Home to two of the most prominent universities in the country, Harvard and MIT, Cambridge, Massachusetts residents enjoy living in a highly educated area with culture, arts, and the beauty and history of the East Coast.
Cambridge residents are no strangers to a high cost of living, and this includes insurance costs as well. Massachusetts housing prices are some of the priciest in the country, and living on the coast as well as an area with harsh winters are some of the factors that influence Cambridge insurance quotes.
But sometimes, insurance is just as confusing as it is expensive. These Cambridge insurance basics can help you choose the right insurance for your home and belongings based on factors residents in the area are likely to face. Things to consider when purchasing home insurance include:
- Age of home. Cambridge has some of the oldest homes in the country, rich with history and intricate craftsmanship. Because older homes are trickier to insure, insurance companies have developed a special policy specifically for them--the HO-8. This cash value policy covers the structure and contents of a home that may have a lower market value than replacement cost. This helps meet the needs of homeowners in older homes that may have difficulty insuring their home with a replacement cost policy.
- Location of home. If you live in a floodplain or area prone to flooding, don't make the mistake of thinking your Cambridge insurance quotes include coverage for flood damage. Flood insurance is regulated by the NFIP (National Flood Insurance Program) and must be purchased separately. Windstorm insurance is also offered in Massachusetts and is not a bad option for those whose homes are located in high-wind areas.
- Renting vs. buying. Cambridge has a higher than average percentage of renters, in part because of the high student population. Special insurance is available specifically to protect the personal belongings of renters not only from fire, theft, and other perils, but also from liability as well. Yet only 25% of renters have this type of insurance. Cambridge insurance quotes show that renters pay an average of $18 a month on insurance, which is affordable and well worth the money.
Lowering Your Cambridge Insurance Quotes
Whether you own or rent your home, there are many different ways you can save money on your homeowners or renters insurance. Updating the wiring and plumbing in older homes, increasing your home's security or fire protection, and taking advantage of discounts for students, retirees, or certain professions can save you a great deal of money.
Shopping around for multiple Cambridge insurance quotes and then comparing them for the best rates is another way you can save money. Netquote.com is the best place to go for insurance information. You can access their extensive library of insurance information, then quickly and easily compare quotes to find out which company will offer you the most affordable rates.