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Massachusetts has had a significant role in the history of America and it is one of the absolute best places to live in the United States. The Bay State is full of history, beautiful scenery and some of the best people in the world.
While Massachusetts is the 7th smallest state by land area, we are the 14th most populous and the 3rd most densely populated state in the country. Visitors come from around the world to take in the history and cultural that is one of the defining features of Massachusetts.
Many of those visitors decide to stay and become residents, settling down in the big cities like Boston, Worcester, and Lowell or heading to smaller, less hectic places such as Westford, Lenox or the always popular Nantucket.
In 2014, Massachusetts was home to 6.7 million people, which was an increase of 3 percent from 2010. This population growth has made Massachusetts the fastest growing state in New England and the 25th fastest growing state in the country.
The majority of residents call the Boston Metropolitan Area home. Greater Boston is the tenth largest metropolitan statistical area in the country by population. Over 4.7 million people leave in the Boston Metro Area.
Regardless of what you are looking for in a home, Massachusetts has you covered. Everything from million-dollar riverfront homes to affordable houses, condos and apartments.
The residents of Massachusetts have an average household income of $ 64,081, which ranks it as number six in the entire country. The cost of living can vary dramatically depending on what part of the Bay State you call home. The city of Boston can be expensive while a town like Lenox tends to be more affordable.
The median home value in Massachusetts is a fairly pricey $323,800 which is a measly 0.1 percent gain over last year. The prediction is that prices will be headed down 0.6 percent next year which is great news for home buyers, but not so great if you are selling.
Expect to pay a premium for life in Boston. In popular neighborhoods such as Back Bay the average listing price is currently over $2 million but in more affordable neighborhoods like Dorchester the average is closer to $360,000.
Homeowners Insurance in Massachusetts
Massachusetts is a fairly expensive state when it comes to homeowners insurance. It is the 11th most expensive state in country with an average price of $1,150 per year.
One of the best ways to lower your insurance premium is to shop it around. Insurers rate risk differently and shopping a variety of insurance companies will ensure that you are getting the best price. We can help you shop up to 12 insurers, all at once. Fill out our quick and easy form and our insurance partners will send quotes directly to your inbox.
Bundling is another great way to lower your premium. Insure your car and home with the same company and you can save up to 20 percent or more.
Frequently Asked Questions About Rate Quotes
- What's the average monthly premium homeowners pay in Massachusetts?
Homeowners in Massachusetts pay on average around $96 a month for homeowners insurance.
- Which carriers can you provide quotes for comparison shopping?
We can provide up to 12 top rated carriers which will include rate quotes from: MapFre Insurance, UPC Insurance, Liberty Mutual, Quincy Mutual Group, Progressive, Chubb Personal Insurance, Ace Insurance, United States Liability Insurance Group (USLI), American International Group (AIG), The Andover Companies, Foremost and many more.
- If I have a new home purchase in Massachusetts, can you help me?
Yes, we can help you finalize your new homeowners insurance policy for your new home as fast as you need us. If your closing soon and need a homeowners insurance policy that's best fit for your home, please start your Massachusetts homeowners insurance quote today!
Factors to Consider in Massachusetts
Tornados and hurricanes can be a problem in the Bay State. While damage from both of these types of storms is covered by a homeowners policy, flooding which can happen with severe storms is not covered.
If you live in an area where flooding can be an issue, a separate flood policy is a necessity. While flood insurance can be expensive, it can be a financial lifesaver if your house is flooded.
One thing that every homeowner should have is a detailed inventory of their possessions. This can make filing a claim much easier. There are a number of apps that can make this process quicker, allowing you to snap a photo with your phone.
As with any move, be sure to check the crime rates in any neighborhood you are considering. This will not only make sure your family stays safe but will also keep your insurance premiums affordable.
Average Homeowners Insurance Premiums in Massachusetts
With over 95% of all Americans are known to have homeowners insurance coverage, it's important to know what Massachusetts homeowners are paying on average. Did you know that the average homeowners insurance premium in Massachusetts is $1667? Massachusetts is now ranked 8 in the country. The country wide average for homeowners in the United States is $1,311. This means the average home insurance premium in Massachusetts is 27.15% more than the national average.
|Year||Average Annual Premium||Average Monthly Premium||State Rank (Overall)|
|2020||$1667 (3.1%)||$ 139||8|
|2019||$1617 (4.8%)||$ 135||8|
|2018||$1543 (3.63%)||$ 129||10|
|2017||$1488 (2.52%)||$ 124||9|
|2016||$1451 (5.09%)||$ 121||9|
When we combine the state averages over the last decade, the Massachusetts overall average is estimated to be around $1,372.60. Our homeowners insurance quoting and rating process helps you compare homeowners insurance quotes, coverages and premiums. Massachusetts current state rank compare to the rest of the country is #8. Consider shopping your Massachusetts home insurance with us so we can help you save up to 40% or more on your policy.
