Finding a good price on homeowners insurance without sacrificing valuable coverage is a top concern for most homeowners in Massachusetts. The best way to find the coverage you need at a reasonable cost is by comparison shopping. We analyzed average rates for home insurance companies in Massachusetts to help you find cheap home insurance.
Cheap Home Insurance in Massachusetts Cost Comparison
| Home insurance company | Average annual home insurance cost in Massachusetts |
|---|---|
|
Quincy Mutual
|
$890
|
|
UPC Insurance
|
$925
|
|
MAPFRE
|
$1,039
|
|
Safety
|
$1,245
|
|
Heritage
|
$1,249
|
|
Arbella
|
$1,298
|
|
AIG
|
$1,300
|
|
Andover
|
$1,300
|
|
Norfolk & Dedham
|
$1,300
|
|
$1,458
|
|
|
$1,485
|
|
|
PURE
|
$1,601
|
|
Plymouth Rock
|
$1,808
|
|
Amica
|
$1,947
|
|
Hanover
|
$2,421
|
|
$2,620
|
It’s wise to get multiple quotes for home insurance if your goal is to find cheap homeowners insurance. Our analysis finds home insurance prices can vary considerably from one insurance company to another. You can’t see how much you can save without comparison shopping.
But you don’t want to base your decision on price alone. The best homeowners insurance companies will also provide coverages and discounts that match your particular needs.
Massachusetts Homeowners Insurance Cost Factors
Finding cheap home insurance in Massachusetts will depend on several factors, chief among them are:
- How much it costs to rebuild your house
- The coverage amount and policy limits
- The materials your house is made of
- The home’s age
- Your location
- The fire rating of your location
- Your location’s claims history
- Your own home insurance claims history
- The amount of the deductible you choose
What Does Massachusetts Homeowners Insurance Cover?
A standard homeowners insurance policy (called an HO-3) covers your house if it’s damaged by fire, rain or wind, among other incidents. An HO-3 policy lists exclusions that aren’t covered—for instance, earthquakes, sinkholes, power failure, water damage from floods or sewer back-ups and wear and tear.
Your belongings (personal property) are covered for specific “perils” in a standard home insurance policy. Fires, tornadoes, theft, vandalism and explosions are just some of the problems covered by home insurance.
If you’re eligible to make a claim, these coverage types out up to the limits in your policy:
- Dwelling: If your house is damaged, dwelling coverage pays to repair or replace it. It also covers attached structures, like a deck or garage.
- Other structures: This pays to repair or replace structures that are not attached to your home, like a barn, fence or shed.
- Personal property: This pays to repair or replace your belongings after a problem like theft or fire. This includes items like your furniture, clothing, rugs, jewelry, kitchen appliances and other items.
- Liability: Liability insurance pays for property damage and injuries you accidentally do to others. For example, if your dog bites someone, your liability insurance can pay for a settlement or court judgment against you, and also your lawyer bills.
- Medical payments to others: This covers smaller medical claims made by people not in your household, regardless of who is at fault for the injury. For example, if a guest trips over a child’s toy and falls on your deck, medical payments coverage could pay for their visit to urgent care. Coverage amounts are usually small, such as $1,000.
- Additional living expenses: If a problem covered by your policy (like a fire) displaces you from your home, additional living expenses coverage pays for extra costs such as a hotel bill, restaurant meals and other necessary services, like pet boarding.
Compare Home Insurance Quotes
1
Lemonade
Excellent
Average
2
Erie
Very good
Low
3
Chubb
OK
Very low
What’s Not Covered by Massachusetts Homeowners Insurance?
Common exclusions found in a standard home insurance policy include floods, power failure, earthquakes, wear and tear, vermin and insect infestations and intentional loss.
Read your policy closely to understand what is excluded from coverage.
Flood Insurance in Massachusetts
Flood damage isn’t covered by a standard homeowners insurance policy. That means you may want to consider flood insurance if your property is at risk.
FEMA’s Individuals and Households Program (IHP) can provide monetary and direct assistance after a major disaster or emergency, if you qualify. This program helps people find housing after a problem directly caused by a disaster and that’s not covered by insurance or other sources.
Tips for Buying Homeowners Insurance in Massachusetts
Whether you’re about to close on your first house or you’re switching insurance companies, you likely want to get coverage without overpaying. Here are ways to zero on the best cheap home insurance in Massachusetts
- Assess rebuilding costs. Ask your insurance company to calculate the cost to rebuild your home with equitable materials, based on material and labor costs in your area. You want your dwelling coverage amount to be equal to this estimate.
- Evaluate how much liability coverage you need. You should buy an amount that matches the value of what could be taken from you in a lawsuit, or at least $300,000.
- Consider add-on coverage for your belongings. If you have high-value items you might want to consider scheduling personal property for certain pricey possessions.
- Think about the benefits of replacement cost instead of actual cash value. Consider replacement cost coverage for your home and belongings—you will get the amount you need to replace your home and items with new versions.
- Assess coverage gaps. Some home insurance companies offer add-on benefits—for instance, to pay for damage from water backups, or to provide higher limits for landscaping such as trees and shrubs.
- Ask for discounts. For example, you may get a discount for home security features, or for buying auto insurance and home insurance from the same company.
- Research financial ratings. Check financial strength ratings from ratings agencies such as A.M. Best or Standard & Poor’s. Some banks may not finance your mortgage unless your insurance company has at least an “A” financial strength rating.
- Compare quotes from multiple insurance companies. The price for the same coverage can vary significantly among insurers. If you don’t shop around, you won’t know how much you can potentially save.
