Get Somerville, AL Home Insurance Rates!
Somerville population is about 7,676 within the nearby area and the average family size is around 3 per home. The total number of housing units in need of an affordable homeowners policy is estimated to be around 3,014 and the number of occupied households is roughly . Homeowners living in Somerville want to easily compare the best rates and coverage options with affordable prices and outstanding coverage. At GetHomeInsuranceQuotes.com, we can shop up to 12 insurance rate prices and coverages to help you review which insurance carrier and policy is best fit for you and your family. Understanding your policy is very imporant when it comes to protecting what you value most and our free consultation process allows our high quality agents in Somerville to answer any questions that you may have.
Within the city of Somerville, the median income per household is $55,592 it is above the national average of $68,703. If you are shopping for a new home in Somerville, you might be inclined to know that the average home costs is around $119,000.
Helpful Link: Top 10 Mistakes That Many First Time Homebuyers Make
Can I get lower home insurance rates in Somerville?
Homeowners insurance is affordable in the city of Somerville. We pay an average annual premium of $1,501 while the rest of the country is paying a median price of $1,311. This means that Alabama ranks 11 in the country when it comes to the cost of homeowners coverage.
Helpful Link: Homeowners Insurance Rates Have Gone Up In Every State
| Avg. AL Rate | Discounts | Savings | Shop Rates |
|---|---|---|---|
| $1,501 | up to 40% off | $600 |
Somerville Has Differnet Types of Homeowners Insurance Coverages
Homeowners insurance is seperated into different types and each one is specifically designed for a certain type of housing. Below is an overview of the most common homeowner insurance types that consumers can purchase in Somerville, AL.
- Homeowners HO-3 Policy: For most home buyers, they will get an HO-3 policy for a single family home. This is the most common homeowners insurance policy available. It will cover all perils, except for the ones mentioned, like flooding or earthquake damage. Perils that are often covered are fire, theft and liability. The exclusions will be listed in your policy. You will need to purchase a seperate policy to cover your home from flooding or an earthquake.
- Homeowners HO-2 Policy: An HO-2 policy is very basic, it covers damages from certain perlis that are listed in the policy. If the peril is not listed, it will not be covered. Your personal property is also covered. Most experts don't recommend these policies except for the most basic coverage needs. Probably considered best for homeowners that don't currently have a mortgage on the home and so they are not required to have insurance coverage because the home is paid off.
- Homeowners HO-4 Policy: The HO-4 policy covers residents who are renting a home, condo or apartment. It will protect all of the personal property in your apartment, up to your policy limits, as well as offering liability coverage. The liability portion of the policy will protect your financial assets if someone is injured in your home. It will pay for any medical costs as well as defend you in a lawsuit if you happen to be sued. These polices are considered the most affordable and is highly recommended if you currently live in an apartment.
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Home Insurance Rates by Zipcode in Somerville, AL
Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Somerville.
Somerville, AL Home Insurance Average Premiums
$866 /yr.
For the city of Somerville, homeowners insurance rates may vary on deductible, coverage amount and property details. Below is a list of the averages based on the cost of an annual home insurance premium.
| Coverage Amount: | Annual Premium |
|---|---|
| 1800 sq. ft. or below (discounts applied) | $866 /yr. |
| Average Coverage: | $1116 /yr. |
| 2600 sq. ft. or higher (all discounts applied) | $1416 /yr. |
What is the average home insurance cost for a home in Somerville, AL?
- • The average homeowners insurance premium paid annually for a home in Somerville is around $1116 per year.
What does it cost on average per month for home insurance in Somerville, AL?
- • Homeowners in Somerville pay an average cost per month around $93.00 for insurance coverage.
Somerville, AL - 2023 Housing Information
| Month | Current Home Value (2023) | Last Year Home Value (2022) |
|---|---|---|
| January | $0 | $0 |
| February | $0 | $0 |
| March | $0 | $0 |
| April | $0 | $0 |
Homeowners insurance will help cover the cost to repair or replace your Somerville home if it is damaged or destroyed by a covered peril, up to your coverage limits. A homeowners policy is made up of a few different coverages. Here are the most common coverages:
- Dwelling: This coverage will pay to repair or replace the structure of your home if it is damaged or destroyed. Review and Calculate Replacement Cost Coverage in Somerville
- Liability: This coverage will help cover medical and legal bills if someone is injured in your home, slipping on an icy sidewalk for example. It also offers protection if you damage another person’s property, your child hitting a baseball through a neighbor’s window for example.