Massachusetts Homeowners Insurance News & Information
Florida Homeowners Advance From Citizens into Private Companies Posted on Tuesday 5th December, 2023
Homeowners Choice Property and Casualty Insurance Co. has assumed approximately 53,750 policies from Citizens Property Insurance Corp., Florida’s state-backed insurance company, the parent company says in a Tuesday news release. Homeowners Choice is owned by HCI Group Inc., a holding company with operations in homeowners insurance, information technology services, real estate and reinsurance. Homeowners Choice […]
North Carolina Joint Underwriters and Wind Pool Map Explained Posted on Thursday 30th November, 2023
North Carolina is a lovely state to call home. Our state is packed with beautiful cities, museums, restaurants and of course, some of the loveliest beaches in the country. Unfortunately, if you live in one of our amazing coastal southern cities such as Ocean Isle Beach, Holden Beach, Oak Island Beach, Calabash, Bald Head Island, […]
Did you know? Your Home Insurance Doesn’t Cover… Posted on Wednesday 29th November, 2023
While homeowners insurance covers a variety of perils and protects your home and personal possessions, it does come with a number of exclusions and coverage gaps that can result in you having to cover the cost of certain damage out of pocket. Let’s have a quick look at what your homeowners policy does and doesn’t […]
2024 Homeowners Insurance Outlook Receives Negative Rating Posted on Tuesday 21st November, 2023
The insurance news for 2024 is certainly not great. Experts expect that extreme weather and increasing costs will push up insurance costs and make insurance companies more selective when deciding where they will write policies. Recently, credit rating agency AM Best downgraded the entire home insurance industry from stable to negative. According to Richard Attanasio, […]
What Is the 80/20 Rule In Homeowners Insurance? Posted on Wednesday 8th November, 2023
If you are purchasing a home, your lender will require that you carry homeowners insurance to protect their investment in your home. Homeowners coverage will help cover the cost of repairing or replacing your home if it is damaged or destroyed by a covered peril. Covered perils can include items such as a hurricane or […]
Massachusetts Housing & Real Estate Data
|Total Housing Units||2808254|
|Occupied Housing Units||2547075|
|Vacant Housing Units||261179|
|Vacant Housing Units for Rent||66673|
|Vacant Housing Units Rented Not Occupied||3822|
|Vacant Housing Units For Sale||25038|
|Vacant Housing Units Sold Not Occupied||6408|
|Vacant Housing Units For Seasonal Occasional Use||115630|
|Vacant Housing Units All Other Vacants||43608|
|Housing Units Homeowner Vacancy Rate Percent||1.5|
|Housing Units Rental Vacancy Rate Percent||6.5|
|Housing Tenure Occupied Units||2547075|
|Housing Tenure Occupied Units Owner Occupied||1587158|
|Housing Tenure Occupied Units Owner Occupied Population||4214212|
|Housing Tenure Occupied Units Owner Occupied Averge Household Size||2.66|
|Housing Tenure Occupied Units Renter Occupied||959917|
|Housing Tenure Occupied Units Renter Occupied Population||2094535|
|Housing Tenure Occupied Units Renter Occupied Average Household Size||2.18|
Understanding Massachusetts Homeowners Insurance
When shopping for Massachusetts homeowners insurance quotes you should be aware of the various types of insurance policies that are available in your area:
- HO-3: This is the most common type of homeowers policy. This policy type protects your home against all perils, except ones that are specifically excluded. In most cases earthquake and flood damage are excluded.
- H0-6: This policy type is specifically written for condos or co-ops. If you own a condo or live in a co-op building this type of policy is a necessity. A HO-6 policy covers both your personal belongings and the structural parts of the building that you own. There are 16 disasters listed on a typical policy that HO-6 protects against.
- HO-4: If you are looking for Massachusetts renters insurance, a HO-4 policy is a great option. Renters insurance will cover your contents as well as offer liability coverage in the event a person is injured in your apartment.
While other types of policies exist, these are the most common ones. A HO-2 is a more basic policy that offers reduced coverage levels and a HO-5 is a high-end policy that offers increased protection.
If you are shopping for a new home in Massachusetts, homeowners insurance is a must do. We can help you find the perfect policy for your new home, regardless of whether you need a standard HO-3 policy, HO-6 or renters insurance, our site makes shopping for homeowners insurance quotes easy. Visit our online quoting application today and let us help you shop and compare up to 12 different Massachusetts rates and coverage options.