After reviewing factors such as market share, coverage policies, and discounts, we were able to narrow down the best homeowner insurance carriers in Massachusetts. Our number one recommended homeowner insurance in Massachusetts is Metropolitan Insurance with Allstate, AIG, New England Mutual, and Chubb close behind.
What do you need to know about these companies and homeowners insurance in Massachusetts? Keep reading to find out.
The 5 Best Homeowners Insurance Companies in Massachusetts
How to Find the Top Companies in Massachusetts
|Metropolitan Insurance||Allstate||AIG||New England Mutual||Chubb|
|Our review||Our review||Our review||Our review||Our review|
|A.M. Best Financial Strength Rating||A+||A+||A||A+||A++|
|J.D. Power Overall Customer Satisfaction Score (Relevant region)||4/5||3/5||2/5||NA||2/5|
|Online Quote Tool||X||✓||X||X||X|
|Compare rates||Compare rates||Compare rates||Compare rates|
Average Cost of Homeowners Insurance in Massachusetts
According to the Insurance Information Institute, the average cost of homeowners insurance in Massachusetts is currently $1,488, whereas the national average is $1,211. Keep in mind that other factors besides what state you’re in can lower or increase the cost of insurance. These include:
- Age of home
- Size of home
- Specific location of home
- Construction materials
- Credit score
Home Insurance add-ons that will further protect you
According to a report issued by the Massachusetts Commissioner of Insurance, two snow storms in 2018 accounted for $392.8 million in property damage. In mid-May of that same year, storms and a tornado accounted for another $4.1 million in damage. Broken down, homeowners were hit with the following severe weather:
- High winds
- Severe ice and snow
Therefore, when choosing an insurance provider, consider looking for coverage in the following:
To see if your home is considered to be in a flood zone, enter your address into the FEMA Flood Map.
Though tornadoes did a fair amount of damage in 2018, they don’t happen too often. Massachusetts currently only averages about 2-3 a year. Still, they do happen, and when they do you definitely want to be protected.
Look for Coverage for Tornado Damage Caused by High Wind when choosing a provider.
Helpful Resources for Massachussetts Homeowners
The Massachusetts Division of Insurance has a number of resources homeowners should make use of when choosing what type of policy to get. It includes a section devoted entirely to understanding the many intricacies revolving around home insurance, another page for frequently asked questions about homeowners insurance and lastly, a how-to tutorial that walks you through filing a claim and getting paid.
There are also numerous data driven reports that talk about what types of claims were filed in each county, which should be quite helpful when deciding what type of coverage your home needs.
Online or In-Person?
Everything can be done online these days, so there is no need to drive out to a brick-and-mortar shop to discuss homeowners insurance. However, it might be a good idea if you are confused about any aspect of a particular policy.
Be Mindful of Time
If you are buying a home, your lender requires you to have a homeowners insurance policy in place before you can close. You can’t take too much time shopping around!
If you are switching insurers, and you are making monthly mortgage payments, there can’t be any gaps in coverage.
What do you need to apply?
Insurers are going to want to know specific information about your home. For this, we recommend using your home inspection report, as your inspector will have answered in great detail many of the questions insurance companies are going to ask you.
To determine the best insurance companies in Massachusetts we first analyzed which companies had the largest market share, and then further narrowed down our list by examining how each company was independently reviewed by such companies as AM Best, J.D. Power, and the Better Business Bureau.
We then took our analysis even further by taking a hard look at policy options, available discounts, and online functionality.
Best Massachusetts Homeowners Insurance Companies
- Offers replacement cost coverage
- Can bundle with auto to save
- Can easily pair with flood insurance
- Average customer reviews
Metropolitan is one of the few insurance companies across the U.S. that you can pair with NFIP’s flood insurance, which is good because flood insurance is a necessity in Massachusetts lately.
Metropolitan also offers full replacement cost coverage to fully rebuild your home after a catastrophe.
One downside to Metropolitan is that online reviews are generally just average, but online complaints are pretty small compared to its size and service area.
