Cost of Massachusetts Homeowners Insurance

Where you live, the type of pet and the type of personal items in your home, all have an impact on the premium you pay.

Purchasing home insurance is a must for any homebuyer and is prerequisite to getting a mortgage. Therefore, it is important you know what factors determine it to estimate and understand how much your home insurance will cost.

Where are you looking to live? Your home’s location plays a part in establishing the cost of your home insurance. For example, homes in Massachusetts may be subject to wildfires and flash floods and require additional protection.

Consult your insurance agent or broker regarding any further coverage to your basic policy that you may need.  

When you find the perfect location, it also is important to consider the home’s size and age. If it is a large or old home, then it is likely you will have more insurance claims to file, which increases the rate.

What types of items will you keep in your home? The type of personal property you have in your home can increase the cost of home insurance. If you have more valuables, then you will have to pay a higher annual rate.

Will it be a single or multi-family home? If several families live under one roof, the likelihood of insurance claims increases along with the insurance rate.

Are you going to have pets? Certain dog breeds are on insurance carriers’ “banned or restricted” lists. If you are going to have them in your home, you may have to pay a higher insurance rate.

Each insurance company has its own list. Speak with your insurance agent or broker to find out specific restrictions.

What is your insurance history? Your credit score and past insurance claims play a role in determining your current home insurance cost.

So how can you lower the cost of your home insurance? If you bundle different insurance policies together, you are able to receive a lower rate. Your insurance agent can help you get the deal and coverage that’s right for you.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.


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