Massachusetts is a competitive insurance market. This means that you should shop around for MA homeowners insurance rates as they can vary from company to company. Although rates may differ, most Massachusetts homeowners insurance companies with look at 10 different factors to determine premiums.
- Coverage Amount – Coverage amount consists of the value of your home (and any personal property that may be included). So, the more expensive your home, the higher your insurance premiums will be.
- Deductible – Insurance premiums are impacted by the amount of deductible that you select. A lower deductible results in a higher premium.
- Construction Type – Brick and stone homes are generally more fire resistant than wood frame homes. Therefore, a wood-framed home would have a higher homeowner’s insurance premium.
- Age/Condition of Home – Older homes often have more fire hazards than newer homes. For example, it could contain old plumbing that is likely to fail, or electrical wiring that is not up to current safety codes. Thus, a newer home is usually less expensive to insure than an older home.
- Recreational Factors – Pools, trampolines, and pets are likely to increase your insurance rates since injuries are more likely to result from them.
- Fire Protection – Homes located close to fire hydrants and fire stations benefit from a lower MA homeowners insurance rates. A shorter response time from fire departments decrease the extent of possible damages from fire.
- Location of Home – Some locations create more risk than others. For example, if you’re located near a body of water, within a flood zone, or in areas with common weather hazards, you will pay higher MA homeowners insurance rates.
- Safety Features – Some companies provide discounts for security systems, smoke alarms, and other safety features within a home.
- Previous History of Claims – Insurance companies will evaluate your personal history of filing insurance claims. If you frequently filed claims in the past, insurance companies will assume that you are more likely to file future claims. Therefore, your rates will be higher or you may even be denied insurance.
- Discounts – Almost all MA insurance companies offer some type of discount. The most common is the multi-policy discount. Be sure to ask about