Peabody, MA Home Insurance Quotes!

In the great city of Peabody, there are a total of 51,251 people living in a variety of different styles of properties from single-family homes, duplexes, condos and apartments. While there are roughly 21,128 housing units in the city of Peabody, many of the ones that are currently occupied are in need of lower home insurance rates. In the majority of these Peabody neighborhoods, the average family size is around 3 residents per house.

In Peabody, the average household income is about $73,290. While this is a fairly high number, it is slightly below the national median. Luckily, the cost to purchase a home in Peabody is affordable, the average real estate market price is $387,600, although home prices in this area continue to rise. An increase in home prices results in more risk for the insure to cover. Plus, the cost of living increases with the property taxes due to the cost of home prices going up. Saving money on your home insurance premium can help with your monthly budget and even lower your monthly mortgage payment. Let us help you shop and compare rates in Peabody, MA today!

Peabody, MA Home Facts

The city of Peabody is roughly around 51,251 residents in population size with 21313 currently livable homes being occupied. The average family household in Peabody is 13396 per house.

Demographic	Values
Population	51,251
Total Occupied Households	21313
Family Households (families)	13396
Average Owner Occupied Household Size	2.59
Average Family Size	3.02
Total Housing Units	22220

Lower Home Insurance Rates in Peabody Helps with Savings

In addition to affordable housing, Peabody homeowners insurance also has some great rates to help you save more money. Our average home insurance rates for Peabody is around $1287 per year, for smaller homes with less replacement value coverage and discounts, you can get rates for as low as $1037. For larger homes over 1,800 sq. ft in Peabody, you may see higher rates in the $1587 range due to increased dwelling coverage.

Peabody Home Insurance By Policy Type

When it comes to Peabody homeowners insurance policies, there are a few different policy types and each one is written for a certain type of structure. Having the correct policy type is essential to having the proper coverage on your home for added protection when you need it most.

Below we have featured the most common insurance types for homeowners living in or nearby Peabody:

Type	Description
HO-3	The most common of homeowners coverage is the HO-3. The majority of homeowners carry this type of policy and it covers damage that is caused by all perils unless they are excluded in the body of the policy. Damage that is caused by floods or earthquakes is always excluded on an HO-3 policy but there can be other exclusions as well.
HO-6	Condos are becoming a popular housing option in Peabody and if you have one, this is the policy type you need. In addition to condos, it also protects co-ops. This insurance offers coverage for your personal belongings as well as the components of the building that you actually own.
HO-8	Peabody is lucky to have a fair number of historical homes and if you own one, you may need an HO-8 policy. These policy types are specific to older homes where the replacement cost of the house may actually exceed the cash value of the home. These policies are affordable because the payout levels are less than the actual replacement cost of the house. In most cases, the need for an HO-8 policy arises when the house is more than 40 years old and doesn’t qualify for a HO-3 policy. These policies only cover 11 perils.
HO-4	This policy type was designed for people that rent an apartment. It is often referred to as renters insurance. An HO-4 policy will pay out for damage to your personal property in your apartment and it also offers liability protection in the event that someone is injured in your apartment.

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Average Rates Nearby Peabody

Are you looking for homeowners insurance in a city near Peabody? Review coverage options and average rates in your area by clicking your city below. We can help you shop home insurance rates!

Home Insurance Rates by Zipcode in Peabody, MA

Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Peabody.

01960,

Peabody, MA Home Insurance Average Premiums

Local Peabody, MA home insurance quotes comparison

$1037 /yr.

Shows Peabody's lowest average rates with discounts applied.

For the city of Peabody, homeowners insurance rates may vary on deductible, coverage amount and property details. Below is a list of the averages based on the cost of an annual home insurance premium.

Coverage Amount:	Annual Premium
1800 sq. ft. or below (discounts applied)	$1037 /yr.
Average Coverage:	$1287 /yr.
2600 sq. ft. or higher (all discounts applied)	$1587 /yr.

What is the average home insurance cost for a home in Peabody, MA?

• The average homeowners insurance premium paid annually for a home in Peabody is around $1287 per year.

What does it cost on average per month for home insurance in Peabody, MA?

• Homeowners in Peabody pay an average cost per month around $107.00 for insurance coverage.

Peabody, MA Coastal Wind, Hail & Flood Information

Peabody is located in a coastal county which greatly increases the risk of hurricanes and windstorms. Our quoting process will include wind and hail coverage options to give you the best protection you need against high winds and storm damage.

