Best home insurance companies in Massachusetts
Bankrate ’ s across-the-board dwelling policy 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 offer data, and the best home insurance discounts. We besides utilized third-party fiscal military capability and customer gratification scores from AM Best and J.D. Power, respectively. Keep in mind that the best dwelling insurance companies in Massachusetts may not be the same for all homeowners because coverage needs, budgetary restrictions and preferences may vary .
|Home insurance company||Bankrate Score||Average annual premium for $250K in dwelling coverage||J.D. Power score|
*Not formally ranked with J.D. Power due to eligibility restrictions
Amica is the highest qualify scorer for consumers based on customer satisfaction scores in the most late J.D. Power Home Insurance discipline. Massachusetts homeowners can choose from a wide range of coverages to personalize their home indemnity policy. The homeowners policy company besides sells car, life, small business, flood tide, motorcycle and marine insurance. One of Amica ’ randomness best fringe benefit 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 assay. however, before buy, keep in beware that Amica is the second-most expensive homeowners insurance company on our list, so you may be able to save more elsewhere. Learn more: Amica Insurance inspection
Allstate has the lowest average bounty on our list, which may be a compel factor for budget-conscious shoppers. The company offers low-cost premiums and discounts to help Massachusetts homeowners save money on home policy. The company besides sells car, motorcycle, commercial enterprise, life and identity larceny indemnity. Allstate features a good crop of discounts and an innovative Claim Rateguard that ensures your premium won ’ t addition after filing a claim. however, Allstate ’ s J.D. Power customer satisfaction evaluation is lone a few points higher than the industry average, which may mean the caller has room to improve on meet policyholders ’ needs.. Learn more: Allstate Insurance follow-up
Chubb ’ sulfur average annual premium is importantly higher than early 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 case, the homeowners insurance company offers alone discounts, such as up to 17 % off for recently renovated homes. Learn more: Chubb Insurance review
Travelers has respective options for extra coverage for your home indemnity policy like scheduled personal property, contents successor and extra substitution monetary value protection coverage for your property. Travelers offers several easy ways to save on your policy, excessively, 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 early insurers on our number, the company does have more low-cost coverage than the state of matter average, based on quote annual premiums. Learn more: Travelers Insurance review
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USAA is widely known among insurers as it offers policy coverage alone to members of the military and their eligible syndicate 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 policy company in Massachusetts for you to consider. Learn more: USAA Insurance review
How much is homeowners insurance in Massachusetts?
The average cost of homeowners insurance in Massachusetts is $ 1,307 per class, which is cheaper than the national average of $ 1,312 per class. The department of state ’ randomness average annual premium is slightly higher compared to Connecticut, where the average cost of home insurance for $ 250,000 in dwelling coverage is $ 1,184 per year, and Rhode Island, where the average cost is $ 1,193 per class. All three states are susceptible to blizzards, frost storms and hurricanes along the coastline .
Massachusetts city Average annual premium for $250K dwelling coverage Boston, Massachusetts $1,481
Home insurance in Massachusetts
If you live in Massachusetts, homeowners insurance is an significant consideration. Unless you can afford to pay for damage to your place and belongings and defend your liability if sued, most insurance professionals recommend purchasing home indemnity 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, methamphetamine storms and storm surges that damage homes. Hurricanes can besides bring senior high school winds and heavy rain to towns along the coastline. Additionally, some people opt for flood tide policy if their dwelling is in a bad flood zone. In 2019, there were five catastrophic events that caused roughly $ 174.3 million in property wrong in Massachusetts. Those events included :
- 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.
- Flooding: Flood damage can be catastrophic, especially in coastal towns. A 2021 report showed that about 45,000 Massachusetts homes are at substantial flood risk.
- 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 example, you may want to consider buy :
- 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 can not afford to repair or replace your home plate if it is damaged, you may still want to consider purchasing adequate homeowners coverage to protect your asset. The cost of homeowners indemnity may seem like an unnecessary expense if you aren ’ metric ton required to have it, but besides consider that the policy includes indebtedness and personal property coverage, along with other optional add-ons that could be personalized to fit your life style and needs .
How do I get homeowners insurance in Massachusetts?
One of the first gear steps to finding homeowners policy in Massachusetts is to shop around and pick a few companies that offer the coverage you want. From there, request personalized quotes and compare the rates. Make certain that the quotes include alike coverage options and limits in order to more accurately compare the estimate cost of homeowners policy. If you have questions or need clearing for how your claims history might impact rates, it can be helpful to ask your license insurance agent for aid .
What is the cheapest home insurance in Massachusetts?
The cheapest home indemnity companies in Massachusetts will depend on your individual circumstances. Home indemnity companies calculate your premium based on your home prize, ZIP code, claims history and more. however, if you ’ re on the hound for cheap homeowners insurance, you may want to request quotes from multiple carriers, which will allow you to compare homeowners insurance rates. It can besides be helpful to ask about the discounts you may qualify for to help lower your premium .
How much home insurance coverage do I need?
Your lender may require you to have adequate dwell coverage to pay off your mortgage or home plate loanword if your family were to be destroyed. however, you are not required to purchase family indemnity in the country of Massachusetts, so if you own your family, you can decide how much coverage you need. Most insurance experts recommend having adequate coverage to rebuild your home in the event that calamity strikes. If you ’ re distillery unsure how much coverage you need, it may be helpful to consult your insurance agentive role .
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, full credit and the follow 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 besides have a $ 1,000 deductible and a separate wreathe and hail deductible ( if required ). These are sample rates and should be used for relative purposes only. Your quotes will differ .