Home Insurance in Cambridge
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Make a Smart Decision with Home Insurance in Cambridge
You don't have to be a genius to live in Cambridge, even if it is the home of Harvard and MIT. However, its 115,881 residents would probably say that their decision to live in this historic town was a smart one. It has an AARP livability index of 66. which places Cambridge in the top half of cities for overall quality. Famous for two highly selective universities, picturesque town squares, architecture, art and nightlife, Cambridge offers a unique and attractive quality of life.
Purchasing a home in Cambridge is a costly undertaking; the cost of living index is 148.6, which is much higher than the U.S. average of 100. With average home values of approximately $980,000, residents live in what is likely their life's largest financial commitment. A quality home insurance package is important to protect that significant investment. VIU by HUB can help compare rates from a number of local providers to find the smartest deal.
Cambridge sits in a geographical location with a higher risk for natural disasters than most places in the U.S. There have been 31 federal emergencies or disasters declared in the Cambridge area, which is more than double the U.S. average of 15. The likelihood of floods, storms, hurricanes and heavy winter weather creates a higher risk for homes in Cambridge than in other areas of the state and country.
Cost of Home Insurance in Cambridge
The cost of home insurance in Massachusetts is well below the national average of $2,777. Insurance in Cambridge is even lower than the state average and is the lowest priced of the large cities in Massachusetts, with an average annual premium of approximately $1,115.
Insurance Risk Coverage
Home insurance protects against a number of risks that can cause damage to a property. Issues that are typically covered include the following:
- Fire and smoke damage
- Storm damage from lightning, snow, ice, wind or hail
- Theft or vandalism
- Water damage from leaks and plumbing issues
Insurance Price Factors
Numerous factors go into the pricing of home insurance premiums. While coverage in Cambridge is reasonable compared to state and national rates, there are some explanations for why it is not as low as other large cities in Massachusetts.
Weather
Wind and hail damage account for over 45% of home insurance claims filed each year, so it makes sense that insurance agencies charge higher premiums for homes in areas that are prone to storm damage. Cambridge has a history of natural disasters at a higher rate than other areas, so homeowners may find themselves paying a bit more for that risk.
Theft
While the overall crime rate of Cambridge is relatively low compared to the state and nation, the theft rate is higher than the national average. Home insurance covers losses due to theft, so the higher risk in that area translates to higher insurance premiums.
Home Values
When an expensive home is destroyed, it obviously costs more to replace than a home with a lower value. With the average home value in Cambridge sitting close to a million dollars, it is not surprising that insurance companies charge more. In addition, the affluent nature of the town means the home's contents are worth more, so the insurance limits and premiums will naturally be higher.
Residents should continue to play it smart by comparing policies before settling on their home insurance in Cambridge. VIU by HUB can help to compare quotes to find the deal that makes the most sense for each individual.
This information is intended for general informational purposes only and is not intended to constitute legal advice.