Flood Zone Notice: The beautiful coastal city of Peabody is know for it's beautiful beaches and waterways. Because Essex County (FIPS: 25009) has a shoreline and is in a coastal area it is important to purchase flood insurance. The risk is very high in this area and we will work with you to provide the best flood insurance coverage you need for your home in Peabody, MA.

Peabody, MA - 2023 Housing Information

Month	Current Home Value (2023)	Last Year Home Value (2022)
January	$610,071	$577,094
February	$609,146	$583,457
March	$609,478	$592,716
April	$610,624	$601,088

Homeowners insurance will help cover the cost to repair or replace your Peabody home if it is damaged or destroyed by a covered peril, up to your coverage limits. A homeowners policy is made up of a few different coverages. Here are the most common coverages:

Dwelling: This coverage will pay to repair or replace the structure of your home if it is damaged or destroyed. Review and Calculate Replacement Cost Coverage in Peabody
Liability: This coverage will help cover medical and legal bills if someone is injured in your home, slipping on an icy sidewalk for example. It also offers protection if you damage another person’s property, your child hitting a baseball through a neighbor’s window for example.
Contents: This covers the cost to replace your personal possessions that are destroyed by a covered peril. Furniture, electronics, clothing and household goods are excellent examples. Contents coverage is often capped at 50% to 70% of your dwelling coverage.
Other Structures: This coverage protects other structures on your property such as detached garages, outbuildings, barns, and sheds.
Loss of use: This covers everyday costs that you incur if you cannot live in your home while it is being repaired due to a claim. It will pay hotel and restaurant bills and even the cost of dry cleaning.

Get up to 12 competitive Peabody, MA homeowners insurance rates all in one place!

Saving Money Tips on Peabody Home Insurance

A great way to save money on Peabody homeowners insurance is to make sure you are getting all the discounts you are qualified to receive. Here are just a few of the most common discount’s insurers offer:

Bundling: If you purchase your home and auto (or any other insurance coverage) from the same insurer, you should get a bundling discount. Expect to save 20%-25%.
Secure your home: Adding a monitored security system, water leak sensors, deadbolts, and smoke detectors should result in a discount.
Impact resistant roof: If you are replacing your roof, consider impact resistant roofing materials which help prevent hail and impact damage as well as resulting in a significant discount.
Stay claim free: If you have been claim free for a number of years (five is a common requirement) your insurer should offer a claim free discount.

Are you shopping for the best rate near or wihin the Peabody area? Check out what homeowners are paying on average for Massachusetts homeowners insurance.

Elevation Review for Coastal Wind or Flooding Risk

Elevation	Details	Homeowners Tips
161 ft.	This is the average home elevation in Peabody, MA	» Elevation is crucial to a homeowners insurance policy because it determines the risk of your home being in a flood zone which is particularly important in a coastal state such as Peabody, Massachusetts. A standard homeowners policy does not cover flood damage. If you live in a flood prone area, you will need to purchase a separate flood to fully protect your home. Call Now for Flood Insurance Quotes: 888-620-1954! Flood insurance can be purchased via the National Flood Insurance Program (NFIP) or in the private market. NFIP policies come with coverage caps and other restrictions so you may need to supplement your flood insurance coverage with a private market policy. It's important to remember that flooding occurs in low and moderate risk areas as well. According to FEMA data, almost 25% of all flood claims come from low to moderate-risk areas.

Elevation

Details

Homeowners Tips

161 ft.

This is the average home elevation in Peabody, MA

» Elevation is crucial to a homeowners insurance policy because it determines the risk of your home being in a flood zone which is particularly important in a coastal state such as Peabody, Massachusetts.

A standard homeowners policy does not cover flood damage. If you live in a flood prone area, you will need to purchase a separate flood to fully protect your home.

Call Now for Flood Insurance Quotes: 888-620-1954!

Flood insurance can be purchased via the National Flood Insurance Program (NFIP) or in the private market. NFIP policies come with coverage caps and other restrictions so you may need to supplement your flood insurance coverage with a private market policy.

It's important to remember that flooding occurs in low and moderate risk areas as well. According to FEMA data, almost 25% of all flood claims come from low to moderate-risk areas.

To get online quotes on your home and compare rates on home insurance premiums in Peabody, enter your zip code above and easily complete our online quoting application. Remember, it's important to speak with us about additional home insurance discounts so you can get the best rate for your home in Essex County.

