How much is homeowners insurance in Springfield, MA

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In Springfield, homeowners pay an average annual rate of $1,680 for a coverage level that includes $300,000 for dwelling, $100,000 for liability protection, and a $1,000 deductible, according to Insure.com’s rate analysis. This is $824 less than the national average of $2,504.

Homeowners insurance premiums can vary significantly from one property to another. In Springfield, the cost of home insurance is influenced by several factors, including:

• Size of your home
• Age of your home
• Amount of coverage required
• Location
• Your credit score

It’s crucial to compare quotes from multiple insurers to ensure you get the best homeowners insurance policy. This allows you to find the coverage that meets your specific needs.

Read this guide to discover the monthly homeowners insurance cost in Springfield, explore the insurance costs for different dwelling coverage, and find out which companies offer affordable home insurance in Springfield.

How much is homeowners insurance in Springfield per month

Residents of Springfield pay an average of $140 a month for homeowners insurance, as per Insure.com’s rate analysis. It’s $5 more than the state average of $135 and $69 less than the national average for home insurance across the United States.

The cost of your homeowners insurance policy in Springfield may change based on location, property value, and selected coverage options.

How much is homeowners insurance for a $200,000 house in Springfield

In Springfield, MA, homeowners pay an average of $1,317 annually for a $200,000 house. The amount you pay for home insurance each year depends on factors such as – natural disasters or events within your locality.

Some regions are more at risk for natural disasters, like floods, hurricanes, or tornadoes, implying higher rebuilding rates in these areas are higher, resulting in higher insurance premiums. It’s essential to note that your insurance policy might not cover damages caused by floods or hurricanes. If you reside in an area prone to flooding, consider buying flood insurance.

How much is homeowners insurance for a $300,000 house in Springfield

As per rate analysis by Insure.com, homeowners residing in Springfield typically pay an average of $1,680 annually to insure a home for coverage limits of $300,000 dwelling, $100,000 liability protection with a $1,000 deductible.

Your home insurance rates will be increased by $363 if you increase your dwelling coverage from $200,000 to $300,000. It is advisable to buy enough insurance sufficient insurance to cover the entire cost of rebuilding your home. However, the amount of dwelling coverage you need may vary depending on the size of your home, the features in your home, and the cost of living in your area.

How much is homeowners insurance in Springfield by company

Among the carriers analyzed, State Farm is the most affordable homeowners insurance company in Springfield, offering an average annual rate of $803, while Andover Insurance ranks second.

Researching a company thoroughly before selecting a homeowners insurance policy is essential. Insure.com has meticulously reviewed all insurance companies operating in Springfield and compiled a list of the most affordable options.

Below are the details of home insurance companies in Springfield and their average annual premiums.

Common natural disasters in Massachusetts that may affect home insurance

Natural disasters are unpredictable events that can cause significant damage to homes and property. Understanding these risks is important to ensure that your home insurance policy provides adequate protection in the event of a disaster.

Coastal flooding, Hurricane, Ice storm, Lightning and Riverine flooding are some of the common natural disasters in Massachusetts that may influence your home insurance rates.

How home insurance protects you against natural disasters

Home insurance plays an important role in safeguarding your property and belongings from the financial burden caused by natural disasters. While standard policies usually cover damages from events like windstorms, hail and lightning, certain disasters, such as floods, earthquakes and wildfires, require additional coverage.

These types of damage are generally not included in a standard home insurance policy, so homeowners must purchase separate flood or earthquake insurance to be fully protected.

Home insurance can cover repair costs for structural damage, replace lost or damaged belongings and provide funds for temporary living arrangements if your home is rendered uninhabitable. This coverage offers financial support, helping homeowners recover more quickly from the impacts of natural disasters.

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for homeowners insurance rates in Springfield for $300,000 dwelling coverage, $100,000 liability coverage with a $1,000 deductible. The data presented are those with a good credit tier alignment.

Shivani Gite

Contributing Writer

 

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Shivani Gite is a personal finance and insurance writer with a degree in journalism and mass communication. She is passionate about making insurance topics easy to understand for people and helping them make better financial decisions.

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