GITNUX MARKETDATA REPORT 2024

Statistics About The Average Home Insurance Cost Massachusetts

The average home insurance cost in Massachusetts is around $1,200 to $1,500 per year.

Last Updated: June 18, 2024

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In this post, we will explore the various statistics related to home insurance in Massachusetts. From the average premiums and costs in different regions to common claims and policy types, we will delve into the numbers that define the homeowners insurance landscape in the state. Understanding these statistics can provide valuable insights for Massachusetts residents looking to secure the right coverage for their homes.

Statistic 1

"The average Massachusetts homeowners insurance premium is $1,543 per year."

Statistic 2

"Massachusetts represents 2.36% of the U.S's home insurance rates national average."

Statistic 3

"The percent change in homeowners insurance premium in Massachusetts from 2007 to 2016 was 55.4%."

Statistic 4

"The average cost of homeowners insurance in Massachusetts for homes valued between $200,000 and $300,000 is $1,150 - $1,900."

Statistic 5

"The average cost for Home insurance in Boston, Massachusetts is $934."

Statistic 6

"Massachusetts residents pay an average of $167 per month for home insurance."

Statistic 7

"The average Home Insurance premium in Massachusetts increased by 5.1% from 2015 to 2016."

Statistic 8

"Safety Insurance offers the cheapest homeowners insurance in Massachusetts on average, costing $581 per year."

Statistic 9

"The most expensive area for home insurance in Massachusetts is Nantucket, with an average rate of $3,495."

Statistic 10

"The least expensive homeowners insurance in Massachusetts is in a town called Greenfield, with an average cost of $535 annually."

Statistic 11

"Water damage/Freezing represents 38.2% of all homeowners insurance claims in Massachusetts."

Statistic 12

"The most common type of homeowners insurance policy purchased in Massachusetts is HO-3."

Statistic 13

"The average cost of a flood insurance policy in Massachusetts is $1,251 per year."

Statistic 14

"In Massachusetts, over 95% of homes have homeowners insurance."

Statistic 15

"Massachusetts homeowners insurance premiums as a percentage of income is 2.2% compared to the national average of 2.3%."

Statistic 16

"The average deductible amount for homeowners insurance in Massachusetts is $500 - $1000."

In conclusion, the statistics regarding homeowners insurance in Massachusetts reveal a nuanced landscape. The average annual premium of $1,543 is slightly below the national average, with notable variations across different regions within the state. The significant 55.4% increase in premiums from 2007 to 2016 highlights the evolving nature of insurance costs. Massachusetts residents typically pay around $167 per month for home insurance, with costs varying based on factors such as location and property value. The prevalence of water damage and freezing claims underscores the importance of adequate coverage. Furthermore, the statistics indicate a high rate of homeowners insurance coverage in the state, with policies like HO-3 being common. Overall, Massachusetts homeowners must carefully consider factors such as deductible amounts, premium fluctuations, and specific regional rates to make informed decisions about their insurance needs.

Jannik Lindner

Jannik is the Co-Founder of Gitnux and has been working in the digital space since 2016. He is specialized in content and tech.

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