Home Insurance in Massachusetts
The investment in new homeowners insurance in Massachusetts needs to be made, but it may not always seem like the easiest decision. With the right information on Massachusetts homeowners requirements, it may be possible for you to find cheap homeowners insurance here, though. Here’s what you need to know before you buy coverage.
Home Insurance Companies in Massachusetts
A wide range of options exist, but the top rated homeowners insurance companies in Massachusetts are willing to offer competitive pricing and good coverage. Homeowners insurance agencies in Massachusetts do not always charge the same thing, as significant competition exists. The best home insurance companies in Massachusetts offer great rates and discount options. To locate those policies turn to independent home insurance agents in Massachusetts who can help you compare numerous insurers.
How to Get the Best Rates for Home Insurance in Massachusetts
To obtain the lowest prices on insurance here, you need to know what your options are. Use the tool on this page. Add your zip code to gain access to each of the companies in your area.
<zipcode>Find The Cheapest Home Insurance In Your Area:</zipcode>
How Much Does Homeowners Insurance Cost in Massachusetts?
Everyone wants to find the cheapest home insurance in Massachusetts, but to know how affordable a quote is, you need to know what’s normal. The average annual premium in Massachusetts is $1,379. That is significantly higher than the national average of $1,173. To find out what your options are, get home insurance quotes in Massachusetts from numerous insurers.
<twitter>The average annual premium in Massachusetts is $1,379. That is significantly higher than the national average of $1,173.</twitter>
List of Homeowners Insurance Companies in Massachusetts
To compare those options, you need a list of available insurers in the state. Enter your zip code above and you’ll receive a full list of companies that can help you.
How Homeowners Insurance Is Calculated in Massachusetts
Insurance companies base premiums, or the cost of insurance, on the amount of risk a specific property represents. The more risk to that property, the more insurance costs. Here is a list of some of the most common threats.
<qa>1;Crime;Living in a safe city matters. In Massachusetts, the crime rate per 1,000 residents is 3.58. That is under the national average of 4. The property crime rate - which impacts real estate more heavily - is 14.37. That’s significantly below the national average of 24. This can help reduce your costs.</qa>
<qa>2;Weather/Climate;One of the key factors impacting home insurance rates here is weather. In Massachusetts, the most significant extreme weather events include extreme heat, inland flooding, and coastal flooding. Storm and wind damage are also common. This can cause rates to rise.</qa>
<qa>3;Home Values;Home values are perhaps the biggest factor impacting rates here. The median home value here is $407,800. That’s significantly higher than the national average. And, costs are rising. As of March of 2019, the market value for a home has grown over 4 percent from the previous year.</qa>
Home Insurance Requirements in Massachusetts
The other key factor to consider is what is required of you. You likely have questions. Your agent can answer them but consider this as a starting point.
Is Homeowners Insurance Required in Massachusetts?
The state does not require home insurance. Some cities may require it of property owners of multiple family buildings. Most residential homeowners, though, must carry it if they have a loan on their home.
What Does Home Insurance Cover?
Your policy is designed to meet your unique goals. Generally speaking, that means it covers the structure itself from risks ranging from theft and fires to storms and vandalism. It can also help with liability coverage, such as if someone is hurt while visiting your home.
Homeowners Insurance for New Properties in Massachusetts
New residential developments continue to spring up here. These are some of the highest valued homes. As a result, home insurance is higher for these properties.
Homeowners Insurance for Old Properties in Massachusetts
The age of your home doesn’t impact the importance of maintaining quality insurance products. In some areas, older homes can be more risky due to electrical and plumbing problems.
Renters Insurance in Massachusetts
There is no state law that requires a person to maintain renter’s insurance in Massachusetts. However, property owners are also not required to provide protection for your belongings here.
That means you are exposed to risk if you rent your home. Renter’s insurance eliminates those risks including for loss of your property due to fires and theft as well as liability insurance.
<zipcode>Compare Renters Insurance in Massachusetts</zipcode>
Compare Home Insurance in Massachusetts by City
You want the cheapest home insurance in Massachusetts, but to get it, you have to consider your local area. Local factors, such as the street you live on and your home’s value, play a role in costs. Consider these largest cities. Then compare home insurance quotes for your property.
<qa>1;Home Insurance Quotes in Boston, Massachusetts;Boston is by far the largest city here and the most versatile. It’s home to 685,094 people. It’s also some of the most expensive real estate in the state with a median home value of $600,100.</qa>
<qa>2;Home Insurance Quotes in Worcester, Massachusetts;With 185,677 people, Worcester is smaller but growing. Home values here are a bit more modest at $241,900, but still above the national average.</qa>
<qa>3;Home Insurance Quotes in Springfield, Massachusetts;A well-known community for its location, Springfield is home to 154,758 people. Home values in Springfield, which is well away from the cost, are more moderate at $160,400.<qa>
<qa>4;Home Insurance Quotes in Cambridge, Massachusetts;More well known for its colleges, this is still a residential community. It’s home to 113,630 people. A lack of available housing and demand makes Cambridge very pricy at $804,100.</qa>
<qa>5;Home Insurance Quotes in Lowell, Massachusetts;Smaller, but growing, Lowell is home to 111,346 people. Homes in Lowell are priced at $288,500.</qa>
Bonus: Most Expensive Homes in Massachusetts
If you want the most affordable home insurance, you may not want to have a home that’s expensive. These are the most expensive homes in the state. Imagine the insurance costs here:
- Located in Dartmouth, 192 Mishuam Point Road is an 8-bedroom home valued at $25 million.
- A home at 5 Concord Road in Weston is valued at $24 million and sits on a 20.33-acre lot.
- The home at 30 Orange Street in Nantucket is a charming home built in 1823. It’s valued at $18.975 million.