Massachusetts Homeowners Insurance Guide
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Massachusetts Homeowners Insurance
Explore Massachusetts Homeowners Insurance State Guides, Laws and Regulations before You Buy Insurance
The Bay State is drenched with colonial history, being one of the original 13 colonies of the U.S. Its patriotic landmarks, great landscapes and incredible seafood drive several visitors to the New England region, as well as compel many to stick around and call it home. From Martha’s Vineyard to the hallowed ground of Faneuil Hall, Massachusetts provides a bit of reprieve for just about everyone. Being one of the original colonies, many historical landmarks are loitered throughout the state. In addition, there are several museums that outline its historic nature as well. Massachusetts is essentially woven into the fabric of the country given the part it played in the U.S.’ history. Stories of pilgrims, abolitionists, and the creation of the country is housed in some of the museums and restored homes located in the state.
Given the Bay State borders the Atlantic Ocean, coupled with its climate, it is subject to natural disasters. Flood is the most common natural disaster that property owners in Massachusetts must prepare for. Another natural disaster that isn’t as common but can cause just as much damage, is extreme winter weather. Massachusetts can experience significant snowfall and ice, which can cause quite a bit of property damage.
What Does Homeowners and Renters Insurance Cover, and How Much Does it Cost?
Massachusetts’ susceptibility to natural disasters place its homeowners and renters insurance rates in the top ten most expensive states in the country. The threat of property loss due to flood, or perhaps ice and snow, in addition to standard perils such as theft, vandalism and liability, is relatively high. Luckily, the basic homeowners or renters insurance policy typically covers resulting damage from a severe snow storm. However, damage from flood is excluded. Thus, property owners in the Bay State should look to augment their standard property policy with flood coverage from the National Flood Insurance Program (NFIP).
Average Homeowners and Renters Insurance Premium
| State | Homeowners | Renters |
| Massachusetts | $1,488 | $194 |
| USA | $1,211 | $180 |
Source: Insurance Information Institute (2017)
Which Property Insurance Carrier Should I Choose?
The homeowners insurance market is highly competitive in the Bay State. Seven percentage points separate the number one and number five insurance companies in the state, as measured by market share. The market is also composed of a good mix of regional and national carriers. Although there’s a healthy level of competition in the state regarding homeowners insurance, due to the inherent risk, property owners still pay a significant amount of premium for coverage when compared to the rest of the country. That said, property owners should make sure to compare insurance carriers and respective packages when looking for the right partner. In addition to perusing the standard market, they should also seek flood coverage in the surplus market.
Top 5 Home Insurance Carriers in Massachusetts
| Company | Market Share |
| MAPFRE | 13.1% |
| Liberty Mutual | 9.8% |
| Safety Insurance | 7.0% |
| Chubb | 6.3% |
| Andover Companies | 6.1% |
Source: Insurance Information Institute (2019)
The Bay State’s charm is nestled in the fact that it embodies, and actively preserves the history of the country. It also happens to be situated in a region that provides great beaches as well as dense forests. Its climate and proximity to the ocean unfortunately place upward pressure on the homeowners and renters insurance rates offered within the state. Most that call Massachusetts home would say that’s but a small price to pay given the abundance of benefits living in the Bay State provide.
Massachusetts Regulating Agencies And References
