Massachusetts Homeowners Insurance
Homeowners Insurance in Massachusetts: Complete Consumer Guide
Are you thinking of moving to Massachusetts? Here are some interesting facts about the Commonwealth of Massachusetts. In 1620, the Pilgrims, seeking religious freedom, made a brief stop in what later would become Provincetown before settling in Plymouth. The Commonwealth of Massachusetts became the sixth state in 1788. The capital of Massachusetts is Boston. The dome of the state house in Boston was covered with copper by Paul Revere & Sons in 1802 and has been covered in 23-karat gold leaf since the 1870s. The state bird of Massachusetts is the chickadee. The state flower of Massachusetts is the mayflower. And the state tree of Massachusetts is the American Elm. The first Thanksgiving was held in Plymouth in 1621. Boston Common was the first public park in America when it was established in 1634. The first free American public school was opened in Boston in 1639. The first basketball game was played in Springfield in 1891.
Types of Homeowners Insurance policies in Massachusetts
Are you wondering what type of homeowners insurance policy is right for your home? Here is a look at the different types of homeowners insurance policies.
HO-1 Called the “basic form,” the HO-1 form covers the 10 most common perils. But you won’t find these basic insurance forms everywhere. Some insurance companies do not offer HO-1 forms.
HO-2 Known as the “broad form,” the HO-2 form provides more limited coverage. But a HO-2 form still provides more insurance coverage than a HO-1 basic form.
HO-3 The HO-3 form is the most commonly used and widely purchased form of homeowners insurance. The HO-3 form provides coverage for named perils and personal property. With a HO-3 form, your insurance company will pay to repair or replace personal belongings damaged by 16 covered perils. These covered perils include theft, falling objects, the weight of snow, sleet and ice, water damage, fire, smoke, lightning, windstorm, hail, explosions and vandalism.
HO-6 This insurance form is for condominium units. The HO-6 type of coverage is typically “walls-in” coverage and may protect the condo unit’s walls, ceilings and floors against 16 perils. The HO-6 form also includes coverage for the condo owner’s personal belongings.
HO-8 This type of insurance form is for older houses and covers 10 perils. The HO-8 form is paid on an actual cash value basis, which is the cost of the items minus depreciation.
What factors affect rates on homeowners insurance in Massachusetts?
There is a wide array of factors that impact the rate on a homeowners insurance policy. Let’s take a look at a few. For example, the construction materials of your house are big factors. So are some other things such as how much it will cost to rebuild your house and replace all your belongings. Whether you have a swimming pool or a trampoline on your home property will affect your home insurance rate as well. Do you own a dog? You are liable for dog bites and injuries caused by your pet and this affects homeowners insurance rates. Credit also plays a role. If you have good or excellent credit, you will pay a lower homeowners insurance rate than a homeowner with bad credit.
Top 5 Disasters in the State of Massachusetts
Massachusetts federally declared Severe Storms disasters the most with 12 counts since 1953, followed by Hurricane, Snow, Flood, and Biological disasters. Here's top 5 tragedy in the State of Massachusetts federally declared disasters:
|Rank||Declaration Title||Disaster Number|
Source: Federal Emergency Management Agency (FEMA)
How much is homeowners insurance in Massachusetts?
The average cost of homeowners insurance in Massachusetts is $1,031 per year.
Source: The average cost of homeowners insurance by state, Business Insider.
Crime Rate: Is Massachusetts a safe state?
|2019 Crime in Massachusetts||Crime Number||Crime Rate*|
*Rate per 100,000 inhabitants
Safest Cities in Massachusetts by Property Crime*
- Wayland, MA has a population of 13,891 with a Property Crime rate of 0.1 per 1k. The city average home value is approximately $768,662.
- Norton, MA has a population of 19,894 with a Property Crime rate of 0.7 per 1k. The average home value there is about $404,084.
