There are many factors to consider when purchasing home insurance in Massachusetts. Though the area is safe when compared to other states that are commonly threatened by hurricanes and floods, property damage can still happen at any time.
Massachusetts offers a wide variety of coverage options based on a number of factors. Even if denied coverage multiple times, you still have options. While the state has no law requiring you to have homeowners insurance, you risk losing a lot if you live in an uninsured house.
Comparing Massachusetts Home Insurance Rates
A number of factors greatly affect how much you pay for insurance. Keep the following in mind when considering home insurance in Massachusetts:
- Homes made of wood may result in higher premiums, as they are more likely to catch fire.
- Rates might be higher if a residence is located more than five miles away from a fire station.
- Houses that are close to the ocean are more likely to suffer water damage, so rates will be higher.
- A trampoline or pet is a recreational liability in the eyes of your insurance company and can cause your premiums to go up.
As long as you use practical judgment, it will be simple to get a good picture of how much the insurance rate will be. Consider anything in or around the home that could cause an accident or permanent damage. If these hazards are not removable, then you should report them to the insurance company.
It's best to keep this in mind before purchasing a house in Massachusetts. Remember that a house near water or in an area susceptible to natural disasters will usually carry higher insurance rates. Keep in mind that you're protecting your house and not your land, so only consider your house when figuring out the right amount of insurance.
What Massachusetts Residents Should Consider
All homes in Massachusetts are required to have carbon monoxide detectors. Installing them in your home will greatly increase your family's safety, as carbon monoxide poisoning is fatal. If something happens to a residence in Massachusetts and there is no carbon monoxide detector present, the owner may have to pay much more, as well as face potential legal consequences.
Though it is unlikely that cigarette smoke will set off one of these devices, smoking should take place outside. Cigarettes cause a large number of fires, and you might have to pay much more if damage occurs because of cigarette negligence.
If many companies in the state have denied you coverage, consider the FAIR plan. This is a unique type of coverage for those denied multiple times by other agencies. Many factors come into play under the FAIR plan. Call (800) 392-6108 to learn more about the FAIR plan and to see if you qualify.
Frequently Asked Questions About Massachusetts Home Insurance
1. Does Massachusetts home insurance cover against other natural disasters?
The answer is, not necessarily. It's important to read the fine print in your policy. Some policies exclude natural disasters from their coverage. Other policies exclude any disasters that are the result of a poorly maintained home.
2. Does the FAIR plan offer guaranteed acceptance?
Your acceptance is probable, but there are no guarantees. A number of factors specific to your financial standing and the reasons for denial by other agencies go into deciding eligibility. The insurance company evaluates your home and credit before coming to a determination.
3. What happens in the event of complete home destruction?
Your insurance provider may pay a portion of your hotel fee if it is not possible to stay at the home of a family member or friend. This depends on the type of coverage you choose, but typically, the insurance company covers 20 percent of the fee.
How to Get Great Rates on Massachusetts Home Insurance
Has it been a while since you shopped for homeowner’s insurance? Is so, loyalty doesn’t always pay because prices vary from insurer to insurer. Another company may offer you a much better deal. Looking for home or renter’s insurance quotes? insuranceQuotes.com can help you find the best homeowner’s or renter’s insurance policy at the best price. Every year, we match 15 million consumers to the nation’s biggest home insurance companies, including Allstate, State Farm and Farmers.
Massachusetts Home Insurance Resources
MA Division of Insurance
A public resource for personal and commercial insurance information
Insurance Information Institute
Information and articles on various types of personal and commercial insurance