With a rich history spanning the Pilgrims, the Industrial Revolution and today’s high-tech, North Andover, MA is one of the best places to live in, in Northern Massachusetts. With easy access to Boston but without the inner city hassle, it’s a good town to settle into and enjoy life. Homes are more reasonably priced here than they are closer in to the city, and the same is true of homeowner’s insurance.
If you own a home in North Andover, home insurance is a must. It’s important to protect your investment from unforeseen circumstances. Your Independent Insurance Agent is there to help you find the insurance that fits your home and your budget. Since agents aren’t tied to one company, they will get you multiple quotes to find the insurance that is right for your lifestyle at the lowest cost.
Homeowners insurance is very affordable in North Andover if you shop around, but Massachusetts as a whole is a bit more expensive than average. Across the United States, homeowners spend on average $1,034 per year on home insurance premiums, but in Massachusetts, the average is $1,150. This ranks the state 16th overall. Every homeowners insurance policy is as unique as the home that it covers, as there are many factors that go into determining your premium. They are the following:
- Home's age and type of construction - Wooden homes are more likely to suffer damage, and older homes are more likely to have electrical fires.
- Home’s location - How likely are disasters? Crime?
- Claims history - More claims will make your coverage more expensive.
- Risk factors on the property - Swimming pools and trampolines figure prominently.
- Credit score - A low credit score is indicative of high risk.
It’s important to check with your agent to determine what insurance best fits your home and its situation. There may be many things that you can do to keep your insurance cost low as well.
North Andover Second Home and Vacation Home Insurance
Some people maintain a second home in North Andover for business reasons, although this is rare. It’s common to insure a second home for less than a primary home in order to save money usually by not insuring the contents fully. If you opt for doing this, you are taking on the risk yourself if something happens. Generally, it costs a bit more to insure a second home because no one is there to watch it all the time. A security system helps keep the cost low. It also protects you against any loss whether you have your home fully insured or not.
Number of Thefts in Massachusetts
Home thefts are rarer in Massachusetts than nationally. The statistics for recent years tell the story:
- Across the U.S., the average state had 37,814 burglaries.
- Massachusetts reported 30,735 thefts from homes.
Typically, your homeowners insurance pays for all costs related to damage from a burglary even if your home’s contents are not insured. You can cover the valuables in your home at either the current value, which depreciates with time, or at full replacement cost. The latter is a bit more expensive, but if you do experience a theft from your home, you’ll be back up and enjoying the same life you had before the break-in much quicker.
Number of Catastrophes in Massachusetts
With no reported earthquakes and very few storms, Massachusetts has one of the lowest rates of widespread damage from catastrophes. In recent years:
- 140 catastrophes were reported, two of which were tornadoes.
- 1 in 15 insured homes has a claim every year.
Although Massachusetts has very mild weather, you still want to have the right insurance in the rare event of a thunderstorm or a wicked nor’easter. It’s important to protect your home in North Andover no matter what might happen.
What Are the Risks in North Andover?
While the risks are relatively low and home insurance is comparably less expensive than in many places, every home in North Andover has some liability. For example, the many trees that line the nicest blocks can be a hazard if they fall and injure someone. You have to be ready for all kinds of risk, which is why homeowners insurance is so important.
Compare North Andover Home Insurance Quotes
Homeowners insurance is not particularly complicated, but you need to have the best insurance for your home. It’s also important to know what you can do to keep your cost low, such as keeping your home in the best condition possible. For all these concerns and more, talk to your Independent Agent today. Agents live right here in North Andover. They know the risks associated with your home and will get you the quote for a policy that fits your needs.