Boston homeowners insurance rates can be as cheap as $63
By: Ajay kumar Medagani September, 12, 2019
According to Gavop research, homeowners in Boston Massachusetts, pay an average homeowner's insurance rate of $1,720 per annum, which is higher than the national average of $1,228. The typical home value in Boston, is about $374,700.
There are about 1,034 homeowners in Boston whose homes are valued less than $50,000. These homeowners pay an average homeowner's insurance rate of $63 per annum.
Homeowners with one-bedroom homes in Boston report an average home value of around $102,000 and an estimated replacement value of $90,000. Gavop recommends that these homeowners opt for home insurance coverage that ranges between $75,000 and $100,000. Homeowners with two-bedroom homes in Boston have a typical home value rate of $220,000 and a replacement value of $190,000. Gavop recommends home insurance coverage between $175,000 and $200,000 for them.
Boston homeowners with a three-bedroom home have a typical home value of $223,000 and replacement value of $190,000. Gavop recommends homeowners insurance coverage between $200,000 and $250,000.
Boston homes with a home valued less than $200,000 pay an average homeowner's insurance rate of $306.
Four-bedroom homes in Boston cost around $527,500 and have an estimated replacement value of $440,000. Gavop recommends an insurance coverage between $600,000 and $700,000 for these homeowners. Those with homes valued less than $300,000 pay an average homeowner's insurance rate of $371 per annum.
A five-bedroom home in Boston has an estimated value of $607,500 and an estimated replacement cost of $570,000. The recommended homeowner's insurance coverage is between $600,000 and $700,000.
Boston homeowners with homes valued more than $300,000 pay an average homeowner's insurance rate of $990 per annum.
The average claim cost for water damage in Boston is around $5,975 and those for hail and wild damages are about $4,524 and $6,496. Claims for fire and smoke are typically much more expensive at $42,889 and $17,054.
ABOUT THE AUTHOR
Ajay Kumar Medagani
Ajay Kumar works as a data analyst with Gavop. A (software) engineer by profession, he utilizes his well-established programming skills in big data, to derive insights from a wide variety of data sets. A engineering graduate from JNTU his passion involves analyzing raw data, infographics and other visual aids for research.
