Extreme winters can be costly for homes

Getting Home Insurance in Boston

Home insurance in Boston covers area homeowners in case their home is damaged or destroyed by unforeseen events, such as fire or certain types of extreme weather. Often included with this coverage is additional living expenses coverage, which reimburses policyholders for any additional costs they incur for food, lodging, and storage if their home becomes uninhabitable while being repaired or replaced after a disaster. Another important component of most of the homeowners insurance Boston residents purchase is liability coverage, which protects you from claims and lawsuits if someone gets injured on your premises and you or a covered family member is found to be at fault.

Massachusetts has one of the highest average premiums for homeowner’s insurance in the U.S. at $1,035, according to the Insurance Information Institute. Rates are only expected to increase in the wake of an increased number of claims related to tornadoes, severe snow storms, and 2011’s Tropical Storm Irene, the Boston Globe explained. This makes it even more important for Boston homeowners to seek out the best deal possible. It’s a good idea to compare quotes online for identical levels of coverage from several insurers before moving forward with a particular company. After all, you may be able to find the coverage you need at a lower cost if you shop around.

Factors of Home Insurance Rates in Boston

Perhaps the biggest factor impacting rates in Boston and other large coastal metro areas is their exposure to Atlantic hurricanes and tropical storms. Beyond this, providers use a variety of factors when setting rates. Some of those factors include: your home’s age, its condition, how your home is constructed, the replacement cost of your home, your claims history, and the claims history of nearby homes, according to the National Association of Insurance Commissioners (NAIC) Consumer’s Guide to Home Insurance. Your rates may also be higher if your home has features that are associated with an increase in claims, such as swimming pools, trampolines, playscapes, and wood stoves, the NAIC guide explains.

Other things your homeowner’s insurance company takes into account when setting rates are your home’s proximity to fire hydrants and fire protection services, and the crime rate in your particular Boston neighborhood. If you move to an area with a high level of burglaries, theft, and vandalism, you might see your average monthly cost go up. To get an idea of crime statistics in Boston, consider the following chart:

  Robbery Burglary Larceny-theft
2010 1,926 9,325 22,711
2009 2,277 2,955 15,507
2008 2,398 3,493 16,531

When it comes to fire protection, Boston residents enjoy access to excellent municipal fire protection services. Since insurers take into account the quality of local fire protection when setting rates, this can work in your favor as a Boston homeowner. The Boston Fire Department has 35 fire stations spread throughout the city, according to the City of Boston website. This is advantageous for Boston homeowners who may pay a lower average cost of home insurance than more rural Massachusetts homeowners, who live further from high-quality fire protection.

Home Insurance in Massachusetts

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