Your house is one of the most expensive purchases you will ever make, so you will want to be certain that the property is fully insured. If you are among the proud property owners in Lawrence, MA, a comprehensive homeowners insurance policy can protect the investment you have made in your house.
When you are looking for the best insurance coverage for your Lawrence home, a local independent agent can provide assistance. If you are ready to get answers to your insurance-related questions and begin comparing customized homeowners insurance quotes, contact an insurance agent near you.
How Much Does Homeowners Insurance Cost in Lawrence, MA?
Home insurance rates in the state of Massachusetts are higher than the national average. However, in Lawrence, rates tend to be lower. This is great news for area residents who are looking for an affordable homeowners insurance policy. Let’s look at some numbers:
- National average yearly premium: $1,173
- Massachusetts average yearly premium: $1,379
- Lawrence, MA average yearly premium: $843
Your actual home insurance quotes are likely to differ from this average rate. This is because costs are calculated on a case-by-case basis and can be based on several factors including:
- The size of your home, the year it was built, and the materials used in its construction
- The type of home you are insuring (e.g., single-family detached house, multi-family home, condo, mobile home, etc.)
- The crime rate and weather risks in the ZIP code where your house is located
- Your claims history and credit score
- The amount of your deductible
- Whether you are bundling your homeowners coverage with other policies like car insurance or life insurance
Comparing rates lets you choose the homeowners insurance policy that offers the best price for the coverage you want. Independent insurance agents in Lawrence make comparison shopping easy.
What Are the Risks Faced by Homeowners in Lawrence?
Home insurance can cover you against a wide range of hazards, from property theft to severe weather events. You will want to make sure that you have enough insurance to fully cover the structure of your home (dwelling insurance) and the property inside it (contents insurance).
Catastrophic Events in Massachusetts
- Number of federally declared disasters in Massachusetts: 54
- Most common reasons for disasters in MA: severe storms and hurricanes
- Average number of tornadoes per year in Massachusetts: 1.4
- Average amount of property damage per year in MA: $808 million
- 1 in 15 insured homes has a claim each year.
Your home insurance policy is designed to cover against most of the damaging risks you are likely to face as a homeowner in Lawrence. This includes coverage against hazards like accidental fires, property crimes, severe weather events, and freezing temperatures.
What about Flood Damage in Lawrence, MA?
It is important to know that homeowners insurance does not cover flood damage. Those with property near waterways such as the Merrimack River and Bloody Brook are most at risk, but when hurricanes and storms bring heavy rains to the area, flash flooding can happen just about anywhere.
Property owners with houses in designated flood zones are required to carry flood insurance if they still paying off their mortgage. For others, it is optional. Flood insurance can be invaluable. According to FEMA, just one inch of water in your home can cause up to $25,000 in damage.
Even if you are not in a high-risk area and are therefore not required to carry it, purchasing flood insurance may be a wise decision. FEMA reports that more than 20% of the flood claims filed are for properties that are not located in designated flood zones.
Talk to your local insurance agent for help determining how much property coverage is appropriate and to discuss your options for flood insurance.
Why Is Liability Insurance Important for Lawrence Homeowners?
In addition to covering your home and property, homeowners insurance also provides you with liability protection. This liability insurance is designed to cover expenses such as court costs, legal fees, and financial damages if you are sued for any of a number of common covered events.
Examples of times your homeowners liability insurance can cover you include:
- If a visitor is severely injured while on your property
- If your child or pet causes significant injuries or property damage to someone outside your household
- If you are accused of libel or slander
- If you accidentally cause injuries or damage to another while away from home such as while playing basketball at Lawrence Riverfront State Park.
If you want more liability coverage than your home insurance can provide, an independent insurance agent can also help you purchase an affordable umbrella insurance policy. Talk to your insurance agent to learn more about what homeowners liability insurance can do for you.
Does Lawrence Homeowners Insurance Cover against Burglaries?
The burglary rate in Massachusetts is lower than the national rate, and in Lawrence, the rate is even lower. This is not to say the risk does not exist. Residents of this city report about 150 burglaries every year.
- Number of burglaries per 1,000 homes in the US: 4.69
- Number of burglaries per 1,000 homes in Massachusetts: 2.82
- Number of burglaries per 1,000 homes in Lawrence: 1.60
You can take preventive measures to lower your risk of a burglary. One of the most effective is the use of a home security system. In fact, many insurance companies offer policy discounts to homeowners who have burglar alarms installed in their homes.
In the event that you are the victim of a burglary, your homeowners insurance can reimburse you for your losses as well as for any resultant damage to your home. Be sure to keep a copy of the police report because you will need it when you file a claim.
Your local insurance agent can offer guidance and support throughout the claims process if you need assistance.
What about Insurance for Second Homes and Vacation Homes?
Maybe you own a weekend cabin in the woods. Or perhaps you own a house nearby that you rent to students at Suffolk University. Regardless of their purpose, these extra houses need to be covered by the right insurance policies.
A house that is not your primary residence has added risk factors that insurance providers will take into consideration when they calculate your rates. In some cases, these extra properties may need to be covered by different kinds of home insurance.
- Vacation homes that are left unoccupied for several months out of the year have an increased risk of sustaining significant property damage due to severe weather events, animals, and property crimes. These houses will typically need to be covered by vacant home insurance during the times that they are not in use.
- Second homes that serve as rental properties have higher liability and property damage risks, but these properties require less in the way of contents coverage. Landlord insurance provides the right balance of coverage for rental homes and may be required by your insurance provider if your property is occupied by tenants.
Talk to an independent insurance agent for help finding the best and most affordable policies to appropriately cover all of your residential properties.
Why Work with an Independent Insurance Agent in Lawrence, MA?
When you work with an independent insurance agent, you can easily find the best homeowners policy to cover your Lawrence home.
Independent agents are free to work with several different insurance companies so they can do the comparison shopping for you. That way, you can be certain that you are getting the coverage you need at price that is competitive.
Contact an insurance agent in or near Lawrence to learn more. You can soon be comparing customized home insurance quotes from an assortment of highly rated insurance providers.
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