Best Condo Insurance In Massachusetts 2024

According to our research, Nationwide offers the highest-rated condo insurance policy in Massachusetts.

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Written by Bob Phillips
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With 13 years of experience as a licensed insurance agent, I can confidently provide you with the information you need. Getting the right condo insurance is vital—not just for protecting your investment, but for ensuring your peace of mind.

Neglecting to act can result in serious repercussions. With 13 years of experience in the insurance field, I’ve observed many condo owners endure significant financial losses due to insufficient coverage. Don’t let this be your experience. Let’s delve into condo insurance in Massachusetts, examine your options, and ensure you’re adequately protected.

Best Condo Insurance Companies In Massachusetts, 2024

Best Condo Insurance, Massachusetts 2024

Compare The Best Condo Insurance Companies In Massachusetts

Best For Overall Rating A.M Best Rating J.D Power Rating Average Monthly Cost Get A Quote
Nationwide

Overall

4.9

A+

816

$866

Instant Quote
Travelers

Discounts

4.6

A

794

$858

Instant Quote
Chubb

High-Value Condos

4.7

A++

809

$1,551

Instant Quote
Amica

Runner-Up

4.8

A+

849

$1,419

Instant Quote
Scroll to see comparisons

Our Methodology

I determined the best condo insurance companies in Massachusetts by analyzing objective data from AM Best (financial strength) and J.D. Power (customer satisfaction). Additionally, I factored in feedback from consumer sites and drew on my experience as a former licensed property and casualty agent who sold condo insurance in Massachusetts.

146

Quotes Analyzed

31

Brands Reviewed

15+

Years Of Experience

30+

Research Hours

Best Condo Insurance Companies In Massachusetts


Best Overall

Overall Rating
4.9

Key Statistics

9/10 Affordability
10/10 Customer Reviews
10/10 Claim Payouts
9/10 Coverage Level

Why We Like Them

Nationwide is a top choice for condo insurance in Massachusetts, offering comprehensive coverage specifically designed for condo owners. This ensures you’re not just covered, but covered effectively.

With Nationwide, condo owners receive extensive protection. This includes coverage for furniture, clothing, and personal items from covered losses, as well as reimbursement for additional living expenses if you cannot live in your home due to a covered loss.

Nationwide stands out for its outstanding claims service. During difficult times, you need an insurer that offers prompt and fair service. Nationwide’s seamless claims process and dedicated team ensure you get the help you need when it matters most.

Benefits & Drawbacks

Benefits
  • Complete insurance coverage
  • Affordable premiums
  • Outstanding client support
Drawbacks
  • Unsuitable for lower-value homes
  • Potential for added costs
  • Some discounts might be scarce

Best For High-Value Condos

Overall Rating
4.7

Key Statistics

7/10 Affordability
10/10 Customer Reviews
9/10 Claim Payouts
9/10 Coverage Level

Why We Like Them

Chubb is a leading insurance provider for high-value condo owners in Massachusetts. Known for its superior service and tailored coverage for wealthy policyholders, Chubb provides extensive coverage limits and a variety of benefits.

Designed for high net-worth families, the Masterpiece policy provides extended replacement cost options, ensuring complete coverage for your valuable property.

Known for more than just comprehensive coverage, Chubb offers unique features such as cyber protection and identity theft coverage. Dedicated to addressing the specific needs of high-net-worth households, Chubb delivers top-notch insurance solutions for wealthy Massachusetts condo owners.

Benefits & Drawbacks

Benefits
  • Outstanding customer support
  • Extended coverage available
  • Low complaint rate
Drawbacks
  • Higher premiums
  • Not accredited by BBB
  • May not be suitable for mid-priced condos

Best Runner-Up

Overall Rating
4.8

Key Statistics

8/10 Affordability
9/10 Customer Reviews
9/10 Claim Payouts
10/10 Coverage Level

Why We Like Them

For comprehensive condo insurance in Massachusetts, Amica is a standout option. Celebrated for its outstanding customer service and diverse coverage options, Amica ensures a smooth insurance experience. Bundling condo and car insurance can save policyholders up to 20%.

