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What Is the Average Home Insurance Cost in Massachusetts?

Massachusetts offers a thriving economy and many world class universities. Residents of Massachusetts enjoy easy access to urban activities in Boston and is a short drive to outdoor areas for year round recreation including the Cape Cod National Seashore in the summer and skiing in the mountains during the winter.

If you are thinking about buying a home in Massachusetts or you already have one now, you need to purchase home insurance to cover your investment against potential catastrophe. In that case, you might be wondering what the average home insurance cost is in Massachusetts and what factors play into determining your rates?

Your home address

Geographic location plays a role in determining your homeowners insurance rates. For example, if you live near the shoreline, you can expect to pay more money for insurance for your home than you might pay for a home in another part of the state because of the increased risk associated with flooding and hurricanes.

That is something to keep in mind if you decide to buy a beach house, vacation home or a primary home that is near the ocean or one of the many lakes  in the state. You will also likely pay more than the average home insurance cost if you live someplace like Nantucket or Martha’s Vineyard.

Less than average

Although not required by law, homeowner’s insurance  protects you and your lender against a sudden home catastrophe. According to Bankrate, in 2023 the average American pays roughly $1,383 per year for $250,000  home insurance coverage. In the same article, it is estimated that the average Massachusetts homeowner will pay around $1,274 annually to insure their home. You should carefully examine your options to make sure you get the right level of coverage. Taking advantage of discounts you qualify for is a great way to save money and reduce your overall insurance costs.

What is covered with home insurance?

Your homeowners insurance in Massachusetts will usually cover your losses should certain events happen in your home. That includes a major fire that damages the home’s interior or the home’s exterior. It also includes criminal actions such as theft of your covered valuables when you’re home or away.

A standard policy will also usually cover your losses in the event of a natural disaster such as rain damage or heavy snowfall. Acts of vandalism are also typically covered under your homeowners policy as well. You may also have issues with hurricanes along the shore as well as those that spread heavy rains inland as tropical storms during the summer are common in the state as are nor’easters during the winter.

Factors such as your past claims and the rate of crime in your local community may factor into what you pay for insurance.

Reducing costs

Keep in mind the cheapest home insurance is usually not the best choice. Inexpensive home insurance in Massachusetts may not cover all your homeowner’s needs. That is why you’ll need to review the detail of your policy before you sign it to ensure you have adequate coverage to protect yourself. The best home insurance option in Massachusetts should cover any potential accidental risks, but it also has to fit your budget as part of your overall home ownership costs.

MAPFRE Home insurance products can help homeowners in the state find the ideal home insurance products. MAPFRE Insurance is the number one home insurance provider in Massachusetts and we partner  with local independent insurance agents in the state to help you find the right policy wherever you are!

Please Note: This content is not intended to describe any specific coverage offered by MAPFRE Insurance. No coverage is provided, bound or guaranteed by this article. Available coverages, credits and discounts vary from state to state and are subject to eligibility criteria and policy terms/conditions, which will control in the event of conflict between this article and your insurance policy. For information about your policy, please review your individual policy contract and speak with your insurance representative.

MAPFRE Insurance® is a brand and service mark of MAPFRE U.S.A. Corp. and its affiliates, including American Commerce Insurance CompanySM (Cal. COA 4928-8), Citation Insurance CompanySM, The Commerce Insurance CompanySM, Commerce West Insurance CompanySM (Cal. COA 1372-2), MAPFRE Insurance CompanySM (Cal. COA 3039-5), and MAPFRE Insurance Company of FloridaSM.

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