Insurance Quotes for Your Home
Whether you are exploring the boardwalks, or stopping by a local art gallery, Newburyport has a lot to offer. If you are looking for an insurance quote for your home in this historic town, our local insurance agency is here to help. At Cross Insurance, we work with over 100 insurance carriers– from New England based companies to national names. We have a recently renovated office space located in the East Shops of the Port Plaza. You can contact our office to request a quote for your home here.
How Much is Homeowners Insurance in Newburyport?
How much you will pay to insure your home in Newburyport will depend on a few different factors. The size and value of your home, your claims history, as well as what coverages you choose, can all go in to calculating the price. When you contact our local office, we will collect information on your home to provide you with a quote.
Is Homeowners Insurance Required in Massachusetts?
At this time, homeowners insurance is not required by law in the state of Massachusetts. However, your mortgage company may require you to carry it.
How Much Home Insurance Do I Need?
Calculating how much coverage you will need for your home can be a complex process. If your home were to be lost in a fire, think about what it would take to rebuild and replace everything. If you contact an insurance agent to ask about appropriate coverage for your home, they may evaluate the limits on your dwelling, personal property, other structures, loss of use, and liability.
- 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, 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
Reviewing the limits on these to see if they suit your needs is a good place to start to determine the amount of coverage you may want for your homeowners policy.
Replacement Cost vs. Actual Cash Value
When it comes to homeowners insurance, you should understand the difference between replacement cost and actual cash value. Actual cash value, sometimes shortened to 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. 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.
Does My Home Need Flood Insurance?
You can use this flood map from FEMA to see if your home is in an area with moderate or low flood risk. Typically, most homeowners insurance does not cover damages caused by floods. In addition, your mortgage lender may require you to carry flood insurance, depending on which flood zone you live in.
Other Insurance Coverages for Newburyport
In addition to options to cover your home in Newburyport, we also offer insurance for auto, boat, umbrella, RV, and more. Along with insurance for individuals, we also offer coverages for businesses such as professional liability, cyber, workers’ comp, 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.