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Homeowners Insurance in Massachusetts

Massachusetts homeowners insurance protects one of the most valuable investments any citizen can make. Purchasing a home requires homeowners insurance coverage, but such protections can take many forms. In Massachusetts, the rules regarding home and property insurance fall under the management of the Consumer Affairs and Business Regulation, or OCABR. The process to get homeowners insurance involves understanding the various aspects of coverage policies. Additionally, homeowner insurance rates vary based on a variety of factors, such as the level of coverage, the size of a home and more. On the page ahead is information about how to get homeowners insurance, how to compare homeowners insurance in Massachusetts and more.

Type of Homeowners Insurance Required in Massachusetts

Homeowner insurance covers a home in the event of a wide range of disasters from break-ins to floods and more. However, not all homeowner insurance policies are the same. And generally, residents should consider a plan that can help rebuild a home in the case of a total loss. Such a policy must factor in the labor and material costs of rebuilding a home while keeping in mind the rising costs of such services and goods. Home and property insurance does not only protect the structure but everyone and everything inside the house as well. The types of homeowners insurance in Massachusetts that is available vary significantly by cost and coverage.

Note: For renters, homeowners insurance is known as renter's insurance and features different coverage options.

How to Get Home Owners Insurance in Massachusetts

The process to get MA homeowners insurance begins with understanding who the major insurers are in the state. Locating such information on homeowners insurance is possible through a variety of sources. Residents will find information about homeowner insurance companies by using the internet or contacting the companies directly. Locating contact information for homeowner insurance companies in Massachusetts is as easy as driving around a city where billboards, posters and other public advertising dots the landscape. Additionally, local papers feature ads from companies vying to provide insurance for homes in the state. Lastly, advertisements on television and the radio provide information on insurers.

Cost of Homeowners Insurance in Massachusetts

Residents begin the process to get home and property insurance in Massachusetts by contacting various insurance providers. Companies will give homeowner insurance quotes after learning details about the family and household. Some of the factors that affect homeowners insurance rates include the following:

  • Size of a home
  • Age of a house
  • Cost of a home
  • Location of a house within the state

Residents seeking homeowners insurance will find a lot of data about different policies from different companies. An essential part of getting cheap homeowners insurance is to comparing homeowners quotes between insurers. Not only will this help find affordable homeowner insurance but also a policy that provides the most amount of protection for the price.

Note: Since homeowners insurance plans in Massachusetts are offered by major carriers who also provide auto and other types of insurance, it is possible to save on home insurance cost by bundling policy packages. Such packages would include the homeowner insurance plan and plans covering vehicles and other such items.

Coverage Provided by Homeowners Insurance

The cost of homeowner insurance reflects the type of coverage that it provides. Basic homeowner insurance policies typically cover the costs to repair damaged property but also replacement costs in the event that your entire home is destroyed. Usually, a basic insurance policy will even cover belongings, furniture and appliances. However, the contents of a household are only covered for up to a certain percentage of the insured value. In addition to essential coverage, certain types of damage might be included or excluded from policies such as:

  • Flood.
  • Fire.
  • Theft.
  • Lightning.
  • Earthquake.

The homeowners insurance coverage varies by state and even by regions within a state. Areas more prone to flooding will require more coverage and face different homeowner insurance rates than areas that never flood or rarely flood. Conversely, such things as fire coverage will hinge on the cause of the damage. Many homeowners insurance company policies will feature clauses that exclude covering damage purposefully or maliciously caused by the owner of the property. Additionally, taking advantage of homeowner insurance by staging damage is fraud and punishable by hefty fines and prison.