Massachusetts Homeowners Insurance

Last Updated on September 29, 2020 by Andrew Lee

Your home is not just a building where you rest and sleep in. It is the place where you share quality time with your loved ones, keep yourself protected from inclement weather, and have many other investments in. Because it houses many of the other things you have spent a lot of money on, you want to keep it protected, as a whole.

The easiest way to do this is to work with a highly reputable Massachusetts homeowners insurance company. With sufficient and quality coverage, you can keep your home and its contents safe and secure. You also protect yourself from potential legal liabilities that may arise in case someone gets injured and you’re found at fault for causing it.

MA homeowners paid an average of $1,263 compared to the national average of $1,096

Quick statistics on homeowners insurance premiums

Before you spend money on having your home and its contents insured, you should first compare not only the available policy forms, but also their corresponding rates/cost. This way, you can gain a better picture as to how much you may have to spend on average towards your premiums.

As the National Association of Insurance Commissioners (NAIC) reports, the yearly national average is $1,096, while the annual average in MA is $1,263. And while the state goes beyond the country’s average, you shouldn’t settle for a policy that has too big of a difference.

To give you an even clearer idea, ValuePenguin, a financial resource group, released the results of a similar study, saying that the state’s monthly average premiums is at $92.01.

Insurance for your Massachusetts home: A quick overview

According to the Massachusetts Division of Insurance, an insurance policy, in a nutshell, is a legally-binding contract that puts into writing an insurer’s promise of paying for the outlined and included damages and losses. In exchange for the financial aid the company will provide you, you have to pay your premiums in time and in full, as what your agreement indicates.

Note also that your homeowners insurance policy has a limited life span, which means you need to renew it to remain protected. As the state’s DOI has reported, most terms (length of time a policy remains in effect) lasts for a period of one year. You can choose to have it automatically renewed after its expiration date.

According to the Massachusetts Division of Insurance, an insurance policy is a legally-binding contract that puts into writing an insurer’s promise of paying for the outlined and included damages and losses.


The things that put your home and its contents at risk of damage/loss

Repairing, rebuilding, or replacing a residential building, its structural components, and its contents can reach shockingly high costs. And when you don’t have insurance for any of these things, you would have to use your own money. Just imagine how great a toll it’ll take on your finances.

The worst part is, there are just so many things that put your home and your other personal belongings at risk of damage or loss. Some of these include the following:

  • Natural phenomena, such as earthquakes, hurricanes, fires, wind, hail, snow, rain
  • Faulty heating, ventilation, and air conditioning systems
  • Malfunctioning plumbing systems
  • Theft and burglary
  • Failure to maintain your home
  • Your own negligence that puts other people (as well as their properties) at safety risk

These are not everything that may cause property damage and/or loss. The good thing is, you can protect everything you’ve worked so hard for through insuring them adequately. And while the State of Massachusetts doesn’t legally require you to purchase and maintain a homeowners insurance policy, you should consider it more of as a protective investment for all your other investments.

Don’t underestimate homeowners insurance

The above-mentioned situations, hazards, and perils that put your home at serious risk of damage and/or loss should already make you realize just how important having them insured is. Remember: your house is your biggest and costliest investment, so protect it with the right amount of Massachusetts homeowners insurance coverage.