Shopping Your Homeowners Policy
Rising premiums aren't mostly about you. They're about rebuilding costs and risk. But the way you shop, and the deductible you choose, are entirely in your hands.
Quick Facts
- Shop 30–45 days before renewal
- Read first The declarations page, not the summary
- Check Wind/hail deductible, roof coverage, water backup
- Fastest saving A higher deductible you can actually afford
- Declined? Call the FAIR Plan at (617) 723-3800
- Complaint Division of Insurance consumer services
If your renewal arrived with a double-digit increase and you haven't filed a claim, you're in a crowded room. Premiums across Massachusetts have been rising because the cost of rebuilding has risen, from materials and labor to the price of the reinsurance that sits behind your policy, and because insurers have been approved for rate increases after filing with the state Division of Insurance.
Rate filings are public documents. That matters, because it means the increase on your notice has a number behind it, and the Division of Insurance is the office that reviews it.
Read the Notice Before You Read the Premium
Most people open the envelope, see the total, and stop. The important changes are usually on page two.
- Coverage limits, especially the dwelling replacement cost. If it jumped more than inflation, that's part of your increase, and it can be challenged.
- Deductibles, and specifically whether a separate percentage wind or hail deductible was added or raised. A 2% wind deductible on a $600,000 dwelling means $12,000 out of pocket before the policy pays.
- Your roof. Whether it's insured at replacement cost or actual cash value, and whether it's covered at all. Roof coverage is the single most-changed item on Massachusetts renewals.
- New exclusions or sublimits. Water backup, mold, foundation, and ordinance-or-law coverage are the usual suspects.
- Whether this is a renewal with changes, or a non-renewal. Those are very different documents. A non-renewal has a date on it, and that date is a deadline.
The Fastest Lever You Have
Raising your deductible is the reliable way to cut a premium. Moving from a $1,000 to a $2,500 deductible commonly takes a meaningful bite out of the bill, provided you could actually cover the difference out of pocket if you needed to. Don't raise it above your emergency savings.
What to Compare Beyond the Price
- Replacement cost on the dwelling. Too high means you're over-insuring the structure, and too low means you'll be underpaid on a total loss. Your coverage should track the cost to rebuild your house, not its market value or its mortgage.
- The deductible structure. One flat deductible, or separate wind/hail and water deductibles at different levels? Ask for it in dollars on a total loss.
- Water backup and sewer backup. Cheap to add, and the most common household claim there is.
- Ordinance or law coverage. Older homes often can't be rebuilt to current code without it, and without it you pay the difference.
- Contents and additional living expenses. What you'd need to live somewhere else for six months, and what it costs to replace what's inside.
- The insurer's financial strength. Ask for the A.M. Best rating. A cheap policy from a weak carrier is a promise you can't collect on.
- Discounts you haven't asked for. Bundling auto and home, a newer roof, a security system, being claim-free for years, and in some cases credit-based insurance scoring. Ask, explicitly, for the list your carrier offers.
When to Shop, and How
Shop 30 to 45 days before your renewal date, enough time for quotes to come back and for a new policy to be bound, without a gap in coverage. Shop after a large increase, after a change in coverage, or after a claim, even if you decide to stay.
Use an independent agent who can quote several carriers at once, and get at least two other quotes. When you compare them, compare the declarations page, not the summary. The summary is designed to look the same.
If You're Declined or Non-Renewed
Massachusetts requires insurers to give you written notice before a non-renewal. Read the reason given, and note the effective date.
If you can't find coverage in the voluntary market, there is an insurer of last resort, the Massachusetts Property Insurance Underwriting Association, known as the FAIR Plan. It exists for homes that have been declined, and enrollment has risen sharply as the private market has tightened. Its coverage is more basic and its rates are set separately, but it's real coverage, and it's a legitimate answer for a coastal or older home that's been turned away.
The FAIR Plan can be reached at (617) 723-3800 or 1-800-392-6108. If you believe an increase or a non-renewal is unfair, the Division of Insurance's consumer services office takes complaints, and every rate increase a carrier applies was filed with that office first.
Your premium isn't a judgement about your house. It's a price for risk, and prices for risk are the one part of your bill that responds to shopping.
Where This Came From
- Massachusetts Division of Insurance, consumer information on homeowners insurance, rate filings, and how to file a complaint. mass.gov
- Massachusetts Division of Insurance, frequently asked questions about homeowners insurance, including the FAIR Plan and how to contact it. mass.gov
- Massachusetts Property Insurance Underwriting Association (the FAIR Plan), eligibility and coverage for homes declined in the voluntary market.
This is what we'd tell a neighbor, not insurance advice. Your policy documents and your agent control what's actually covered.
We're Pushing on Insurance, Too.
Transparent rate filings, a stable FAIR Plan, and real credits for homeowners who invest in roofs, wiring and storm protection. Members get the updates.