Cheapest Homeowners Insurance in Massachusetts (2024 Rates)


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ByMark Fitzpatrick
Edited byJonathan Ramos
ByMark Fitzpatrick
Edited byJonathan Ramos

Updated: May 22, 2024

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In Massachusetts, Farmers offers the most affordable overall insurance rates, while State Farm emerges as the most budget-friendly choice for homeowners seeking coverage for new homes or looking for the most economical bundled insurance options.

MoneyGeek Logo IconCheapestHome InsuranceMassachusetts
2024

Why Trust MoneyGeek? MoneyGeek used information from the Massachusetts Division of Insurance and Quadrant Information Services to obtain data on insurance rates, discounts and more.

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These rates reflect the cheapest home insurance quotes in Massachusetts as of 2024.

Overall Cheapest Homeowners Insurance in Massachusetts

Farmers offers the cheapest home insurance in Massachusetts at an average of $517 per year for $100K in dwelling coverage. However, home insurance rates can fluctuate significantly based on dwelling coverage.

Across different dwelling coverages, Farmers ranks as the most affordable choice in Massachusetts. Review its rates:

  • Cheapest for $100,000: Farmers at $517 per year
  • Cheapest for $250,000: Farmers at $997 per year
  • Cheapest for $500,000: Farmers at $1,734 per year

Find cheap home insurance with MoneyGeek's table to see how costs vary by dwelling coverage and provider.

Data filtered by:Results filtered by:
Coverages:
Coverages:$100K Dwelling / $50K Personal Property / $100K Liability
Construction Year:
Construction Year:2000
FarmersAnnual Premium$517
State FarmAnnual Premium$564
Vermont MutualAnnual Premium$736
ChubbAnnual Premium$760
AmicaAnnual Premium$1,452
AllstateAnnual Premium$1,597
TravelersAnnual Premium$2,672

Compare Massachusetts Home Insurance Quotes Online

We recommend comparing quotes from multiple insurers to find the most affordable home insurance in Massachusetts. Use MoneyGeek's home insurance calculator to receive Massachusetts quotes without needing to submit your personal details at the outset.

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Jun 14, 2024

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California
26-29
Excellent (750-850)
Home
$500,000
$500
$150,000
$100,000
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User Info
California
26-29
Excellent (750-850)
Home
$500,000
$500
$150,000
$100,000

Cheapest Home Insurance in Massachusetts for High-Value Homes

In Massachusetts, Farmers is the most affordable home insurance provider for high-value homes, offering $750K in dwelling coverage at just $2,414 per year. High dwelling coverage increases home insurance costs, and high-value homes typically have higher limits.

Even for high-value homes, Farmers ranks as the cheapest home insurance company in the state. Check out its rates:

  • Cheapest for $750,000: Farmers at $2,414 per year
  • Cheapest for $1,000,000: Farmers at $3,004 per year

We recommend purchasing dwelling coverage that matches your home's replacement cost, not property value, to avoid under or over-insuring. See how rates change for home insurance with higher coverage limits.

Data filtered by:Results filtered by:
Coverages:
Coverages:$750K Dwelling / $375K Personal Property / $500K Liability
Construction Year:
Construction Year:2000
FarmersAnnual Premium$2,414
Vermont MutualAnnual Premium$3,153
AllstateAnnual Premium$3,847
State FarmAnnual Premium$4,523
AmicaAnnual Premium$5,447
ChubbAnnual Premium$5,849
TravelersAnnual Premium$8,177

Cheapest Home Insurance in Massachusetts for New Homes

With an annual premium of $250, State Farm is the cheapest home insurance provider in Massachusetts for new homes, specifically for $100K in dwelling coverage. New properties in Massachusetts generally have more affordable insurance rates, largely due to their modern construction techniques and materials, which are less likely to sustain heavy damage.

State Farm is consistently the most affordable option for new homes in Massachusetts. Take a look at the rates for various dwelling coverage levels:

  • Cheapest for $100,000: State Farm at $250 per year
  • Cheapest for $250,000: State Farm at $313 per year
  • Cheapest for $500,000: State Farm at $613 per year

Examine MoneyGeek's table to get a comprehensive understanding of how insurance costs may shift for newly constructed homes based on different dwelling coverages.

Data filtered by:Results filtered by:
Coverages:
Coverages:$100K Dwelling / $50K Personal Property / $100K Liability
State FarmAnnual Premium$250
FarmersAnnual Premium$292
Vermont MutualAnnual Premium$566
ChubbAnnual Premium$623
AllstateAnnual Premium$816
AmicaAnnual Premium$981
TravelersAnnual Premium$1,184

Cheapest Home Insurance in Massachusetts With a Claims History

State Farm is the most affordable option in Massachusetts for homeowners who have filed a single claim in the last five years, offering a policy with $100K in dwelling coverage for $644 per year. Bear in mind that insurance premiums tend to be higher for homeowners with prior claims, as this often signals a higher risk for future claims.