Amica offers highly competitive rates. A comparison with Allstate shows that Amica’s monthly rates are significantly lower. Moreover, Amica has a low complaint level, indicating high customer satisfaction. The Platinum Choice Home Coverage combines several types of coverage, ensuring robust protection for your condo.

Benefits & Drawbacks

Benefits
  • Extensive array of coverage options available
  • Customers report high satisfaction levels
  • Financially sound insurance provider
Drawbacks
  • Charges higher than average premiums
  • Does not distribute dividends
  • Strong AM Best rating, though downgraded in 2017

Best For Discounts

Overall Rating
4.6

Key Statistics

9/10 Affordability
8/10 Customer Reviews
8/10 Claim Payouts
9/10 Coverage Level

Why We Like Them

Travelers Insurance is now a top choice for condo insurance in Massachusetts, especially for individuals seeking significant discounts. They provide numerous ways to save, making their insurance policies more budget-friendly while maintaining robust coverage.

A standout discount option from Travelers is the multi-policy discount. Homeowners who combine their condo insurance with a Travelers auto policy can save as much as 15%. This method simplifies managing your insurance and results in substantial savings.

Additional discount opportunities are available from Travelers for those with qualifying smart home technology. This demonstrates the company’s commitment to encouraging and rewarding proactive home maintenance and security measures.

The combination of Travelers’ comprehensive coverage and discount opportunities makes it a great option for condo owners in Massachusetts. Furthermore, Travelers is often praised for providing lower home insurance rates compared to most competitors, while still offering comparable coverage.

Benefits & Drawbacks

Benefits
  • Attractive pricing
  • Solid financial standing
  • Options for bundling
Drawbacks
  • Limited selection
  • Higher rate of customer complaints than other providers

How Much Is Condo Insurance In Massachusetts?

Here are extended comparison charts to assist you in making an informed choice.

Average Cost Of Condo Insurance By City

This table gives an overview of the average annual and monthly expenses for condo insurance across the top ten cities in Massachusetts.

City Average Annual Rate Average Monthly Rate
Boston $580 $48
Worcester $550 $45
Springfield $550 $45
Cambridge $600 $50
Lowell $565 $46
Brockton $550 $45
Quincy $545 $43
Lynn $530 $24
New Bedford $500 $41
Fall River $450 $37

The provided rates are estimates and may vary based on factors such as the precise location of your condo, its structural attributes, and the extent of coverage necessary.

Average Cost Of Condo Insurance By Building Property Limits

Condo insurance isn’t uniform for everyone. Your coverage needs depend on the value of your property and belongings. To assist in your decision-making, here’s a comparison chart displaying average monthly rates for condo insurance in Massachusetts, categorized by building property limits.

Building Property Limit Average Annual Rate
$40,000 $771
$60,000 $918
$80,000 $1,120
$100,000 $1,340

Keep in mind that the rates provided are estimates and can vary based on factors like your condo’s location, its structural features, and the amount of coverage you need.

Average Cost Of Condo Insurance By Company

Here are the average annual rates from ten major national insurance companies that offer condo insurance in Massachusetts, as shown in the table:

Insurance Company Average Annual Rate
State Farm $751
Allstate $802
Liberty Mutual $853
USAA $704
Progressive $905
Nationwide $886
Farmers $1007
Travelers $828
Erie $769
American Family $9510

Please remember that these rates are estimates and can fluctuate based on factors like your condo’s location, its structural features, and the amount of coverage you need. Opting for the cheapest rate may not necessarily offer the best value. It’s crucial to consider a policy that strikes a balance between affordable rates, comprehensive coverage, exceptional customer service, and financial stability.

How To Find The Best Condo Insurance Company For You

It might take time and energy to find suitable condo insurance, but it’s an important step. Your condo likely holds significant value, making it essential to ensure its protection along with your belongings for your family’s financial stability.
Follow these five straightforward steps to identify the best policy for your situation:
  1. Research condo insurance companies online and select three carriers that you are comfortable with.
  2. Decide on the specific coverage limits that are appropriate for you.
  3. Obtain estimates for the desired coverage from three insurance providers.
  4. Choose an insurer based on their coverage, customer feedback, financial health, discounts, and rates.
  5. Finalize your insurance coverage application.

