Peabody, MA Homeowners Insurance Rate Quotes!
Shopping online for a new homeowners insurance policy in Peabody just got a bit easier. Our website GetHomeInsuranceQuotes.com is here to help you find a great policy at the right price and our customer service reps will make sure that the whole insurance buying process is easy and stress free.
We work with dozens of highly trusted brand name insurance carriers that have been in business for decades so you can be confident that they will be there to help if you ever need to make a claim.
Our licensed Peabody insurance consultants are happy to help you compare multiple insurance quotes, advise you on what coverages are right for you and answer any questions you may have throughout the entire shopping process.
We will pull rates from up to 12 different insurance companies and present you with the best options for your home. All of our insurers are highly rated by A.M. Best and our service professionals will guide you through the maze of Massachusetts home insurance options so you can be confident that you get the best coverage at an affordable price. Easily start your quote today by entering your Peabody zip code today!
Peabody Home Insurance Rate on Average
Rates depend on many factors, every policy is different because every home is different. Homeowners in Peabody are paying on average around $1,287 per year. Most homeowners insurance policies are paid annually, but home insurance normally cost around $107 per month for homes in the Peabody area. With discounts applied, some are seeing rates as low as $1,037 per year. More expensive homes that cost more to rebuild or replace are seeing rates higher in the $1,587 per year range. We can help you review which insurance company is best based on price, savings and most of all coverage options. Let us help you shop rates today!
These rates are for a standard homeowners insurance policy, which covers not only the structure of your home but also your contents and other detached structures on your property. In addition, all of our homeowner policies offer liability coverage in case someone is injured on your property as well as medical payments and loss of use coverage.
Insurance can be complicated and confusing but we will be with you every step of the way to help explain the various coverages and answer any questions you may have about your new insurance policy. We can also help identify other risks that may exist around your house, as an example, flood risk. If it turns out your house is in a high-risk area for flooding, we can help you find an affordable flood insurance policy.
For additional help, please visit our homeowners insurance blog for helpful articles, tips and customer related questions.
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Average Rates Nearby Peabody
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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.
Peabody, MA Home Insurance Average Premiums
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 |
|Average Coverage:||$1287 /yr.|
|2600 sq. ft. or higher |
(all discounts applied)
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)|
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
|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.
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
Florida Homeowners Advance From Citizens into Private Companies Posted on Tuesday 5th December, 2023
Homeowners Choice Property and Casualty Insurance Co. has assumed approximately 53,750 policies from Citizens Property Insurance Corp., Florida’s state-backed insurance company, the parent company says in a Tuesday news release. Homeowners Choice is owned by HCI Group Inc., a holding company with operations in homeowners insurance, information technology services, real estate and reinsurance. Homeowners Choice […]
North Carolina Joint Underwriters and Wind Pool Map Explained Posted on Thursday 30th November, 2023
North Carolina is a lovely state to call home. Our state is packed with beautiful cities, museums, restaurants and of course, some of the loveliest beaches in the country. Unfortunately, if you live in one of our amazing coastal southern cities such as Ocean Isle Beach, Holden Beach, Oak Island Beach, Calabash, Bald Head Island, […]
Did you know? Your Home Insurance Doesn’t Cover… Posted on Wednesday 29th November, 2023
While homeowners insurance covers a variety of perils and protects your home and personal possessions, it does come with a number of exclusions and coverage gaps that can result in you having to cover the cost of certain damage out of pocket. Let’s have a quick look at what your homeowners policy does and doesn’t […]
2024 Homeowners Insurance Outlook Receives Negative Rating Posted on Tuesday 21st November, 2023
The insurance news for 2024 is certainly not great. Experts expect that extreme weather and increasing costs will push up insurance costs and make insurance companies more selective when deciding where they will write policies. Recently, credit rating agency AM Best downgraded the entire home insurance industry from stable to negative. According to Richard Attanasio, […]
What Is the 80/20 Rule In Homeowners Insurance? Posted on Wednesday 8th November, 2023
If you are purchasing a home, your lender will require that you carry homeowners insurance to protect their investment in your home. Homeowners coverage will help cover the cost of repairing or replacing your home if it is damaged or destroyed by a covered peril. Covered perils can include items such as a hurricane or […]
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|
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.