Cambridge

Your Guide to Buying Homeowners Insurance in Cambridge, MA

Find the right homeowners insurance policy for you.

In Cambridge, the average family earns $740,000 annually. Many of these families own valuable homes and property that need protection from weather events, theft, fire, and other hazards. If you're one of the thousands of Cambridge homeowners, or you're considering relocating to this area, it's a good idea to invest in a Cambridge, MA homeowners insurance policy.

In Cambridge, 34.6 percent of residential accommodations are owner occupied. You can find a homeowners insurance policy through an independent member agent in the Trusted Choice® network. These member agents can find Cambridge home insurance quotes for you to compare. Contact an agent today to get started.

Number of Catastrophes in Massachusetts

  • National number of catastrophes: 19,033
  • Number of catastrophes in Massachusetts: 140
  • National number of tornadoes: 1,233
  • Number of tornadoes in Massachusetts: 2

Massachusetts is lucky in that it has fewer catastrophes than most of the other states in the nation, and almost no tornado strikes. Still, you should do everything possible to protect your home against floods and hail storms as well as tornadoes and other storms. Be sure you are protected with a Massachusetts homeowners insurance policy so that any damage does not cause your family undue financial hardship.

Number of Thefts in Massachusetts vs. the United States

  • National number of burglaries: 37,814
  • Massachusetts number of burglaries: 30,735

Massachusetts has a lower than average theft rate, even though it is one of the more populated states in the nation. The likelihood of a break-in will vary depending on where you live in the state, but no matter where you live, you should ensure that your home and valuables are protected by having a Massachusetts homeowners insurance policy to protect you against theft and vandalism.

What Does Homeowners Insurance Cover?

A Cambridge homeowners insurance policy may contain the following coverage:

  • Coverage for the structure of your home and detached structures, such as a garage or sheds
  • Coverage for your personal possessions
  • Liability coverage for bodily injuries and property damage to third parties on your property or inside your home
  • Additional living expenses for temporary housing if your home is declared a total loss

You should occasionally review your policy. Property usually appreciates over time and the amount of coverage on your home may have to be increased to reflect the market value in the area where you live.

Homeowners Insurance Information to Consider

A Cambridge homeowners insurance policy may also give you the option of choosing between ACV (Actual Cash Value) coverage, which means any claim would be subject to depreciation, or replacement cost coverage, which means that any item claimed would be replaced at its current market value. Whichever type of coverage you choose, your claim would also be subject to your deductible.

Contents Coverage Information

The majority of homeowners policies cover contents for 50 percent of the amount of coverage on the home itself. For example, if the insurance coverage on your home is valued at $300,000, then the total amount of insurance coverage for your contents would be $150,000.

Most homeowners insurance policies also have ceiling coverage limits for expensive items such as jewelry and furs, so you should review your policy to determine if you have valuable possessions which may require additional coverage in the form of an insurance "rider" or endorsement.

How Much Does a Homeowners Policy Cost?

The cost of your Cambridge homeowners insurance policy will fall roughly in the following average range:

Cost of Homeowners Insurance in Massachusetts:

  • National yearly premium average: $1,034
  • Massachusetts yearly premium average: $1,150
  • 11th most expensive premium in the US

Some of the factors used by insurance companies to determine the cost of premiums include:

  • Construction materials
  • The age of the house
  • Location of local fire protection
  • The insurance coverage
  • Your deductible

Additional Insurance Coverage

Your Cambridge homeowners insurance policy does not cover you for events such as flooding or earthquakes. There are specialized insurance policies you can buy to cover these natural catastrophes. Review your policy and discuss your situation with a knowledgeable agent in the Trusted Choice network.

How to Reduce your Premium

Many insurers provide a number of tips you can use to lower the premium you pay for a homeowners insurance, including:

  • Increasing your deductible
  • Bundling your homeowners policy with your auto or boat coverage with the same insurance company
  • Installation of a security system or sprinkler system

How to Find a Homeowners Insurance Policy

You can find a Cambridge homeowners insurance policy by contacting a local independent agent in the Trusted Choice network.

An independent agent can help you find the right policy for your home and possessions, and can provide you with competitive Cambridge home insurance quotes. Get your home fully protected and contact one of these agents today.

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