Comparing several quotes simultaneously is the optimal approach to finding top-notch condo insurance in Massachusetts. Count on Insuranceopedia to deliver multiple quotes immediately.

How To Get An Online Condo Insurance Quote In Massachusetts

Getting an online insurance quote in Massachusetts is best done through a website that can provide multiple quotes simultaneously, allowing for convenient side-by-side comparisons, like Insuranceopedia.

When getting an online quote, you’ll need to provide:

  • Condo replacement cost: The expense to rebuild your condo using similar materials if it’s damaged.
  • Personal property value: This determines your personal property coverage limits.
  • Personal information: You need to provide details like your name, address, insurance history, and the number of residents.
  • Condo details: Include the year it was built, square footage, exterior construction, security systems, and more.

What Does Condo Insurance Cover In Massachusetts?

HO6 insurance, commonly known as condo insurance in Massachusetts, primarily covers the interior of the condo. It includes installed fixtures, appliances, and personal belongings, providing protection against damages to walls, floors, cabinets, and fixtures within your unit.

Moreover, it offers coverage for personal property, ensuring that your belongings are protected from theft or damage. Additionally, many policies come with loss assessment coverage, beginning at $1,000 and potentially increasing with an optional endorsement.

How Much Condo Insurance Is Required In Massachusetts?

In Massachusetts, there’s no law mandating condo insurance, but it’s typically required by mortgage lenders and building associations. Most insurers provide coverage between $100,000 and $500,000. State regulations do require a minimum loss assessment coverage in your condo policy to cover damages affecting common areas.

How Much Condo Insurance Do I Need In Massachusetts?

Deciding the appropriate level of condo insurance in Massachusetts is influenced by various factors, such as the value of your belongings, the internal setup of your condo, and the master insurance policy held by your Homeowners Association (HOA). Per Massachusetts law, your condo insurance policy should include at least $2,000 in loss assessment coverage to address losses impacting shared complex areas.

How To Save Money On Massachusetts Condo Insurance

Condo owners in Massachusetts have several options to save money on their condo insurance. One of these is increasing your deductible. While opting for a higher deductible can lower your premiums, it also means you’ll need to pay more if you make a claim. Finding the right balance is key to managing your finances.

Another efficient method to reduce expenses on your Massachusetts condo insurance is by making your condo more resistant to catastrophes. This could mean reinforcing your property with storm shutters or enhancing your home security setup. These enhancements not only safeguard your property but can also result in insurance premium discounts.

Factors That Impact The Cost Of Your Condo Insurance Policy

The cost of your condo insurance policy in Massachusetts is influenced by four main factors:

Location of Your Condo

Condo insurance costs are heavily influenced by the location of your condo. If your condo is in a high-risk area susceptible to natural calamities such as hurricanes, floods, or wildfires, your insurance premium will be higher. Massachusetts, with its vulnerability to hurricanes, typically experiences higher condo insurance rates.

Age and Construction Type of Your Condo

The age and construction materials of your condo are critical in deciding the cost of insurance. Older condos with outdated systems such as wiring or plumbing pose higher risks of damage, resulting in increased insurance costs. Additionally, condos made with less sturdy materials may attract higher premiums.

Replacement Cost of Your Condo

The cost of your condo insurance can also be influenced by the replacement cost of your dwelling. This is the sum required to rebuild your condo if it were entirely destroyed. A higher replacement cost typically results in a higher insurance premium.

Claims History

The cost of your condo insurance can also be influenced by your claims record. If you have a history of filing many claims, insurers may categorize you as a riskier client and increase your premiums. On the flip side, having a clean claims history can lead to reduced insurance costs.

FAQs

How much is condo insurance in Massachusetts?

On average, Massachusetts residents pay about $598 per year or $49 each month for condo insurance. Yet, these prices can fluctuate widely depending on factors like location, coverage options, and past insurance claims.

How does condo insurance work?

Condo insurance provides a safety net by covering your personal belongings, the inside of your unit, and liability claims. It also covers areas not protected by your condo association’s master policy, shielding you from sudden financial hardships.

Sources

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