Homeowners Insurance in Massachusetts

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Insuring a home in Massachusetts needs a homeowners insurance policy that will cover hurricanes, freezing weather conditions, and high winds. Finding homeowners insurance is easy when you compare multiple quotes from different providers.
Buying a home is often seen as a landmark in life, and it is a large investment. Getting homeowners insurance is one of the best ways you can protect your investment from costly incidents like fire, theft, and falling objects.
It’s important to know what coverages go into your homeowners insurance policy before signing anything. The licensed home and car insurance broker and comparison app Jerry has gathered what you need to know about Massachusetts homeowners insurance
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What is homeowners insurance?

Homeowners insurance is a type of insurance policy designed to cover your home and the property inside it. These policies provide legal and financial security against personal liability, property damage, and the loss of the home.
In the United States, the average homeowners insurance policy costs $115 per month, or $1,387 per year. 

Basic components of homeowners insurance

A general homeowners insurance policy contains the following coverages:
  • Coverage A (Structure): Covers repairs or replacements for the actual house.
  • Coverage B (Additional structures): Covers repairs or replacements for other structures on the property including fences, sheds, and pools. 
  • Coverage C (Personal property): Gives financial coverage against loss or destruction of certain kinds of personal belongings (furniture, appliances, electronics, jewelry, etc.). 
  • Coverage D (Additional expenses): Also known as loss of use. Covers any living expenses (e.g. a hotel, food, etc.) that are needed due to losing all or part of your home. 
  • Coverage E (Personal liability): Pays for litigation costs if someone is injured while on your property.
Homeowners policies will cover either actual cash value (ACV), the value of your belongings at the time of the loss, or replacement cost, the cost to replace your belongings regardless of their value at the time. Insurance companies typically require homeowners to buy a policy covering at least 80% of their home’s replacement cost. 

Named perils

There is not a standard for comprehensive coverage regarding homeowners insurance. Your home insurance will only cover named perils, the events explicitly listed in your policy, unless you have added endorsements or have a special kind of policy. 
Common named perils include:
  • Wind
  • Lightning
  • Hail
  • Fire
  • Explosions
  • Vandalism
  • Theft
  • Riots
  • Damage caused by vehicles
  • Falling objects
Carefully read over your homeowners insurance policy to understand the events that will—and won’t—be covered. 

Is homeowners insurance required in Massachusetts?

There is no law in Massachusetts requiring you to have a homeowners insurance policy. However, your mortgage lender may require you to have a policy in place for the duration of your mortgage.
Even if it’s not required for you, it’s always a good idea to have some form of homeowners insurance. (If you cringe at the thought of having to pay for all repairs and replacements after a devastating house fire, you should probably have a home insurance policy in place.)

How to get homeowners insurance

The first thing you should do when shopping for homeowners insurance is to compare quotes from multiple different insurance companies (this is super easy with the Jerry app!). Don’t just sign up with the first company you find—you might miss out on some great savings. 
You should always get a homeowners quote from your car insurance company, too. The premium might be higher to start with, but you should be able to stack your savings by bundling home and auto policies. 
It’s worth it to check out all of your options—discounts for bundling range from 5% to 15% or even higher!
Massachusetts residents should insure their homes against freezing weather conditions, high winds, and flooding. Basic homeowners insurance policies should cover damages from the first two perils, but you may need to find alternative protection for floods.
The following are three ways you can cover your home against flood damage:
  • Water backup coverage: covers costs of water removal and repairs after a burst pipe.
  • Flood insurance: protects your home against external sources of flooding, like a torrential downpour. It’s available for purchase through FEMA’s National Flood Insurance Program (NFIP) or a referral. 
  • HO-5: also called an open perils policy, this covers any perils unless your policy explicitly lists it as an exclusion. Note that this option will be more expensive. 

Why is homeowners insurance in Massachusetts so expensive?

The average homeowners insurance cost in Massachusetts falls a few dollars below the national average of $1,387 per year. Everyone will have different home insurance premiums, since rates are impacted by factors like location, credit history, and marital status
In the Bay State, there are a few extra things that can influence the price of home insurance, including the following.

Hurricanes

Since Massachusetts is located on the east coast, it is susceptible to hurricanes and other coastal storms. These storms can cause wind and water damage to homes, increasing both claims numbers and home insurance rates.

Freezing weather conditions

Massachusetts can have cold, harsh winters. The state often endures ice and freezing rain during the winter months. Massachusetts gets more snow in the winter than 42 other states in the U.S., and the resulting damages can raise the price of homeowners insurance.

Homeowners insurance discounts in Massachusetts

Providers typically offer a variety of discounts to their customers. Here are some common discounts for homeowners insurance:
DiscountHow to get it
BundlingBundling home and auto insurance could result in a discount on both policies.
First-time homeownerMost providers will offer a discount for your policy if you’re buying your first home.
Claims-freeIf you go a set time frame (usually a few years) without any claims, you may be eligible for a discount.
Storm proofingUpgrading your roof or installing storm shutters could earn you a discount.
Security systemSecurity systems to deter theft may result in a discount on your homeowners insurance.
Upgraded fire alarmIf you set up your fire alarm to directly contact the fire department, you might receive a discount for shorter fire response times.

How to save on home and car insurance

It can be stressful getting everything in order to buy your new house, but finding affordable homeowners insurance doesn’t need to be a hassle. Jerry makes it easier than ever to find a policy that fits your needs.
Jerry will find you quotes from dozens of top-rated insurance companies to help you find the right policy and the best savings available. They can even search for car insurance quotes at the same time! Choose the policy that will work best for you, and Jerry handles the rest.
Jerry’s expert support is committed to finding you the right deal whether you’re a first-time homeowner or just shopping around. 
Jerry is the best! I was able to get the same insurance from Progressive for only $198, which saves me almost $400 a month. Seriously.” —Miles G.
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FAQs

Hurricane insurance is not required in Massachusetts.
Wind damage from hurricanes is typically covered by your standard homeowners insurance policy. However, depending on your location, it may be recommended to purchase an additional flood insurance policy.
The average cost of homeowners insurance in Massachusetts is $1,307 per year, or around $109 per month.

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