- Clinton, MA came in third as the safest city in the state of Massachusetts and has a population of 13,964 with a Property Crime rate of 1 per 1k. Its home value averaged at about $317,030.
- Franklin, MA has a population of 33,149 with a Property Crime rate of 1.2 per 1k. Its average home value is $470,656.
- Hopkinton, MA has a population of 18,585 with a Property Crime rate of 1.6 per 1k. The city home value averaged $638,821.
*Based on FBI Uniform Crime Reporting 2019, some cities have been eliminated because of changes in the state/local agency's reporting practices and cities with populations under 10,000. Zillow’s State/Cities average home value for a single family home or a condo as of Sept. 2020.
Compare Home Insurance Rates in Massachusetts
Top homeowners insurance companies in Massachusetts
Metropolitan Insurance has insurance that pairs well with flood insurance and it also offers replacement cost coverage. Replacement cost coverage provides you with a payment equal to the amount required to replace the lost or damaged items. Discounts from Metropolitan Insurance include a safety discount, a policy bundling discount and a group and employer discount.
Allstate is well-known for its discounts, which help to lower premiums, and for its good customer service. Allstate also offers a wide range of home insurance coverages and has a website chock-full of digital tools. Discounts from Allstate include an early signing discount, a home buyer discount and a hail-resistant roof discount.
AIG offers homeowners insurance for high-value homes and provides a number of discounts. AlG also offers a wide range of home insurance coverage options. Discounts at AIG include a new home discount, a gated community discount and a policy bundling discount. At AIG, you will receive a discount if you bundle a homeowners insurance policy with AIG with an auto insurance policy with AIG.
Massachusetts Home Insurance FAQs
What are typical exclusions in an insurance policy?
Earth movement such as earthquakes, shockwaves, sinkholes, landslides and mudflows are typical exclusions. Water damage such as floods and sewer backups are exclusions as well and are not covered in a standard HO-3 insurance policy.
Will homeowners insurance cover sagging floors?
A sagging floor is typically not covered by a homeowners insurance policy unless it can be tied to an event that is covered by the homeowners insurance policy. For example, if the water damage that caused the sagging floor was sudden and accidental, your homeowners insurance company may help repair the cost of the damaged floor.
What is extended dwelling coverage?
Extended dwelling coverage is an additional amount of insurance paid by the insurance company to compensate for a total loss that exceeds the dwelling coverage found in the insurance policy. For example, if you had $100,000 in dwelling coverage and your policy provided an extended dwelling coverage of 25 percent, the maximum payout in the case of a total loss would be $125,000.
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Do you hear gurgling or trickling noises from the toilet? Does water drain more slowly than usual? Do you have a sink hole in your yard suddenly? Is your grass suddenly vibrantly green in patches?
If you're a new homeowner or if you simply decided to look into what homeowners insurance covers, you probably have a few questions about your policy. We have answers.
Keep in mind that in order to get paid for the tree removal you will have to first pay your deductible. Your deductible costs anywhere between $250 and $1,000 so it may make sense for you to pay for the tree removal out-of-pocket. Also, your rate may go up if you file a claim. Is it worth it?
With all the benefits that come with owning a swimming pool there are also risks, which is why swimming pools are often called “an attractive nuisance.” According to the Centers for Disease Control and Prevention (CDC), approximately 10 people die from unintentional drowning.
Mortgage payments and possibly a homeowners warranty aren’t the only costs of owning a home. Nope, it doesn’t end with taxes and homeowners insurance either. Most people who set out to buy their first home are in for a surprise when the closing date approaches and they learn that they owe all sorts of money for the house they just bought.
Homeowners insurance was not designed to cover small or even big fixes, but to repair damage that is covered under the stipulations of your policy. In fact, you may end up paying more in monthly premiums if you file a claim that gets rejected. For this reason, we advise you to fully review your case and your policy to see if you’re covered before filing a claim.
Homeowners insurance is an important protection to have even when it’s not required for a primary home, a vacation home or condo.