Clifford R. Larson Insurance Agency, Inc.
109 Massachusetts Ave, Lexington, MA 02420
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109 Massachusetts Ave, Lexington, MA 02420
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1646 Massachusetts Avenue, Suite B, Lexington, MA 02420
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76 Bedford St, Ste 37, Lexington, MA 02420
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Learn about insurance coverage options specific to Lexington residents.
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While Massachusetts homeowners pay $1,595-$2,008 annually on average, Lexington homeowners typically pay significantly more due to higher property values. With median home prices around $1.5-$2 million, you'll need dwelling coverage well above state averages. A policy with $500,000 in coverage runs about $3,168 annually in Massachusetts, and Lexington properties often require $1.5 million or more in coverage, resulting in proportionally higher premiums.
Yes, historic homes require specialized coverage because rebuilding them costs 20-50% more than similar modern homes. Standard policies may not cover period-appropriate materials, specialized craftsmanship, or historic preservation requirements. Look for guaranteed replacement cost coverage that provides 25-50% above your dwelling limits to protect against unexpected restoration expenses. Historic home insurance typically costs 20-40% more than standard policies, but it's essential protection for these properties.
Guaranteed replacement cost coverage rebuilds your home even if costs exceed your policy's dwelling limit, typically providing 25-50% additional coverage. For Lexington homeowners—especially those with historic or high-value properties—this is crucial protection. Rising construction costs, specialized materials, and unexpected complications can push reconstruction expenses beyond original estimates. This coverage ensures you won't pay out-of-pocket if your home costs more to rebuild than anticipated.
Review your coverage annually, especially given Lexington's rising property values—up 13% year-over-year in 2025. Your dwelling coverage should reflect current reconstruction costs, not your original purchase price. Even policies with inflation guard endorsements may not keep pace with Lexington's appreciation rates. Schedule annual reviews with your agent to adjust coverage limits, update personal property schedules, and ensure your policy matches your current needs.
Standard policies include $100,000-$300,000 in liability coverage, which isn't enough for homeowners with significant assets to protect. Consider $500,000 to $1 million in liability coverage on your homeowners policy, supplemented by a personal umbrella policy providing an additional $1-5 million in protection. This shields your assets if someone is injured on your property and files a lawsuit seeking damages beyond your base policy limits.
Always insure based on replacement cost—what it would cost to rebuild your home from scratch—not market value. In Lexington, where land values are high, market value often exceeds replacement cost for newer homes. For historic properties, the opposite is true: replacement cost typically exceeds market value due to specialized restoration requirements. A professional replacement cost estimate from a qualified estimator ensures your coverage reflects actual reconstruction expenses, not real estate market fluctuations.
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