Massachusetts Homeowners Insurance News & Information

How to Prepare Before Hurricanes Threaten Florida Posted on Monday 19th May, 2025
Hurricane season is quickly approaching and one of the most important things to do before a storm hits is to make sure your insurance coverage is up to date and your coverage levels are sufficient in the event your home is damaged by severe weather. Regardless of whether you own a home or are renting, […]
New Home Insurance Company Launches in Florida, Shows Signs of Improvement Posted on Tuesday 13th May, 2025
According to Office of Insurance Regulation and leaders in the industry, Florida may finally be emerging from the insurance crisis that it has suffered through for the last decade. Insurance companies operating in the state are starting to stabilize rates and new insurance companies are entering the Florida market. Recently, the Office of Insurance Regulation […]
Higher Premiums and Claim Handling Causes Poor Customer Satisfaction for Insurance Companies Posted on Friday 9th May, 2025
According to the recently released J.D. Power’s 2025 U.S. Property Claims Satisfaction Study, higher premiums and longer wait time for claim handling are making property owners less satisfied with their homeowners coverage. “Customers are, in essence, paying higher prices for slower service,” said Mark Garrett, director of insurance intelligence at J.D. Power in a press release. […]
Affordable Home Insurance Is Getting Very Hard to Find Posted on Tuesday 6th May, 2025
According to a recent ValuePenguin study, homeowners are having a harder time finding affordable insurance due to the property insurance crisis spreading around the country. The report found that a shocking two-thirds of homeowners have seen premium increases in 2024. Another 25% of homeowners said they were dropped by their insurance company which is a […]
Which state pays the highest home insurance premiums in 2025? Posted on Thursday 24th April, 2025
Recently, Insurify released its third annual American Homeowner Insurance report which offers a detailed forecast of insurance trends in the U.S. for 2025. States that have a high risk of wildfires and severe weather will see the largest increases in homeowners insurance premiums. According to the report, Louisiana will see the largest premium increases with […]

Peabody, MA Dwelling Coverage Estimate

It is important to calculate your dwelling coverage for your home in Peabody so you know what type of homeowners insurance coverage you need to cover your replacement cost. It is recommended to have enough dwelling coverage to rebuild your home if it was destroyed by a covered peril.

Please remember that replacement cost coverage does not include the cost of the land, only the price to rebuild your home, which is why we like to help customers by answering a few questions that you may have.

What is the average replacement cost coverage in Peabody, MA?

- The average square footage in Peabody is around 1,430 Sq. Ft. which would cost you around $387,600 to replace the home if you base the home on the price to build per square foot of $271.

Minimum Replacement Cost Total: $387,600

Location: Peabody, Massachusetts (Essex County)

Average Building Cost Per Square Foot in Peabody: $271 (low end)

Average Square Footage in Peabody: 1,430 Sq. Ft.

Home Improvement Status	Price per Sq. Ft.	Dwelling Coverage
None or Very Minor Improvements	$271	$387,600
Some Additional Upgrades	$339	$484,500
Major Home Updates or Advancements	$407	$581,400

Calculate Your Peabody, MA Dwelling Coverage

The dwelling coverage is calculated by the average cost per square foot ($271) in Peabody, Massachusetts times your heated square footage. Which would equal the cost to rebuild your home minus the cost of the property or land. Some homes will have a higher replacement cost due to home improvements like updated kitchens and bathrooms. Other upgrades may include: granite countertops, hardwood floors and stainless steel appliances. The national square foot average to build a brand new home is around 2500 square feet. So if you are looking to build, and your square footage of your new home is 2500, you are looking at a dwelling coverage premium of around $846,875 (Media price to build of $339 x 2500 sq. ft.) to cover the cost to rebuild your new home.

What is the difference between actual cash value and replacement cost value?

Homeowners insurance is available in both actual cash value (ACV) and replacement cost value (RCV). Knowing the difference is important:

Actual cash value: When valuing your personal possessions, an actual cash value policy will take depreciation into account. This means that your 10-year-old TV will be basically worthless according to your insurance company. While an ACV policy tends to be cheaper, if you have to make a claim you may be disappointed in your claim payout.

Replacement cost value: A RCV policy will replace your possessions with brand new items of similar quality regardless of how old they were at the time they were destroyed. While RCV policies are slightly more expensive, they are well worth the cost if you have to make a claim.