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How is Home Insurance Calculated in Massachusetts?

Whether you buy a home in Massachusetts in cash or purchase one with a mortgage, you need insurance. Many lenders will not allow you to move into your new home unless you show that you have insurance first. Good insurance will protect you against damage from storms and natural disasters and reduce the amount of money you need to pay for necessary repairs.

Looking at how home insurance companies in Massachusetts calculate insurance rates will give you a good idea of why you pay what you do or how much you will pay when you buy a property.

What goes into calculating homeowners insurance policies in Massachusetts?

Though you might think that your insurer bases your rate on the age of your home and its total value, there are many other factors that go into calculating your policy. Insurers often look at the home’s square footage and its rebuild costs. As an example, if you have a home with 1,000 square feet and the cost to repair it is $200 per square foot, you need to multiply these two figures. This shows that you need a minimum of $200,000 worth of property coverage.


Insurers will always look at your physical location before giving you a quote. Your location will help to determine the risk that you will need to file a claim in the future. For example, the distance between your home and the nearest fire station or fire hydrant can have an impact on the premium charged for your policy.

Age of house

Though Massachusetts has some gorgeous older homes, it can cost more to insure them because they may be more prone to repairs. An older home with galvanized or cast iron pipes can suffer water damage when the pipes freeze and break in the winter. Older homes often lack some of the modern features that newer homes do such as security systems and fire prevention devices. Some historic homes have knob and tube wiring, which is a fire hazard. There are insurers who even refuse to cover homes with that type of wiring.


Another factor that calculates your insurance rate is your deductible. Your deductible is a separate amount that you pay only when you file an insurance claim. Deductible amounts will vary but, generally speaking, a higher deductible lowers your insurance premium. Having a higher deductible is fine as long as you have emergency money available in the event of an insurance claim to cover that deductible amount first.

Now that you know some of the variables insurers use to calculate the homeowners insurance policy you need, you can find reasonably priced insurance to meet your individualized needs for home insurance. Getting a home insurance quote in Massachusetts is easy when you work with MAPFRE. Take a look at some of the MAPFRE home insurance products and discuss your home insurance needs with a licensed agent when you request a quote.

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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