The Best Cheap Homeowners Insurance in Springfield, Massachusetts for 2022: Quotes and Reviews
Homeowners insurance in Springfield, Massachusetts, costs an average of $2,038 per year or $170 monthly. However, rates can vary depending on the insurer. AIG, the cheapest option in Springfield, costs $1,314 per year while Allstate, the most expensive, costs $2,427 per year, so you can save up to $1,113 by shopping around. MoneyGeek also ranked the best homeowners insurance in Springfield to help you find the best combination of cost and quality coverage.
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The Cheapest and Best Homeowners Insurance in Springfield
The Cheapest Home Insurance Companies in Springfield
Cost is an important factor when comparing home insurance companies in Springfield since most companies offer similar core coverages.
The cheapest insurance companies in Springfield for home insurance with a baseline dwelling coverage of $500,000 are:
- AIG: $1,314 per year
- State Farm: $1,736 per year
If you are looking for cheap homeowners insurance in Springfield for an expensive home, the cheapest companies for home insurance with $2 million in dwelling coverage are:
- AIG: $5,927 per year
- USAA: $6,443 per year. Only available to current and former military members and their families.
You can adjust the dwelling coverage limits in the table below to see how homeowners insurance rates vary.
The Cheapest Home Insurance in Springfield, Ranked
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All these policies with the initial baseline dwelling coverage have personal property limits of $200,000 and all policies with dwelling coverage of $2 million have personal property limits of $800,000. All policies have $100,000 in liability coverage.
If you live in other parts of Massachusetts, you can look up average home insurance costs for Massachusetts.
The Average Cost of Homeowners Insurance in Springfield for 2022
The average annual cost of homeowners insurance in Springfield, $2,038, is cheaper than the Massachusetts state average of $2,864 per year. Springfield home insurance rates are also marginally cheaper than the average national home insurance cost which is $2,103 per year.
Calculate the Cost of Home Insurance in Springfield
Home insurance quotes in Springfield are affected by rating factors, including location, the dwelling coverage level and the value of personal property to be covered. You can use MoneyGeek’s home insurance calculator to compare homeowners insurance quotes in the state to find the best rates.
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These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Springfield
When shopping for the best homeowners insurance in Springfield, in addition to cost, it is also important to consider the insurer’s customer service and financial stability ratings. If you ever need to make a claim, you will want a provider to process your claim quickly and fairly.
MoneyGeek’s analysis found that the best homeowners insurance companies in Springfield are:
- Best Overall: AIG
- Runner Up: State Farm
MoneyGeek scored home insurance companies in Springfield based on affordability, customer satisfaction and financial stability.
AIG home insurance rates highest for affordability in Springfield at an average cost of $1,314 per year. AIG also scored high in financial stability and customer satisfaction ratings. This company also offers homeowners unique coverages like replacement cost coverage.
Homeowners with high-value personal property can opt for replacement cost coverage, ensuring that damaged personal property is reimbursed at the current replacement cost without factoring in depreciation. AIG home insurance also comes with the option for cash settlement if your home is destroyed, but you do not want to rebuild.
State Farm home insurance costs an average of $1,736 per year in Springfield. State Farm has high financial stability, customer satisfaction and affordability ratings, making it a good option if you want affordable and high-quality coverage.
State Farm offers optional Service Line coverage, covering lines like those for sewer. Homeowners who rent out a room in their home can also opt for home rental coverage which provides liability coverage for a temporary rental. State Farm also offers homeowners various discounts, including home renovation discounts for installing newer utilities and discounts for newly constructed homes.Read MoneyGeek's State Farm home Insurance Review
Cheapest Home Insurance Companies in Springfield for Newly Constructed Homes
Newly constructed homes in Springfield can be much cheaper to insure because modern building materials are more damage resistant and easier to replace. Home insurance for a newly constructed home in Springfield costs $1,573 per year on average, compared to $2,038 for a home built in 2000.
The cheapest insurance companies in Springfield for new homes with $500,000 in dwelling coverage are:
- AIG: $1,102 per year
- State Farm: $1,302 per year
The Cheapest Home Insurance in Springfield for New Homes, Ranked
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Cheapest Home Insurance Companies in Springfield if You Have a Lot of Personal Property
Homeowners insurance includes coverage for damage to the personal property in your home. The more personal property is covered, the higher the cost of the insurance. In Springfield, it costs an average of $2,152 per year to get personal property limits of $250,000 with our standard policy compared to an average of $2,038 per year for $100,000 in personal property coverage limits.
The cheapest insurance companies in Springfield for those with higher personal property coverage limits are:
- AIG: $1,738 per year
- State Farm: $1,810 per year
Cheap Companies in Springfield for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Springfield for High Deductibles
Home insurance costs in Springfield will vary depending on the deductible on your policy. A higher deductible means you’ll pay less in annual premiums but incur higher out-of-pocket if you make a claim. You will pay an average of $1,758 per year if you select a policy with a $2,000 deductible compared to an average of $2,038 for a $1,000 deductible.
The most affordable companies in Springfield for home insurance with a $2,000 deductible are:
- AIG: $1,234 per year
- State Farm: $1,484 per year
The Cheapest Companies in Springfield for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Springfield if You Have Poor Credit
Home insurance quotes in Springfield are not impacted by credit score since state regulations forbid insurance companies from charging higher rates for those with poor credit scores.
Getting Online Homeowners Insurance Quotes in Springfield
You can get home insurance quotes in Springfield online, and the insurer will require information to you give an estimate. This information includes:
- The replacement cost of your home: The replacement cost is the cost to rebuild your home, rather than its market value. Insurers use this figure to determine your dwelling coverage limits, so getting an accurate estimate from a building professional or building contractor is essential.
- The value of your personal property: Home insurance includes coverage of the personal property in your home. The insurer needs to know the property's value to determine your policy’s applicable personal property coverage limits.
- Personal information: Insurance companies will ask for your address, information about who lives in your home and your insurance history. They may also ask for other personal details.
- Information about your house: Details like how old your house is, the size of your home and whether you have any protective devices will also be used to calculate your home insurance rates.
Homeowners Insurance in Springfield Analysis: Methodology
MoneyGeek analyzed home insurance premiums from nine insurance companies in Springfield. Data were provided in partnership with Quadrant. Home insurance quotes were collected for a home with varying coverage levels to calculate affordability scores. Customer satisfaction ratings were drawn from J.D. Power surveys.
The base profile for a homeowner was for a home with 2,500 square feet, built in 2000 with dwelling coverage of $500,000, personal property coverage of $200,000 and liability coverage of $100,000. Policies had a $1,000 deductible. MoneyGeek also collected quotes for homeowners with newly constructed homes, increased dwelling or personal property coverage, higher deductibles and poor credit scores.
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