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What You Need To Know About Homeowner’s Insurance

What You Need To Know About Homeowner’s Insurance

Homeowner’s insurance is a must-have to protect what’s probably your biggest investment – your home. And while you never want to think about worst-case scenarios, the right coverage is basically your safety net if something goes wrong. Here’s how it helps you.

  • Covers Repairs and Rebuilding Costs: If your home is damaged by fire, storms, or other covered events, your policy helps pay for repairs or even a full rebuild.
  • Protects Your Belongings: Many policies can also cover personal items like furniture, electronics, and clothing if they’re stolen or damaged.
  • Provides Liability Coverage: If someone gets injured on your property, homeowner’s insurance can help cover medical bills or legal expenses.

In the simplest sense, it gives you peace of mind. Knowing you have protection against unexpected events helps you worry less. And with such a big purchase, having that reassurance is a big deal.

And while your first insurance payment will be wrapped into your closing costs, you’ll want this to be a part of your budget beyond closing day too. That’s because it’s a recurring expense you’ll have once you get the keys to your home.

Here’s what you need to know to help you budget for this important part of homeownership today.

Costs and Claims Are Rising

In recent years, insurance costs have been climbing. According to Insurance.com, there are four big reasons behind the jump in premiums:

Basically, disasters are happening more often, repairs cost more, and insurers have to adjust their rates to keep up. Data from ICE Mortgage Technology helps paint the picture of how the average yearly premium has climbed over the last decade (see graph below):

Bar chart showing rising average homeowner's insurance premiums from 2014 to 2022.

What You Can Do About It

Homeowner’s insurance is a must to protect your home and your investment. But with costs rising, you’ll want to do your homework to balance the best coverage you can get at the best price possible.

Homeowner’s insurance rates vary widely based on location, provider, and coverage. Shop around and compare quotes before settling on a policy. And don’t forget to ask about discounts. Things like security systems or bundling with auto insurance could help lower your insurance costs.

Bottom line

When you’re planning to buy a home, it’s important to look beyond just your mortgage payment. You’ll also want to budget for your homeowner’s insurance policy. It gives you a lot of protection against the unexpected. And while it’s true those costs are rising, there are things you can do to try to get the best price possible.

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Methodology

TownRatings™ is a proprietary model developed by Team Coyle to provide homebuyers and sellers with a relative rating (assessment) of a town’s key characteristics, benchmarked against other Greater Boston towns. Ratings are based on publicly available data and Team Coyle’s on-the-ground expertise and are intended as a general guide only. Please consult a licensed real estate professional before making any real estate decisions. Ratings are current as of October 4, 2025.

RATING CATEGORIES

  • Quality of Schools: Based on Massachusetts Department of Elementary and Secondary Education (DESE) 2024 data, emphasizing Grade 10 MCAS English Language Arts and Mathematics proficiency rates and 4-year high school graduation rates. Together, these measures provide a snapshot of academic achievement and long-term outcomes.
    Scale: Above Average · Average · Below Average
  • Commute to Boston: Assesses commuting ease using travel time, distance, and in-town transit access. For towns with MBTA rail or subway service, commute times are measured to the line’s natural Boston endpoint (e.g., North Station, South Station, or Back Bay). For towns without in-town service, commute times are measured by car to Back Bay as the default reference point.
    Scale: Easy · Moderate · Challenging
  • Shopping & Dining: Reflects the density and variety of retail and restaurant options within a town or in adjacent hubs.
    Scale: Excellent · Good · Limited
  • Lifestyle: A general description a town's overall character (e.g., Upscale, Rural, Historic, Suburban, Urban/Vibrant).
  • Est. Annual Tax per $1M: The town’s residential property tax rate applied to $1,000,000 of value (as of the report date) for easy comparison.

HOW RATINGS ARE DERIVED

Ratings are determined using a blend of publicly reported data (e.g., DESE reports, MBTA schedules, municipal tax rates, business directories), mapping and transportation tools, and qualitative insights from Team Coyle agents active in these markets.

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  • Informational only; subject to change without notice.
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Wellesley, MA 02482