Massachusetts Home Insurance

While the state of Massachusetts has many laws concerning auto insurance, there are actually very few regulations covering Massachusetts home insurance. That’s why, to make sure you get the best deal, it is important to know the basics about shopping for homeowners insurance in Massachusetts before you buy a policy. Insurance-Rates-Online.com will teach you about home insurance, then, by simply entering your zip code in the box below, instantly match you with the best home insurance companies in your area. Let’s get started.

The Basics about Massachusetts Home Insurance

Home insurance is not mandated by law in Massachusetts, but if you have a mortgage your lender will usually require you to buy a policy. Fortunately you have the right to choose your own insurance company and policy type provided it meets their coverage requirements.

Home insurance policies cover five specific risks:

1. Dwelling coverage – pays for the repair or rebuilding of your home if it is damaged during a covered incident.
2. Personal property coverage – covers home contents like furniture, clothing and personal items.
3. Additional living expenses – provides money to help pay rent, food costs, etc if you can’t live in your home while it’s being repaired from a covered incident.
4. Personal liability – repairs or replaces property belonging to someone else that is damaged by you or a family member, or damaged on your property.
5. Medical payments – pays for the medical bills of someone injured on your property or by a member of your family.

Home insurance policies in Massachusetts do not include flooding. If your home is in a flood plain, contact the National Flood Insurance Program for coverage.

Hurricane and High Wind Insurance

People living near the cost can have a difficult time buying home insurance, especially in Cape Cod or the Islands. High wind coverage is available but usually with a separate deductible that’s either a flat rate or percentage of the covered dwelling amount. To help improve your chances of getting coverage, do things that would mitigate wind damage, like installing:

• Hurricane shutters and shatterproof glass
• Hurricane proof garage, patio and other doors
• Roof and foundation anchor bolts
• Backflow valves
• Double door bracing

How Much Massachusetts Home Insurance to Buy

Several factors affect the size of the policy you should choose. One of the biggest, of course, is how much you can afford to pay. Premiums will be higher for policies which cover more risks, so some people choose leaner policies, but remember that you must pay the cost of repairs if something happens which isn’t covered. That’s why it’s important to get a policy with enough coverage to meet most possibilities.

The three main levels of coverage available are:

1. Actual Cash Value – pays what the property is worth, less depreciation and wear and tear.
2. Replacement Cost Value – pays the amount to repair or replace, up the value limit of the policy.
3. Inflation Guard Policy – covers the full cost to repair or replace property damage, including any increased costs due to inflation or changes in building codes.

Factors Affecting Massachusetts Home Insurance Rates

Each insurance company sets their own rates based on a variety of factors. Some are controllable, others aren’t. If you’re buying a new home, the cost of home insurance in Massachusetts could be a factor in your final decision.

Some of the things Massachusetts insurance companies consider include:

• Type of construction – frame houses are more expensive than brick homes
• Age and condition of home – older homes have more claims than new homes with new plumbing, wiring and heating systems.
• Local fire protection – having a highly rated fire department nearby lowers rates. Even having a fire hydrant near your home will help
• Geographic location – do you live near the coast or in an area prone to tornados? You’ll pay more for coverage
• Recreational equipment – items like trampolines and swimming pools represent additional risk to insurance companies, and consequently higher rates.

Many discounts are available which can lower policy premium rates, like non-smoker and senior discounts, multi policy discounts (having both auto and home insurance with the same company), and even remodeling discounts for upgrading plumbing, wiring, and heating/cooling systems.

Installing safety items, such as dead bolt locks, smoke detectors and fire extinguishers will also lower home insurance rates.

Shopping for Massachusetts Home Insurance

The best way to save money on a home insurance policy in Massachusetts is by comparing rates from several different companies. It’s easy to shop around – just enter your zip code in the box below and you’ll be instantly matched with top insurance companies offering coverage in your area. Click on three or four and request a free quote. Before you know it you’ll have the coverage you need at a price that won’t break your budget. What are you waiting for? Enter your zip code now!