Average Costs and Cheapest Homeowners Insurance Companies in Massachusetts

The cost of home insurance varies based on your requirements. State Farm is the cheapest overall insurer, and it’s also the most affordable for people with new or expensive houses and for those with a pool.

MoneyGeek aggregated hundreds of quotes from many sources to find the most affordable homeowners insurance in the state. If you’re looking to balance affordability with a strong service experience, MoneyGeek also scored the best home insurance companies in Massachusetts.

MoneyGeek looked at thousands of estimates from several insurers for various coverages to identify the best cheap homeowners insurance in Massachusetts. State Farm has the most affordable policies among the insurers studied with a baseline dwelling coverage of $500,000, with the premium costing an average of $1,692 per year.

State Farm is also the most affordable option for $100,000 and $250,000 dwelling coverage limits, as shown in the summary below.

• Cheapest for $100,000: State Farm
• Cheapest for $250,000: State Farm
• Cheapest for $500,000: State Farm

The amount of dwelling insurance you need is determined by the cost of replacing your property. Therefore, the higher the value of your house, the more coverage you will require. Toggle the table below to view the different costs for varying levels of homeowners coverage.

How much homeowners insurance costs in Massachusetts varies significantly depending on the type of coverage you choose. This is because the greater the cost of replacing your house, the more coverage you'll need and the more money you'll have to pay for it.

The baseline dwelling coverage level in the state is $500,000, and these plans cost approximately $2,864 per year on average. The lowest dwelling coverage level of $100,000 costs $962 per year on average, while dwelling coverage of $3,000,000 costs around $15,282 per year in Massachusetts.

To compute your homeowners insurance cost in Massachusetts, providers consider several factors including your property’s age, roof quality and dwelling value, deductible chosen, frequency of claims and more. Carriers also assess area-related factors and individual circumstances to estimate homeowners insurance in Massachusetts.

You may adjust your dwelling coverage limits, deductibles and other restrictions to see how the average cost of homeowners insurance in Massachusetts changes.

MoneyGeek analyzed hundreds of estimates from various providers for different coverage amounts in order to find the lowest homeowners insurance rates in Massachusetts. For those of you with expensive homes, the cheapest insurer may differ from that of a typical Massachusetts homeowner.

The cheapest home insurers in the state for homeowners seeking $2 million in dwelling coverage are:

• State Farm: $6,434 per year
• MetLife: $6,860 per year

If you own a high-value house, your premiums will vary significantly based on your dwelling coverage limitations. Make sure to shop around and compare quotes from several insurers to discover the most affordable solution for your needs.

Insuring newer homes is less expensive since the cost of replacing materials is usually lower. Using a sample profile of a homeowner who wants $250,000 in dwelling coverage and has a house constructed in 2015, MoneyGeek discovered that the cheapest homeowners insurance policies in Massachusetts are from:

• State Farm: $724 per year
• AIG: $878 per year

Note that your rates are affected by the age of your house. When compared to homes constructed in 2000, Massachusetts homes built in 2015 cost around $409 less to insure.

However, due to different ZIP code collection procedures, the numbers for residences built in 2000 differ from the figures in the first section of this article.

In Massachusetts, newer residences built in 2015 cost an average of $1,385 per year to insure, while those constructed in 2000 cost around $1,793. Since older homes were built with older materials that are less weather-resistant, they are more costly to replace and pose higher risks. Years of wear and tear also raise the likelihood of incidents, such as a broken pipe or a fire, making insurance companies charge you higher rates.

Having a pool raises the value of your property, which in turn raises the cost of your insurance. For households with a pool, the cheapest homeowners insurance companies in Massachusetts are:

• State Farm: $965 per year
• AIG: $1,047 per year

Pools are typically deemed as an additional structure in your house, and any additional structure can raise the value of your property while also increasing the cost of replacement. Keep in mind, however, that not all insurers will cover your pool as part of your standard dwelling coverage limit, since some may view it as a separate construction that necessitates additional coverage.

In Massachusetts, homeowners with or without a pool pay an average of $1,793 per year for $250,000 in dwelling coverage limits. There is typically no difference in regards to the premium in the state, but remember that rates might vary depending on a variety of criteria, including your dwelling coverage restrictions, location and more.

Massachusetts is one of the states that has banned home insurance companies from using credit scores to calculate annual premiums. Many experts think that the use of credit scores is unfair because it allows insurers to optimize prices based on an individual’s financial status. In addition, those with low income may be affected if their credit score is used to determine their home insurance cost.

Depending on where you reside in Massachusetts, the cost of homeowners insurance and the cheapest insurer might vary. State Farm is the cheapest home insurance provider in Boston, saving $1,172 per year compared to the city's average rates across all companies for a $500,000 baseline dwelling limit, according to our research.

To get home insurance quotes in Massachusetts, you need to provide all the required information to your provider so they can prepare your individualized quote. This includes your personal and contact details, your property’s value, the value of your belongings and if you have a pool. If you get frequent visitors, consider medical payment coverage to cover costs if a guest gets injured on your property.

You can also use MoneyGeek's Massachusetts home insurance calculator to get an anonymous quote. Our calculator was generated from thousands of quotes we gathered in the state.

MoneyGeek analyzed homeowners insurance premiums from nine of the top insurance companies in Massachusetts that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Massachusetts. Quotes were gathered with an average home profile of 2,500 square feet, built in 2000, with an average dwelling coverage value of $500,000, liability coverage of $100,000 and personal property coverage of $100,000.