In Somerville Mass, 69.4% of residents are renters making it the lowest area for individual owner-occupied homeownership in any major city. This could be due to the recent Sommerville real estate investment boom (when I google that I get Real estate bubble as the #1 page).
There is a good reason for the price increases, young people are flocking to Somerville and it gets an A+ rating for “nightlife”. Somerville is currently ranked #41 in Best Suburbs to Live in Massachusetts and gets an A overall grade by Niche.
At Premier Shield Insurance we closely monitor Somerville, MA housing price appreciation trends and market data. Currently, we’re going to out on a limb and say price is a factor in that. Below are some Sommerville Massachusetts stats and facts
SOMMERVILLE MEDIAN HOME VALUE: $776,514
NUMBER OF HOMES AND APARTMENTS: 32,453
If you want to talk about “Affordable Housing” take a look at the fact that 5.4% of properties sold were between $274,001 and $411,000 while homes between $137,001 and $274,000 represented 2.7%. So 8.1% of people got great deals. That means in total 10.3% of resident bought under $411k and the bulk of real estate transactions were from $685,001 to $1,027,000.
Rental Property Insurance Somerville MA
If you’re looking to purchase a rental property in Somerville, we can help. If it’s owner-occupied it will go on an HO-3 with most carriers while purely investment properties will be DP-3 Policies.
Even if the home is difficult to insure due, we have a market to help you. Some examplies include, the prior owner had property claims within the past 5 years, age of the home, updates-needed, flat roof, coastal homeowners insurance Massachusetts and poor credit.
Hopefully if you’re buying a landlord insurance policy you have good credit. It really is a driving rating factor and the better the credit the better your rental home insurance rate will be.
We understand how the credit market works and the recent inquires from lenders and impact the price, that’s why it’s good to start the home insurance quote process as soon as possible. That’s true for single-family and mult-family properties alike.
Landlord & Rental Property Insurance Quotes Somerville MA
We’ve written hundreds of homes and have 20 years of business, financial services, and insurance experiece. Our agents are trained to help you with your property no matter how complex.
Give us a call today since we’re going to have to ask you a few details about the home. It should only take us a few minutes to get you a real-time landlord or rental property insurance quote for your Somerville Mass home.
Home Insurance Quotes Somerville MA
We specialize in helping Somerville first-time homebuyers find great rates on single family homes. Bundling your auto insurance will help you save up to 30% overall which is important because car insurance prices are always higher in a city like Somervile.
It’s important to have an experienced agent when you live in a city. Rates can be volatile and hit-and-runs have been causing a ton of damage and causing rates to spike in cities like Boston, Dorchester, and Mattapan.
For as little as $100 you can bundle a renters insurance policy with your car insurance and save up to 20%!
In 2021 many landlords in Sommerville require apartment and tenants to carry a renters insurance policy. Premier Shield Insurance can help you find affordable renters insurance coverage for your Somerville MA apartment.