More on Home Insurance
More on Home Insurance
The cost of homeowners insurance in Massachusetts is $1,214 a year for the average amount of coverage. Massachusetts residents can compare rates from multiple companies with Policygenius.
Published August 13, 2020|7 min read
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Homeowners insurance is financial protection for your most important assets, covering your home, personal property, and liability against break-ins, bad weather, and expensive lawsuits if you’re held liable for an accident. If you’re one of the 62% of Massachusetts residents who owns a home rather than rents, you’ll want to make sure your home is effectively insured in the event of catastrophic coastal weather or freezing temperatures during the winter months.
The statewide average cost of homeowners insurance in Massachusetts is $1,214 per year, but your own policy cost will be impacted by a multitude of factors related to your home, policy details, and your credit strength. Your home’s age, construction type, location, your policy deductible, and your credit history could all affect your insurance rates. Massachusetts insurers may also price policies differently for the same amount of coverage, which is why it’s so important to compare insurance options from multiple insurers. That’s where we come in.
To help simplify and better inform your shopping experience, Policygenius reviewed the five best homeowners insurance companies in Massachusetts offered through our website and calculated the state’s cheapest and most expensive cities for home insurance based on hundreds of submitted quotes.
The most affordable insurance company in Massachusetts is ASI, according to Policygenius quote data
The average cost of homeowners insurance in Massachusetts is $1,214 for $100,000–500,000 in coverage
When deciding on policy coverage, Massachusetts residents should consider the state’s storm surge,winter ice storms, and blizzards
Before finalizing your homeowners insurance, consider doing a little research on the company insuring your home and personal belongings. An exceptional homeowners insurance company offers competitive rates, dependable customer service, flexible policy options, generous discounts, and is financially stable.
American Strategic Insurance (ASI), a member of the Progressive group of companies, provides the cheapest Massachusetts home insurance quote of any Policygenius partnering insurer. The average quote with ASI is $1,109, about $100 cheaper than the statewide average cost of $1,214. Coverage is even cheaper if you bundle your home and auto insurance policies with ASI. If you're a Massachusetts resident looking for industry-best coverage at a low rate, then ASI might be the insurance company for you.
Massachusetts residents looking to maximize dwelling coverage on their homes should consider Safeco’s replacement cost coverage options. Safeco has four comprehensive tiers of coverage, and all include the option to add extended replacement cost, a policy add-on that increases your home’s coverage limits an additional 25% or 50% if rebuild costs exceed your dwelling coverage amount. Safeco’s “Premier Plan”, its highest level of coverage, includes guaranteed replacement cost, which pays for a rebuild of your home regardless of the price.
Read our full review of Safeco here
Massachusetts residents with high-value homes should consider a homeowners insurance policy with AIG. The high-end insurance company provides guaranteed replacement cost dwelling coverage, replacement cost coverage on all personal property, and additional services like appraisals and risk protection consultations. Bear in mind that AIG only covers homes with an insured value of more than $750k, but considering the largest share of households in Massachusetts have property values in the $500–750k range, a good number of homes will be eligible for AIG home insurance.
Read our full review of AIG here
Despite only being around since 2014 and lacking the reputation of industry mainstays like Travelers, Safeco, and MetLife, Swyfft has carved its own niche by being one of the more tech-centric insurance companies around. That approach is apparent in their online quote, a process which only takes about 15 or 20 seconds. To get a quote with Swyfft, all you do is type in your home’s address — no seriously, that’s all you have to do. You can also get a Swyfft quote by applying for home insurance with Policygenius.
Read our full review of Swyfft here
One important indicator of an insurance company’s ability to pay out claims in an effective and timely manner is their financial stability, and Chubb is among the highest-rated insurers in that area. With an A++ rating with A.M. Best, Chubb has the highest score a company can receive with the insurance company credit rating agency. Chubb also has high marks with Standard & Poors, which measures long-term financial stability, as well as Moody’s, which measures what the expected losses would be if a company were to go into default.
Read our full review of Chubb here
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When comparing insurance companies, Massachusetts residents may find that rates differ greatly from company to company for the same level of coverage. Certain companies may offer more coverage add-ons in a basic plan than competitors, or some may simply have higher rates in certain areas than others.
After reviewing hundreds of quotes submitted with Policygenius, we found that ASI is the cheapest insurance company in Massachusetts with a $1,109 average annual premium for $100,000–500,000 in coverage. Stillwater is the most expensive in that coverage range with a $1,329 average annual premium.
The average cost of homeowners insurance in Massachusetts will also vary considerably based on how much dwelling coverage you have on your home. Below is the average homeowners insurance quote for five different levels of coverage.
|Coverage Amount||Average Cost|
|Greater than $500,000||$ 2,089|
Insurance companies also price policies differently based on where in Massachusetts your home is located. We found that the city of Springfield, Massachusetts on the Connecticut River has the highest rates in the state with a $1,754 average annual premium for $100,000-500,000 in coverage. Waltham, a city just west of Boston, is the cheapest city for home insurance, on average, with a $777 average annual premium.
|New Bedford||$ 1,413|
We selected the 20 largest cities in Massachusetts by population where customers have submitted quotes with Policygenius. Quotes are based on a coverage amount between $100,000 and 500,000.
Being a coastal state, Massachusetts is prone to extreme tropical storm surge, blizzards, ice storms, nor’easters, and flooding. In fact, the state experienced five disasters in 2018 totaling almost $500 million in property damage.
Given the high property value of homes throughout Massachusetts, and in particular the Greater Boston area, homeowners should make sure their home and belongings are well protected with a comprehensive homeowners insurance policy.
No, homeowners insurance does not cover flood damage in Massachusetts or any of the other 49 states. Massachusetts residents can supplement that gap in coverage by purchasing a flood insurance policy. Flood insurance can typically be provided through the same insurance company that insures your home.
Most flood policies are sold by private companies but administered by the federal government’s National Flood Insurance Program (NFIP). An NFIP flood policy can cover up to $250,00 for the structure of your home and up to $100,000 for personal belongings.
Being on the Atlantic Coast, Massachusetts is vulnerable to coastal flooding due to rising sea levels, high tides, and hurricane storm surge. In fact, Massachusetts is actually the 11th most hurricane-prone state in the country. If you live in coastal Massachusetts or areas that experience frequent flash floods, particularly cities like Springfield along the Connecticut River, you should consider a flood insurance policy.
The Massachusetts Division of Insurance is a great resource both for Massachusetts homeowners purchasing coverage for the first time or those who are already insured. The DOI website provides educational information, customer tips, a guide to state insurance laws, customer complaint forms, and more.
Homeowners insurance companies can cancel your insurance for a number of reasons — maybe you filed too many claims in a short period of time, maybe the insurance company no longer offers coverage where you live, or maybe they determined your home was too risky to insure after a recent inspection.
Massachusetts insurance companies may also require a separate named storm deductible, or they could exclude tropical storm damage from your policy entirely if your home is deemed too high risk.
If you’re struggling to find homeowners insurance or named storms are excluded from your policy, you can get a type of last-resort coverage known as a Fair Access to Insurance Requirements (FAIR) Plan via the Massachusetts Property Insurance Underwriting Association (MPIUA).
The MPIUA is a not-for-profit insurance association that provides basic coverage for Massachusetts residents who are unable to get home insurance on the open market. To qualify for a FAIR Plan with the MPIUA, you need to demonstrate that you’ve had at least three unsuccessful attempts to buy insurance from other companies.
Not where you live? We've got you covered, check out our guide to homeowners insurance in your state
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