Are you over insured? Typically, your land is not at risk of fire or theft; therefore you don’t need to include the price you paid for the land when you calculate the amount of Massachusetts homeowners insurance you purchase. What generally does need to be included is the cost of rebuilding the structure of your house and outbuildings and the cost of replacing your personal possessions.
Other cost-saving possibilities include choosing a higher deductible, and purchasing several insurance policies from the same company to take advantage of multi-policy discounts. Your agent may be able to assist with a review of your coverage and by obtaining quotes for you to compare.
You should consider the climate and topography of your region of the country to determine if you are in an area prone to earthquakes, hurricanes, or floods. Policies for these perils may need to be purchased separately and while they cost extra, they are certainly more cost effective than having to pay out of pocket after an event for which you have no insurance.
Older homes in areas at risk of hurricanes may be retrofitted to better withstand damage and destruction. Modernizing heat, plumbing and electrical systems may help reduce the risk of damage and the cost of insurance. Why not ask your agent how you could best save on your Massachusetts homeowners insurance?*