For homeowners who want to protect their property from the unexpected, a home insurance policy is a must. Depending on the area, the cost of this coverage will vary. Bundling insurance policies with other carriers can save homeowners money. A number of discounts are also available.
The average home insurance cost in Massachusetts is $1,261 per year. This is significantly lower that the national average of 2,864 annually. The rate you pay will depend on where you live and how old your home is. In general, homes older than 50 years are more expensive to insure. Older homes are built with materials that are less resistant to weather. You might also have to remodel them to comply with current safety codes.
Another factor that affects the cost of a homeowner's policy is the deductible. The deductible for homeowners is usually $1,000 or higher. In addition to the deductible, the amount of coverage you need will determine the total cost of your home insurance premium.
Ask for any discounts offered by your insurer when you are choosing one. You may be eligible for lower rates if you have good credit. You can also take advantage of discounts that are offered for items such as security systems. You can also expect to pay higher premiums for homeowners with a history in claims.
You can also affect your policy by how many rooms you have in the house. Homes with more rooms have higher risk of a claim. A pool is also a separate structure that is not covered under standard dwelling coverage.
If you have a claim, most insurance companies will look at the cost of fixing or rebuilding your house. Age can affect the cost of repairs. You will have to pay more to repair or replace older plumbing and electrical systems. The cost of custom molding and plaster walls can also increase the cost for your policy.
During the course of the year, your home insurance cost can fluctuate by hundreds of dollars. It is best to shop around and find the lowest price. It is possible to select a home insurance company which works with an independent agent in your area. You can also call multiple insurers to compare their prices.
The home insurance calculator can help estimate your deductible, as well as the rates for liability. Due to the high likelihood of hurricanes and icestorms, homeowners who live along the coast will be more expensive for insurance. On the other side, inland areas are more at risk from major storms.
Massachusetts is home to many insurance companies. The average Massachusetts home insurance premium is actually slightly higher than Rhode Island's. For homeowners in Boston, the average home insurance premium is more than one thousand dollars annually.
Although homeowners insurance is not required, many mortgage lenders require that you have one. Your premium will be determined by factors like crime statistics and weather damage.