Lowell Homeowners Insurance

Your Complete Guide to Buying Homeowners Insurance in Lowell, MA

Find the right homeowners insurance policy for you.

Lowell, MA was established in the 1820s and grew into one of the largest industrial centers in the mid-nineteenth century. Lowell has evolved considerably since then, with over 39,468 housing units in this city. A homeowners insurance policy is a vital form of protection for every homeowner to carry, no matter where you are located in this great city. Protect your home with a Lowell, MA homeowners insurance policy you can get through an independent insurance agent in our network. An independent agent can show you several Lowell home insurance quotes and find the policy you need at a price you can afford. Below are some statistics to help you in choosing the right policy. 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 fewer catastrophes than the rest of the nation. Even so, you will want to protect your home against disasters such as floods and storms. Be sure to have a comprehensive Massachusetts homeowners insurance plan in place to protect yourself and your family against unforeseen disasters.

Number of Thefts in Massachusetts

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

Massachusetts has a burglary rate that is lower than the national average, but you still want to ensure you are protected against break-ins and theft by having an up-to-date Massachusetts homeowners insurance policy in place.

What Does a Homeowners Insurance Policy Include?

A typical Lowell homeowners insurance policy will include the following basic coverage:

  • Coverage on the structure of your home and detached structures, such as sheds and garages
  • Coverage for the contents of your home
  • Liability coverage for injuries or property damage to third parties on your land or inside your house
  • Compensation for additional living expenses, in case you are in need of temporary housing after your house is deemed uninhabitable

Homeowners Insurance Coverage Choices

When you buy a Lowell homeowners insurance policy, you may only have ACV, or “Actual Cash Value,” coverage. This means that in the event of a loss you will be reimbursed for the value of the items minus depreciation and the deductible. Many insurers also give you the option of buying “Replacement Cost” coverage. This means that in the event of a loss you would be reimbursed for the current market value of the items, less your deductible. Replacement cost is a more expensive form of insurance coverage but could be a great help to you after a major loss.

Also, most policies have specified coverage limits for certain high-value possessions such as furs, collectibles, and jewelry. You might have to buy additional insurance coverage to guarantee that these items are fully covered after a loss. It is important that you re-visit your policy periodically. You may have initially insured your home for a certain amount, but you should keep in mind that many homes appreciate in value over time. As a result, you may need to increase your coverage on a periodic basis to reflect this appreciated increase.

How Much Does a Homeowners Policy Cost?

Your Lowell homeowners insurance premium will depend on a number of factors, including:

  • Whether the home is constructed of wood or brick
  • The home’s age
  • Proximity of fire protection services
  • The amount of coverage on your home
  • The deductibles you choose

Cost of Homeowners Insurance in Massachusetts

The average cost of a homeowners insurance policy is as follows:

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

Massachusetts premiums are a bit higher than the national average, so check with your insurance agent to find the best premium for your particular area.

Additional Insurance Coverage

A Lowell homeowners insurance policy does not provide coverage for every type of peril you may encounter, so you should review what is excluded in your policy. Most homeowners insurance policies usually exclude damage caused by earthquakes and flooding. Damage from both of these natural disasters requires insurance that you can buy through an agent in our network.

How to Lower Your Homeowners Insurance Premium

There are several ways that you can reduce the cost of your homeowners insurance policy. Many insurers provide discounts on your premium if you add a sprinkler or a home security system, for example. You can also bundle your homeowners policies with your auto or boat coverage under the same insurance company. Another approach is to increase the amount of your deductible, which will also reduce the cost of your premium. Keep in mind that this option will likely increase the amount you are responsible for out of pocket after a loss.

How to Find a Homeowner’s Insurance Policy

To find a Lowell homeowners insurance policy, you can contact an independent member agent in our network. A member agent can access multiple insurance companies to find a homeowners policy that is right for your particular needs. These agents can also provide you with competitive Lowell home insurance quotes so you can find an affordable policy. 

Contact a member agent in your area today and get a homeowners insurance policy tailored to your situation.

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