How much is homeowners insurance in Wilmington, MA

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In Wilmington, homeowners pay an average annual rate of $1,377 for a coverage level that includes $300,000 for dwelling, $100,000 for liability protection, and a $1,000 deductible, according to Insure.com’s rate analysis. This is $1,127 less than the national average of $2,504.

Homeowners insurance premiums can vary significantly from one property to another. In Wilmington, the cost of home insurance is influenced by several factors, including:

• Size of your home
• Age of your home
• Amount of coverage required
• Location
• Your credit score

It’s crucial to compare quotes from multiple insurers to ensure you get the best homeowners insurance policy. This allows you to find the coverage that meets your specific needs.

Read this guide to discover the monthly homeowners insurance cost in Wilmington, explore the insurance costs for different dwelling coverage, and find out which companies offer affordable home insurance in Wilmington.

How much is homeowners insurance in Wilmington per month

Wilmington homeowners pay an average of $115 a month, based on our rate analysis. It’s $20 less than the state average of $135 and $94 less than the national average for home insurance across the United States. The price of your homeowners insurance policy in Wilmington may vary depending on where you live, the value of your home, and the coverage you choose.

How much is homeowners insurance for a $200,000 house in Wilmington

In Wilmington, MA, homeowners pay an average of $1,100 annually for a $200,000 house. The amount you pay for home insurance each year depends on factors such as – natural disasters or events within your locality.

Some regions are more at risk for natural disasters, like floods, hurricanes, or tornadoes, implying higher rebuilding rates in these areas are higher, resulting in higher insurance premiums. It’s essential to note that your insurance policy might not cover damages caused by floods or hurricanes. If you reside in an area prone to flooding, consider buying flood insurance.

How much is homeowners insurance for a $300,000 house in Wilmington

According to Insure.com’s rate analysis, homeowners in Wilmington typically pay an average of $1,377 annually for a home insurance policy with $300,000 in dwelling coverage, $100,000 in liability protection, and a $1,000 deductible.

If you increase your dwelling coverage from $200,000 to $300,000, your home insurance rates will rise by $277. It is advisable to purchase enough insurance to cover the entire cost of rebuilding your home. The required amount of dwelling coverage can vary based on factors such as the size of your home, its features, and the cost of living in your area.

How much is homeowners insurance in Wilmington by company

After evaluating several carriers, Andover Insurance is the least expensive homeowners insurance provider in Wilmington. It’s average annual rate for homeowners in Wilmington is $805, while Travelers holds the second position.

Researching the insurance company is crucial before selecting a homeowners insurance policy. Our experts have analyzed all insurance providers in Wilmington and compiled a list of the cheapest home insurance providers. Below, you’ll find the home insurance companies in Wilmington and their average annual premiums.

Common natural disasters in Massachusetts that may affect home insurance

Living in Massachusetts comes with the threat of natural disasters, which can cause significant damage to homes and property, often resulting in insurance claims. Understanding which natural disasters are most prevalent in your area is key to choosing the right home insurance policy.

Coastal flooding, Hurricane, Ice storm, Lightning and Riverine flooding are some of the most common natural disasters in Massachusetts that could impact your home insurance rates.

How home insurance protects you against natural disasters

Home insurance plays a crucial role in protecting your home and belongings in case of natural disasters. Events such as hurricanes, floods, earthquakes and wildfires can cause significant damage, and home insurance helps by covering the costs of repairs or replacement of your property. Depending on your policy, it may also provide coverage for temporary living expenses if your home becomes uninhabitable.

In addition to physical damage, home insurance typically covers liability costs if someone is injured on your property. This added protection gives homeowners peace of mind, knowing they have financial support during difficult times.

A standard home insurance policy may not cover all-natural disasters. Review your policy carefully to ensure you’re covered for the specific risks.

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for homeowners insurance rates in Wilmington for $300,000 dwelling coverage and $100,000 liability coverage with a $1,000 deductible. The data presented are those with a good credit tier alignment.

Shivani Gite

Contributing Writer

 

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Shivani Gite is a personal finance and insurance writer with a degree in journalism and mass communication. She is passionate about making insurance topics easy to understand for people and helping them make better financial decisions.

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