Brutal Winter Storms Leads to Soaring Massachusetts Home Insurance Rates
Some of the largest home insurers in Massachusetts are raising premiums by about 9 percent to recoup what they paid out in claims for damage caused by last winter’s record-setting snowfall.
The Boston Globe reports that the increases, much steeper than premium hikes in the past few years, could translate to an additional $100 on the average Massachusetts premium of $1,150.
The Massachusetts Division of Insurance has approved an 8.9 percent increase on average for the state’s largest insurer, Mapfre USA Corp., beginning Aug. 1. Last year, the company, which insures more than 214,000 homeowners in the state, increased rates by 2.3 percent.
Safety Insurance Co., which covers nearly 150,000 homeowners in Massachusetts, plans to raise premiums by 9.1 percent starting in December.
Other insurers are expected to follow suit.
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