- Pair with flood insurance
- Numerous opportunities to save
- Does not offer the same coverage for all states
With Allstate you can pair your policy with NFIP’s flood insurance. It also offers numerous ways for its members to save each month through various discounts such as Multi-policy discount, Pay Plan Discount, and Claim free discount
A potential downside is that coverage options from Allstate vary region by region. This means you will definitely want to talk to a representative to understand your policy before commiting.
- Offers truly comprehensive coverage options
- Members can save through a variety of discounts
- Consumer reviews could be better
- Must bundle with car insurance
With AIG you can get some of the most comprehensive coverage options available on the market today. If you need to save, AIG offers a variety of ways to get discounts on your policy.
A couple downsides are that you must bundle your policy with auto insurance, and its online reviews could use some improving. Complaints usually revolve around policy misconceptions, so make sure you speak with a representative if you have any questions.
New England Mutual
- Truly customize your coverage
- Save with discounts
- Lack of online presence
With New England Mutual you can truly mold the type of coverage you need instead of picking from cookie cutter options. It also makes it easy to save monthly with various discounts.
A downside to New England Mutual is its lack of online presence which will push you to work with a representative moving forward.
- High customer satisfaction
- Numerous, easy to achieve discounts
- Members get a variety of freebies
- Specializes in high end homes
Chubb only specializes in high end homes, which is a shame because it offers a strong product.
Members get a variety of free perks for using Chubb, such as free tree removal and computer maintenance.
Chubb also makes it easy to save monthly with various discounts; as an example, installing shutters on your windows will get you a permanent discount.
The Cheapest Homeowner Insurance Companies In Massachusetts
|Homeowner Insurance Companies||Average Annual Premium|
|AIG Prop. Cas. Co.||$614|
|New England Mutual Ins. Co.||$927|
|Quincy Mutual Fire Ins. Co.||$1,133|
|Preferred Mutual Ins. Co.||$1,196|
|Arbella Mut. Ins. Co.||$1,277|
|Bunker Hill Ins. Co.||$1,287|
|Bankers Standard Ins. Co.||$1,339|
|Northern Security Ins. Co.||$1,353|
|Dorchester Mutual Ins. Co.||$1,412|
|Norfolk & Dedham Mutual Fire Ins. Co.||$1,564|
|Citizens Ins. Co. Of America||$1,710|
|Massachusetts Bay Ins. Co.||$1,843|
|Merrimack Mut. Fire Ins. Co.||$1,843|
|Narragansett Bay Ins Co||$2,036|
|Average Across Insurance Companies||$1,411|
Homeowner Insurance by Credit Rating
|Age of Home (years)||Average Annual Premium|
|Average Across Ages||$1,606|
Quadrant home insurance rate data as of 12/01/2019.
Top 3 Cheapest Homeowner Insurance Companies in Massachusetts
- AIG Prop. Cas. Co. – $614
- Metropolitan Insurance – $833
- Allstate – $900
Top 3 Most Expensive Homeowner Insurance Companies in Massachusetts
- Narragansett Bay Ins. Co. – $2,036
- The Hanover – $1,975
- MAPFRE – $1,868
The cheapest provider in Massachusetts is AIG ($614) while the most expensive is Narragansett ($2,036). However, keep in mind that these numbers only represent the average cost of a premium with these companies. Many things affect the cost of homeowners insurance.
To get the true cost of what you would pay with a specific company, you will need to contact each company directly and get a personalized quote.
Homeowners Insurance FAQ
Is homeowners insurance required in Massachusetts?
No, it is not legally required. However, if you have a mortgage, your lender will require you to have it. More importantly, a policy is needed before a homebuyer can even go through with closing.
What is the cheapest homeowners insurance in Massachusetts?
The cheapest provider in Massachusetts is currently AIG Property Casualty Company.
Who are the cheapest providers in Massachusetts?
The cheapest providers in Massachusetts are currently AIG, Metropolitan Insurance, and Allstate.