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Massachusetts Homeowners Insurance Rates

Massachusetts Homeowners Insurance Rates may rise further as a more active Atlantic hurricane season is predicted this year. We have already noticed an increase in premium prices in some parts of the state. The experts on the other hand do not find it justifiable to increase the homeowners insurance rate and they have raised questions over the model used by insurance companies for the determination of future hurricanes and the expenses for probable damages.

MA Homeowners Insurance Rates

It is proposed by insurance industry in Massachusetts to raise the homeowners insurance rate by 12.9 percent across the state. There has also been proposal for a 25 percent hike in the cost of homeowners insurance on Cape Cod and 20 percent increase in many cities and towns of Bristol and Plymouth counties as well. The request for the aforesaid amendments has been made by the FAIR Plan, which is operated by the Massachusetts Property Insurance Underwriting Association (MPIUA).

At present there are more than 125,000 families in the state that have purchased homeowners insurance from FAIR Plan, which is the favored option for middle and low income urban residents and for those who live in coastal areas. The Massachusetts Division of Insurance is not at all impressed by the evidences provided by the insurance industry for the rate hike.

The objection has been raised over the charging of $13 million in backup insurance, use of unexplained hurricane model to justify hike for coastal regions, negligence in implementing the recommendations made the Legislature towards the protection of consumers' interest living in vulnerable areas, a request for additional funds in case of disaster, and inflating expenses for debris removal and other activities.

The Division is for a 1.2 percent rate hike for the residents living in Cape Cod and a 14.2 percent decrease for the those living in Fall River. A reduction in homeowners insurance rates has also been advocated for the residents of Boston's South End, Charlestown, South Boston, East Boston, Dorchester and Roxbury among many other parts of the state.
 
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