Home Insurance Quotes for Lynn, MA

Insurance Quotes for Your Home or Condo in Lynn 

Shopping for insurance quotes for your home in Lynn? Let one of our nearby offices in Wakefield or Beverly help. We work with over 100 insurance carriers, which means more options for our clients. Whether it’s a townhouse, condo, a newly remodeled home, or another type of home, we would be happy to show you your coverage options.

How Much is Home Insurance in Massachusetts? 

Whether you are shopping for new coverage or are curious to see how your current premiums compare to other options, the cost of your homeowners insurance is ultimately determined by a variety of factors. If you live near the water, your insurance costs will likely be higher. The size and value of your home can also impact how much you will pay. Another factor is the type of coverage that you choose.

Is Home Insurance Required by Law in Massachusetts? 

At this time, Massachusetts does not require home insurance. However, if you are financing your home, your lender may require you to insure your home as a condition of the mortgage. Even when not required, though, there are a number of reasons to purchase coverage for your home. Homeowners insurance typically helps to pay costs resulting from a range of perils, such as theft, fire, and water damage from something like a burst pipe. Coverage options do vary, so it is a smart idea to review your policy carefully with an insurance agent.

Renters Insurance in Lynn    

If you are renting in Lynn, a renters insurance policy can help protect the investment you have made in the personal property you own. Typically, a landlord’s insurance only covers the building and property that the landlord owns, and certain bodily injury damages due to the landlord’s negligence. This means that if there was a fire in your apartment, you would likely end up paying out of pocket to replace your furniture, electronics, clothing, appliances, and any of your other property that was lost or damaged. Another item that is often included in a renters insurance policy is liability for things like medical bills for a guest if a covered accident happens in your home. One thing to note when shopping for renters insurance is that every policy is different. Review your policy with an insurance agent if you have questions on what is covered.

High Rock Tower in Lynn, Massachusetts against a cloudy sky

What is Replacement Cost and ACV? 

When shopping for homeowners insurance, two terms that you may see are replacement cost and actual cash value. Actual cash value, or ACV, commonly reimburses you for the current value of the item. This means the original cost, minus depreciation. Replacement cost value (RCV), on the other hand, typically will reimburse you for the current cost to replace the item, up to applicable policy limits. For example, if there was a fire in your kitchen and you needed to replace your cabinets and appliances, replacement cost could give you the amount to go out and purchase these items new, subject to the policy limits.

Other Terms Common in Home Insurance 

Shopping for insurance can often seem like learning another language. A homeowners policy will typically refer to dwelling coverage, personal property, other structures, and liability. Here is what each of those are referring to.

  • Dwelling coverage commonly refers to the actual structure of your home, which may include things like an attached porch or connected garage
  • Personal property refers to your belongings- Your furniture, appliances, jewelry, sporting equipment, and additional items you own
  • Other structures can mean structures not attached to your home, such as a shed or a detached garage
  • Loss of use can provide compensation for things like eating out and temporary housing if you are unable to live in your home

Liability coverage can provide coverage if someone is injured on your property

Do I Need Flood Insurance in Lynn, MA? 

Most homeowners insurance policies do not cover damages caused by floods. You can use this flood map from FEMA to see if your home is in an area with a high, moderate, or low flood risk. It should be noted that according to floodsmart.gov, one in three insurance claims come from moderate to low-risk flood areas.

Lynn City Hall aerial view at 3 City Hall Square in historic downtown Lynn, Massachusetts MA, USA

How Much Dwelling Coverage Should I Purchase?  

In order to determine how much dwelling coverage you should purchase, you need to estimate how much it would cost to rebuild your home. Your home’s structure, as well as what materials were used, can help you estimate this. Any structures separate from the home are typically included in different parts of your home insurance policy. For example, your roof, any built in fixtures, and an attached deck would be considered a part of the dwelling. Structures such as sheds, detached garages, and fences would not be considered a part of the dwelling.

Calculating Dwelling Coverage 

There are replacement costs calculators that can be found online. You can also do this calculation on your own by multiplying average local building costs per square foot by the square footage of your home. Also consider any special features that your home has, and any built in appliances.

If you don’t feel comfortable calculating this number yourself, you could reach out to your insurance company for an estimate. Another option is to hire a private appraiser.

Other Insurance Coverages for Lynn 

Our local offices in Beverly and Wakefield can help you find coverage options for your home, but we also can help you with coverage for your cars, motorcycle, RV, ATV, and more.


This article is for general informational purposes only and is not to be relied upon or used for any particular purpose. Cross Insurance shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, insurance, accounting or other professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article are that of its author and do not necessarily represent the views of Cross Financial Corp. and its subsidiaries and affiliates (“Cross Insurance”) or Cross Insurance’s management or shareholders.

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