Home Insurance in Lawrence, MA
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Getting Home Insurance in Lawrence, MA
Are you one of the 89,153 people who call Lawrence, MA, home? This community has 30,291 households with an average of 2.86 people per house with a median household income of $47,542. The area is surrounded by natural wonders, including Lawrence Heritage State Park, Harold Parker State Forest and Canobie Lake Park.
The average age of the population is 32.2 years, so the residents have settled into careers and are ready to or have purchased a home with an average home value of $311,500. The homeownership rate is 29.1%, and every homeowner should protect their financial futures and property with the best home insurance in Lawrence, MA. VIU by HUB can help you find the best coverage to protect your financial future and property.
Premiums for Home Insurance
The average premium for home insurance in Lawrence, MA, is $1,117 for a $200,000 home and $1,582 for a $350,000 home. This rate is higher than the state and national averages. This higher rate may be the result of home type, square footage, security devices, desired coverages, prior liability or property losses and distance from emergency services. However, population density, crime rates and weather also have an impact.
Lawrence has 12,861 people per square mile in the 6.93 miles of city land area. In addition, the residents have a 1 in 80 chance of becoming a crime victim. For example, the city of Lawrence has a burglary rate of 45 per 100,000. Auto thefts are even higher at 139 per 100,000. The west and central areas of Lawrence. where the crime rate can increase to 1 in 18, tend to have higher crime rates, while the central areas, including the Tower Hill, Clover Hill, Arlington and Colonial Heights neighborhoods, tend to have lower crime rates. Finally, despite the mild weather. with highs of 74 degrees between June and September and 45 degrees from December to March, the risk of tornados is higher in Lawrence than in the rest of the state (100.43 versus 87.60 index value).
Requirements for Home Insurance
Although Lawrence strongly suggests that its residents procure homeowners insurance, it is not required. However, if you have a mortgage on your property, your financier may demand that you purchase insurance. In fact, these mortgage companies can call in your loan if you cancel your coverage.
General home insurance in Lawrence, MA, covers damage to your home and other buildings on your property. They likely also cover your possessions inside these structures. Vehicle, aircraft, explosion, riot, weather and smoke damage fall under this coverage as well. You can get coverage for your major systems, including your plumbing, HVAC, electrical and some appliances. Some natural disasters, such as earthquakes and floods may require additional policies or ad-ons.
Find the Right Home Insurance
As you search for home insurance in Lawrence, MA, through VIU by HUB, consider the total cost of reconstructing your home, including the square footage, type of exterior, framing materials, style, number of bedrooms and bathrooms, roofing materials and other special features as well as your detached structures. If you don't have enough coverage, you may have to make up the difference in your construction costs. You can also purchase inflation protection to reduce your financial outlays. Consider both your premium amount and the deductible you may have to pay if anything happens to your home. Comparing insurers and policies through VIU by HUB will help you make a decision that works for you.
This information is intended for general informational purposes only and is not intended to constitute legal advice.