By: Ramu Garuda August, 01, 2019
Massachusetts’ homeowners pay an average homeowners rate of $1,190. West Tisbury, Aquinnah, Siaconset, and Nantucket are the most expensive ZIP codes in Massachusetts. Nantucket has the highest homeowners premium of $2,972, whereas the City of Melrose reports the lowest premium of $1,236. Boston city has an average homeowners premium of $2,120.
Homeowners can avail of multiple discounts to lower their insurance rates.Some of the discounts offered to homeowners in Massachusetts are as follows:
Insurance firms offer new customers a 10% discount for the first two years.
Signing up for a new policy before the current one expires can earn homeowners a discount of up to 10% on the total insurance cost.
HOME SAFETY DISCOUNT
Installing CCTV cameras, fire alarms, sprinkler systems, and other safety features reduces home insurance costs by as much as 15%.
EASY PAY PLAN
Homeowners who schedule automated payments or link their savings account for payments save as much as 5% of their home insurance costs.
NEW HOME DISCOUNT
New homes in Massachusetts are given discounts of as much as 23% because they are more durable and less susceptible to damage.
DISCOUNTS FOR FIRE RESISTIVE CONSTRUCTIONS
Homeowners can save up to 23% on their homeowner insurance by constructing their homes using fire-resistant material.
Homeowners can save as much as 21% on their home insurance rates by bundling their home and auto insurance.
Homeowner with high-end sport or luxurious cars should prioritize an auto insurance policy with the best rate over bundling.
Homeowners should ideally inform their current insurance firm at least 30 days prior to cancelling their policy to bundle with another firm.
This way, homeowners can avoid paying fees for abrupt cancellations and the insurance firm stops billing the homeowner at the end of the 30-day period.
Ramu is a research analyst with over 9 years of analytics & research experience. Prior to joining the company, he worked with some of the prominent consulting and market research firms in India, including Pride Technology (Supporting consulting projects to PWC), RR Donnelly, and The Hackett Group. His skills include company profiling, benchmarking, data and trend analysis, industry analysis, and report writing across the industries. Ramu holds a Master’s degree in Finance and Marketing. He also has a bachelor’s degree in Biotechnology.