Owning a home comes with plenty of expenses, from mortgage payments and property taxes to maintenance and unexpected repairs. But there’s one cost homeowners often overlook when looking for ways to save: homeowners insurance.
If you’ve been renewing the same policy year after year without comparing rates, you could be missing an opportunity to save hundreds of dollars.
The Cost of Staying With Your Insurance Company
According to the September 2026 Mortgage Monitor report from Intercontinental Exchange (ICE), homeowners who switched insurance providers saved an average of $440 annually compared to those who stayed with their existing insurer.
The difference is worth paying attention to.
Homeowners who switched providers saw their premiums decrease by an average of 6.6%, while those who stayed with their current insurer experienced an average increase of 10.4%.
Even better? Those who switched generally weren’t sacrificing protection to save money. On average, they secured higher coverage limits and slightly lower deductibles.
While everyone’s situation is different, the findings highlight an important point: staying loyal to your insurance provider doesn’t necessarily mean you’re getting the best deal.
Why This Matters for Boston Homeowners
Boston’s housing market is filled with historic brownstones, older single-family homes, triple-deckers, and condominiums, each with unique insurance considerations.
For owners of older properties, factors like aging roofs, outdated electrical systems, and the cost of replacing historic architectural details can influence insurance premiums.
And as home values and construction costs change, the coverage you purchased several years ago may no longer reflect what it would cost to repair or rebuild your property today.
That’s why reviewing your insurance isn’t just about finding a lower monthly payment. It’s also about making sure your home is properly protected.
How to Shop Smarter for Home Insurance
The good news? Comparing insurance policies doesn’t have to be complicated.
Here are a few simple steps Boston homeowners can take:
1. Review your current policy. Start by checking your annual premium, deductible, coverage limits, and any recent increases.
2. Request multiple quotes. Compare rates from at least three insurance providers to understand what’s available for your property.
3. Compare coverage, not just price. A lower premium isn’t necessarily a better deal if it comes with a significantly higher deductible or reduced protection.
4. Ask about available discounts. Bundling home and auto insurance, installing security systems, or making certain home improvements may qualify you for savings.
5. Review your policy before renewal. Don’t wait until your premium increases. Give yourself enough time to explore options before your current policy renews.
A Small Step That Could Mean Big Savings
Homeownership is a significant investment, and managing the ongoing costs is just as important as finding the right property.
You might not be able to control property taxes or market conditions, but your insurance policy is one expense worth revisiting.
Whether you own a South Boston condo, a Charlestown brownstone, or a single-family home outside the city, taking time to compare quotes could make a meaningful difference in your annual housing expenses.
When was the last time you checked whether you’re getting the best rate?
Your next insurance renewal might be the perfect opportunity to find out.