Here's a roundup of the cheapest options for different dwelling coverage values with the same claim and construction year conditions:

  • Cheapest for $100,000: State Farm at $644 per year
  • Cheapest for $250,000: Vermont Mutual at $1,535 per year
  • Cheapest for $500,000: Farmers at $2,698 per year

Additional claims can significantly increase your premiums. Across all companies, homeowners with two past claims pay an average of $531 more each year than those who are claims-free. Maintaining your home and avoiding claims is critical to keeping your insurance costs down in Massachusetts.

Data filtered by:Results filtered by:
Claims History:
Claims History:1 claim in past 5 years
Construction Year:
Construction Year:2000
Coverages:
Coverages:$100K Dwelling / $50K Personal Property / $100K Liability
State FarmAnnual Premium$644
FarmersAnnual Premium$805
ChubbAnnual Premium$824
Vermont MutualAnnual Premium$917
AmicaAnnual Premium$1,753
AllstateAnnual Premium$2,370
TravelersAnnual Premium$2,888

Cheapest Home Insurance in Massachusetts by Home and Roof Materials

The type of construction and roofing materials used in your home directly influence the price of your home insurance policy. For instance, for a frame-construction home with a shake-treated roof, Farmers offers the lowest premium in Massachusetts at $517 per year. The frame construction and shake-treated roof features are linked to higher insurance prices due to their associated risks, such as susceptibility to fire or weather damage.

Here are the most affordable insurers in Massachusetts across various coverage levels for the same home:

  • Cheapest for $100,000: Farmers at $517
  • Cheapest for $250,000: Farmers at $997
  • Cheapest for $500,000: Farmers at $1,734

In comparison, homes with superior construction and tile roofs have lower average premium costs, saving about $143. These building features decrease the risk factor, leading to insurance savings. This is particularly significant in Massachusetts, given its severe weather conditions. Investing in high-quality construction and roofing directly translates to significant annual savings on insurance costs.

Data filtered by:Results filtered by:
Home Construction Type:
Home Construction Type:Frame
Roof Material:
Roof Material:Shake-Treated
Coverages:
Coverages:$100K Dwelling / $50K Personal Property / $100K Liability
FarmersAnnual Premium$517
State FarmAnnual Premium$564
Vermont MutualAnnual Premium$736
ChubbAnnual Premium$760
AmicaAnnual Premium$1,452
AllstateAnnual Premium$1,573
TravelersAnnual Premium$2,672

Cheapest Home Insurance in Massachusetts by Deductible

Changing your deductible can save you hundreds each year. In Massachusetts, Farmers offers the most affordable home insurance with a $2,000 deductible at $491 per year, compared to $573 for a $500 deductible, also provided by Farmers.

For $100K in dwelling coverage, the cheapest insurers are:

  • $2,000 deductible: Farmers at $491 per year
  • $1,500 deductible: State Farm at $502 per year
  • $1,000 deductible: Farmers at $517 per year
  • $500 deductible: Farmers at $573 per year

A deductible is your out-of-pocket cost before your insurance kicks in. Massachusetts home insurance costs an average of $233 less with a $2,000 deductible versus a $500 deductible.

Data filtered by:Results filtered by:
Deductible:
Deductible:2000
Coverages:
Coverages:$100K Dwelling / $50K Personal Property / $100K Liability
Construction Year:
Construction Year:2000
FarmersAnnual Premium$491
State FarmAnnual Premium$502
ChubbAnnual Premium$636
Vermont MutualAnnual Premium$652
AmicaAnnual Premium$1,325
AllstateAnnual Premium$1,394
TravelersAnnual Premium$2,415

Cheapest Home and Auto Bundle Insurance in Massachusetts

State Farm offers the most affordable home and auto bundle policy in Massachusetts, with an annual premium of only $1,197. Bundling home and auto insurance together can lead to significant savings.

  • State Farm at $1,197 per year
  • Allstate at $3,443 per year

Additionally, bundling results in savings and provides the convenience of dealing with one insurer for both policies. The ease of managing two essential policies with a single company facilitates a seamless insurance experience. Explore the best Massachusetts insurance bundles.

State FarmAnnual Premium$1,197
AllstateAnnual Premium$3,443
TravelersAnnual Premium$5,322

Cheapest Home Insurance in Massachusetts by City

Farmers is the most affordable home insurance provider in most Massachusetts cities. Costs by city can vary significantly due to factors including local building codes, crime rates and weather risks. For instance:

  • Worcester has the lowest annual premium for its cheapest company, State Farm, at $399.
  • Lowell has the highest annual premium for its cheapest company, Farmers, at $493.

It's crucial to shop around as insurers often have unique rate calculations for various areas, which could result in potential savings.

BostonCheapest CompanyFarmersAnnual Premium$486
CambridgeCheapest CompanyFarmersAnnual Premium$459
LowellCheapest CompanyFarmersAnnual Premium$493
SpringfieldCheapest CompanyState FarmAnnual Premium$405
WorcesterCheapest CompanyState FarmAnnual Premium$399

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.