton, MA | $105.50 | $1,266.00 |
| New Bedford, MA | $131.17 | $1,574.00 |
| Lynn, MA | $105.67 | $1,268.00 |
| Quincy, MA | $90.83 | $1,090.00 |
| Fall River, MA | $112.00 | $1,344.00 |
| Newton, MA | $75.67 | $908.00 |
| Somerville, MA | $80.25 | $963.00 |
| Lawrence, MA | $92.92 | $1,115.00 |
| Framingham, MA | $77.00 | $924.00 |
| Haverhill, MA | $81.75 | $981.00 |
| Waltham, MA | $75.67 | $908.00 |
| Malden, MA | $76.83 | $922.00 |
| Plymouth, MA | $110.67 | $1,328.00 |
| Brookline, MA | $95.25 | $1,143.00 |
| Medford, MA | $77.08 | $925.00 |
| Weymouth, MA | $85.58 | $1,027.00 |
| Taunton, MA | $99.42 | $1,193.00 |
| Chicopee, MA | $75.42 | $905.00 |
| Revere, MA | $121.50 | $1,458.00 |
| Peabody, MA | $84.42 | $1,013.00 |
| Methuen Town, MA | $81.67 | $980.00 |
| Everett, MA | $80.00 | $960.00 |
| Arlington, MA | $74.58 | $895.00 |
| Attleboro, MA | $97.33 | $1,168.00 |
| Barnstable, MA | $170.75 | $2,049.00 |
| Billerica, MA | $75.17 | $902.00 |
| Salem, MA | $89.58 | $1,075.00 |
| Pittsfield, MA | $63.42 | $761.00 |
| Beverly, MA | $89.08 | $1,069.00 |
| Leominster, MA | $74.17 | $890.00 |
| Westfield, MA | $67.58 | $811.00 |
| Fitchburg, MA | $72.42 | $869.00 |
| Woburn, MA | $75.33 | $904.00 |
| Holyoke, MA | $74.58 | $895.00 |
| Chelsea, MA | $122.00 | $1,464.00 |
| Marlborough, MA | $76.25 | $915.00 |
| Amherst, MA | $65.33 | $784.00 |
| Shrewsbury, MA | $75.67 | $908.00 |
| Braintree Town, MA | $82.67 | $992.00 |
| Andover, MA | $81.17 | $974.00 |
| Natick, MA | $76.75 | $921.00 |
| Watertown Town, MA | $75.75 | $909.00 |
| Chelmsford, MA | $73.42 | $881.00 |
| Randolph, MA | $83.83 | $1,006.00 |
| Dartmouth, MA | $128.58 | $1,543.00 |
Massachusetts Homeowners Insurance Laws
There are no laws that make it compulsory for you to get homeowners insurance on your property, like car insurance. However, if you need a mortgage to pay for your home, then you should note that the bank or lender will require you to buy and maintain the homeowner insurance on your property. No mortgage bank or lender will lend you money for your house if it is not insured. If you drop your homeowner's insurance when still paying for your mortgage, some mortgage agreement permits the lender to take legal action against you. Under the Massachusetts homeowners insurance laws, an Insurer may decide not to renew your homeowner's insurance policy; they can also decline to offer your insurance if you don't meet all their requirement. But only if they provide adequate notice and follow the criteria under the Massachusetts insurance laws. Under the Massachusetts law (M.G.L. c. 175, §99), once a policy has been in effect for 60days, the Insurer can cancel the policy if the person is guilty of one or more of the requirement. The Massachusetts homeowners insurance requirement for cancellation of the insurance policy by the Insurer includes non-payment of the premium, a conviction of a crime that increases the policy's hazard. Fraud or misrepresentation of the insured, willful and reckless acts or omission by the insured that increases the hazard of damage, physical changes in the property that increases the hazard of damage are reasons for an insurer to cancel a homeowners insurance policy. The law requires that the insurance company give the insured 5 days written notice (10 days in case of non-payment of premium) and 20 days written notice to the mortgage company or lender in cases of cancellation of a policy.
What Does Homeowners Insurance Cover in Massachusetts
Generally, most of the standard homeowner's insurance forms offered are the HO-2 and H0-3. The more hazards your homeowner's insurance policy will cover, the more you will pay for the insurance. There are several variations of these form in different companies, so you should check up on the companies insurance company. The H0-2, referred to as the broad form, covers damage to your building and loss of personal possession due to the causes mentioned in the insurance policy. The most common hazards covered by homeowners insurance policy includes lightning, windstorm, vandalism, theft, civil commotion, smoke, damage from vehicles and aircraft. Some homeowners insurance policy might not provide all these coverage for your building and property, for example, most H0-2 insurance policies don't provide basic coverage for damage due to flood, only their additional coverage do that. So, you must read the homeowner's insurance policy and know the basic coverage it provides. This will help you to know which additional coverage to buy with your basic coverage. The H0-3, also called Special Form, is the most popular of the homeowner's insurance policy; it is more comprehensive. It covers all hazards unless it is excluded, common exclusion includes flood and earthquakes. Other homeowners insurance policy forms include Fire and Extended Coverage and Dwelling policy coverage. The Fire and Extended Coverage will only protect your building from specific hazards and does not extend to your possessions. The Dwelling policy coverage offers more protection than fire and extended coverage, but your personal property is not covered.
