Average Cost of Homeowners Insurance in Massachusetts (2024)

The average cost of homeowners insurance in Massachusetts in 2024 is $2,008. That's $415 less than the national average of $2,423.

Aside from the amount of coverage you get on your home, the insurance provider has the largest impact on premiums, with the difference between the lowest and highest premium amounts reaching $3,423 on average in the Bay State. If your rates have recently increased, we've also analyzed the cheapest plans in the state. This may help you find budget-friendly alternatives without compromising on the quality of coverage.

In Massachusetts, the average annual premium for homeowners insurance is $2,008 with $250K in dwelling coverage, $125K in personal property coverage and $200K in liability coverage. This figure is less than the national average, costing $2,423.

Understanding how much coverage you need means ensuring you can rebuild your home and replace personal property after a loss. For example, a policy with $100K in dwelling coverage averages an annual premium of $1,187 in Massachusetts. Owning a more substantial property necessitating $500K in dwelling coverage increases the average annual premium to $3,168.

Premiums for homeowners insurance in Massachusetts can vary significantly among providers, even for similar coverage levels. For example, Farmers offers a policy at nearly half the state’s average cost, while Travelers’ premium is almost double despite providing equal levels of protection for your home.

Differences in underwriting criteria, such as location, home features and company risk assessments, lead to these price disparities. Comparing quotes when looking for the best homeowners insurance in Massachusetts is the best course of action.

Roofing type plays a role in determining your homeowners insurance premium. In Massachusetts, homes with tile roofs, known for their durability, may benefit from lower insurance costs. Conversely, shake-treated roofs, which can be more susceptible to damage, could result in higher premiums.

The materials used in home construction also affect insurance rates. Superior construction materials, which are often more resistant to certain perils, can lead to reduced insurance premiums. On the other hand, standard frame constructions carry higher premiums due to their commonality and potential vulnerability to severe weather events.

Premiums can vary based on your home's materials, so explore the drop-downs in the table below to see the potential impact on your insurance costs.

Insuring a newly constructed home in Massachusetts generally costs around $1,103, which is $905 less than the average premium for older homes as they are less vulnerable to hazards of older homes such as structure fires caused by faulty wiring. The table below illustrates the premium differences for various coverage levels.

In Massachusetts, homeowners with a spotless claims record for at least five years can expect an average annual premium of $2,008 for their insurance. Those who have filed one claim within the past five years see an average increase to $2,449, while premiums further rise to $2,878 for homeowners with two claims in the same period.

For the cities we analyzed, we found premiums ranging from $1,681 to $2,271. In Worcester, homeowners may pay around $1,681 annually, while Cambridge homeowners face around $1,804 in annual insurance costs. Boston tops the list for the highest average rate in the state at $2,271.

Location impacts premiums due to varying risks like crime rates and weather patterns — premiums can vary significantly from one city to the next. However, location is just one factor that impacts insurance costs.

Getting a good homeowners insurance deal in Massachusetts is within reach provided you understand how it works. Here's how to find the best deal for you.

In Massachusetts, homeowners can potentially save an average of 15% on their insurance costs by opting for a multi-policy bundle. Specifically, savings can range from $179 to $616 when combining auto and home insurance policies. Looking into the best home and auto insurance bundles in Massachusetts can potentially maximize your discounts.

Massachusetts residents can lower their homeowners insurance costs with various discounts.

• Loyalty Discount: Stay with the same insurance company for several years.
• Protective Devices: Install smoke detectors, burglar alarms, or other security systems.
• Claim-Free History: Maintain a record of no claims over a certain period.
• New Home Construction: New homes are less likely to have issues that require claims, so many insurers offer a discount.

Remember, to maximize your savings, inquire about all available discounts when requesting a quote.

For those navigating the homeowners insurance landscape in Massachusetts, the following resources can provide valuable guidance and insights:

• Massachusetts Division of Insurance: Official state resource for insurance regulations.
• Affordable Home Insurance in Massachusetts: Find cost-effective options for your home.
• Massachusetts Homeowners Insurance Calculator: Estimate your potential insurance costs.
• High-Risk Home Insurance Coverage: Understand insurance for homes in high-risk areas.
• Top Home Insurance Options in Massachusetts: Compare the best insurance providers.
• Personal Property Coverage Essentials: Guide to personal property insurance needs.
• Report Insurance Fraud: Online system for reporting insurance fraud.