With close proximity to Boston as well as popular universities, Cambridge remains a coveted area for renters and homebuyers alike. Nearby parks, museums, shopping, and convenient bike paths are perks of this city. Whether you are renting or you have a home in Cambridge, being sure you have appropriate insurance coverage is a wise choice.
If you are renting in Cambridge, 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 the landlord’s property, as well as certain bodily injury claims caused by 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 appliances, electronics, furniture, clothing, and 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 due to your negligence. 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.
How much someone will pay to insure their home in Cambridge depends on a variety of factors. One way to get a picture of how much you will pay is to request a personalized quote. Many websites offer average costs for the state of Massachusetts, but you could end up paying significantly more or less based on the value of your home, your claims history, and your deductible.
As a local insurance agency, we work with dozens of different insurance carriers, which means more options for our clients. Reach out to one of our local offices in Massachusetts today to request a quote for your home.
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.
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.
When it comes to insuring your home, the year it was built is important. If your home was built prior to 1900, it may be more difficult to insure than a new home. Typically, insuring an older home can be more expensive than insuring a newer one. You may be able to lower your insurance costs by making updates, such as replacing wiring or replacing your roof. Talk to your local insurance agent to see if your home has appropriate coverage.
The Charles River borders Cambridge, and if your home or apartment is near that or another body of water, you may be wondering if you should consider flood insurance. The City of Cambridge’s website includes useful documents and resources on flooding that you can view here.
Most homeowners insurance policies do not cover damages caused by floods. Even if your home is not located near a body of water, heavy rain, melting snow, or blocked drainage could impact your property. According to floodsmart.gov, one in three insurance claims come from moderate to low-risk flood areas. Flash floods, which are caused by heavy rains and thunderstorms, can occur in all 50 states.
If you are looking for ways to save on your home insurance, a multi policy discount may be available. Many carriers offer discounts for having more than one policy through them. Many people think of home and auto, but you can also look into other policies like RV to see if they are eligible for the discount. Your local insurance agent may also know about other discounts for things such as alarm systems or smart home technology.
A homeowners policy will typically refer to dwelling coverage, personal property, other structures, and liability. Here is what each of those are referring to.
Our local offices can help you find coverage options for your home, but we also can assist you with coverage for your cars, motorcycle, RV, ATV, and more. We also offer commercial insurance for businesses in a variety of industries including manufacturing, transportation, technology, non-profit, medical, and others. Reach out to one of our local offices today to see how we can assist you with your insurance needs.
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.