| Costs of Home Insurance in Massachusetts by County | Monthly Average Costs | Yearly Average Costs |
|---|---|---|
| Barnstable County, MA | $207.33 | $2,488.00 |
| Berkshire County, MA | $79.92 | $959.00 |
| Bristol County, MA | $149.50 | $1,794.00 |
| Dukes County, MA | $261.42 | $3,137.00 |
| Essex County, MA | $117.83 | $1,414.00 |
| Franklin County, MA | $81.25 | $975.00 |
| Hampden County, MA | $100.00 | $1,200.00 |
| Hampshire County, MA | $83.25 | $999.00 |
| Middlesex County, MA | $97.08 | $1,165.00 |
| Nantucket County, MA | $270.50 | $3,246.00 |
| Norfolk County, MA | $111.33 | $1,336.00 |
| Plymouth County, MA | $150.25 | $1,803.00 |
| Suffolk County, MA | $136.00 | $1,632.00 |
| Worcester County, MA | $99.67 | $1,196.00 |
Top Rated Homeowners Insurance Companies in Massachusetts Based on Ratings
The best homeowners insurance companies in Massachusetts offers a homeowners insurance policy that has a balance of affordability, good coverage and friendly customer services. The top-rated homeowner's insurance companies in Massachusetts on our are Safety Insurance, Quincy Mutual, MAPFRE, Chubb and UPC Insurance. These insurance companies all have different homeowners insurance policies. The best homeowners insurance for most people on our Massachusetts homeowners insurance companies list. Their average yearly premium is cheaper than the state's average, making it quite affordable. It offers a range of coverage for people with different lifestyles with great customers services. In 2018, the company recorded a 0.00 NAIC complaint index. The most affordable homeowners insurance in Massachusetts is the Quincy Mutual. Their average yearly premium is priced at way lower than the state's average annual cost. The company also offers a range of discount if you choose a multi-policy option. The homeowner's insurance also has a high customer satisfaction with an NAIC source of 0.13. The only setback is that the policies do not allow for much personalisation. If you have an antique home, then MAPFRE may be the best insurance policies for you. Their annual premium cost is around the same price as the state's yearly average. With an NAIC rating of 0.67, their customer compliant ratio is low. For a high-value home, your best bet is Chubb, while if you are looking for more coverage for flood, UPC Insurance is your best options. Several companies offer homeowners insurance in Massachusetts, so there are options for you to choose from.
| Massachusetts Home Insurance Company | JD Power Rating | NAIC Rating |
|---|---|---|
| Safety Insurance Ratings for Homeowners Insurance in Massachusetts | N/A | 0 |
| Norfolk & Dedham (N&DG) Ratings for Homeowners Insurance in Massachusetts | N/A | 0 |
| Chubb Ratings for Homeowners Insurance in Massachusetts | 2/5 | 0.03 |
| PURE Ratings for Homeowners Insurance in Massachusetts | N/A | 0.04 |
| AIG Ratings for Homeowners Insurance in Massachusetts | 2/5 | 0.1 |
| Quincy Mutual Ratings for Homeowners Insurance in Massachusetts | N/A | 0.13 |
| USAA Ratings for Homeowners Insurance in Massachusetts | 5/5 | 0.15 |
| Hanover Ratings for Homeowners Insurance in Massachusetts | N/A | 0.17 |
| Narragansett Bay Insurance Co. (NBIC) Ratings for Homeowners Insurance in Massachusetts | N/A | 0.2 |
| MetLife Ratings for Homeowners Insurance in Massachusetts | 2/5 | 0.22 |
| Amica Ratings for Homeowners Insurance in Massachusetts | 5/5 | 0.24 |
| Plymouth Rock Assurance Ratings for Homeowners Insurance in Massachusetts | N/A | 0.34 |
| Preferred Mutual Insurance Ratings for Homeowners Insurance in Massachusetts | N/A | 0.37 |
| Andover Ratings for Homeowners Insurance in Massachusetts | N/A | 0.42 |
| Travelers Ratings for Homeowners Insurance in Massachusetts | 2/5 | 0.48 |
| Arbella Ratings for Homeowners Insurance in Massachusetts | N/A | 0.49 |
| MAPFRE Ratings for Homeowners Insurance in Massachusetts | N/A | 0.67 |
| Vermont Mutual Ratings for Homeowners Insurance in Massachusetts | N/A | 0.78 |
| UPC Ratings for Homeowners Insurance in Massachusetts | 2/5 | 7.02 |
How to Lower Homeowners Insurance in Massachusetts
Although Massachusetts homeowners insurance discounts are available by several insurance companies, homeowners' insurance price is still increasing. As the real estate price increases, the rates of homeowners insurance policies is also increases. Homeowners insurance discounts available for you may include Multi-policy insurance discounts if you are getting both your homeowners insurance and auto insurance from the same insurer. Referral discounts for new customers and loyalty discounts for long-term customers. There are several ways for you to lower the amount of insurance you pay on your home. One way is to upgrade your home security system and make your home less prone to destructions by disasters; this will help save on your premium rate. Another way is to get a good credit record; this will also help you save on your insurance. Sticking to one insurer can also get you a loyalty discount that will help you save on your homeowner's insurance. You can get your auto insurance and homeowners insurance from the same insurer to get a multi-policy discount that will save you some money. Ensure that you practice good building habits, avoid smoking in the house or anything else that can cause outbreaks, such as a fire in your home.
Compare Homeowners Insurance in Massachusetts Before Buying
Before you go all out and buy homeowners insurance for your property, ensure that you research several homeowners policies available. Due to the high value of the real estate in Massachusetts, shopping for homeowners insurance in Massachusetts is a big deal because it provides a safety net for your building and personal possessions. If you are paying a mortgage on your home, it is even more of a big deal for you because it is a requirement for a mortgage. It is okay to go for more affordable homeowners insurance in Massachusetts as long as they offer great coverage for your building and personal possessions. To compare homeowners insurance in Massachusetts, you can use a trusted rating system like the J.D. Power rating and NAIC rating. Third-party reviews are also a great way to start your research about the top-rated homeowner's insurance available. Do a little bit of research about the several homeowner's insurance policies to ensure that you get the best offer available for your property.