- Contents: This covers the cost to replace your personal possessions that are destroyed by a covered peril. Furniture, electronics, clothing and household goods are excellent examples. Contents coverage is often capped at 50% to 70% of your dwelling coverage.
- Other Structures: This coverage protects other structures on your property such as detached garages, outbuildings, barns, and sheds.
- Loss of use: This covers everyday costs that you incur if you cannot live in your home while it is being repaired due to a claim. It will pay hotel and restaurant bills and even the cost of dry cleaning.
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Saving Money Tips on Somerville Home Insurance
A great way to save money on Somerville homeowners insurance is to make sure you are getting all the discounts you are qualified to receive. Here are just a few of the most common discount’s insurers offer:
- Bundling: If you purchase your home and auto (or any other insurance coverage) from the same insurer, you should get a bundling discount. Expect to save 20%-25%.
- Secure your home: Adding a monitored security system, water leak sensors, deadbolts, and smoke detectors should result in a discount.
- Impact resistant roof: If you are replacing your roof, consider impact resistant roofing materials which help prevent hail and impact damage as well as resulting in a significant discount.
- Stay claim free: If you have been claim free for a number of years (five is a common requirement) your insurer should offer a claim free discount.
Are you shopping for the best rate near or wihin the Somerville area? Check out what homeowners are paying on average for Alabama homeowners insurance.
Elevation Review for Coastal Wind or Flooding Risk
| Elevation | Details | Homeowners Tips |
|---|---|---|
| 671 ft. | This is the average home elevation in Somerville, AL | Did you know that the elevation in which your home resides is crucial to a home insurance policy because it determines the risk factor related to your home being in a flood zone. It is important to understand that your home is not covered for floods under a standard homeowners policy. You will need to speak with a local Alabama flood insurance agent about a flood insurance policy, please give us a call now at 888-620-1954. |
To get online quotes on your home and compare rates on home insurance premiums in Somerville, enter your zip code above and easily complete our online quoting application. Remember, it's important to speak with us about additional home insurance discounts so you can get the best rate for your home in Morgan County.
Alabama Homeowners Insurance News & Information
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2025 – Study Shows Home Insurance Market Stabilizing Posted on Wednesday 11th December, 2024
According to a new report from Matic, the homeowner’s insurance market has shown signs of stabilizing roughly two years after major premium hikes and coverage challenges. Even though premiums are high, trends in the insurance industry show that a slowdown in premium growth may be coming. Here is a brief overview of the report and […]
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What’s the average home insurance rate for a $300K home in 2024? Posted on Monday 9th December, 2024
A recent report from Insurance.com found that the average homeowners insurance rate for a $300,000 in homeowners coverage hit $2,777 per year which breaks down to $231 monthly. The cost of homeowners insurance in some states can be extremely expensive, for years Florida has been know to have the highest premiums in the nation. When […]
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$4.5B Estimated In Insured Losses After 2024 Florida Hurricanes Posted on Wednesday 13th November, 2024
According to the Florida Office of Insurance Regulation, the three hurricanes that made landfall this year have caused more than $4.5 billion in estimated insured losses. Hurricane Debby, Helene and Milton all hit the state within two months of each other Helene and Milton struck just two weeks apart. State data show that over 269,000 […]
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I can’t afford my home insurance, what do I do? Posted on Saturday 9th November, 2024
According to data from the National Association of Realtors (NAR), the average U.S. insurance rate is $2,377 a year. The data also suggest that homeowners could see a 6% rise in rates by the end of the year which is in addition to the 20% increase over the two previous years. As climate change pushes […]
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How to Get the Best Homeowners Insurance Policy for Your Needs Posted on Wednesday 6th November, 2024
Having the proper insurance coverages in place is a critical part of owning a home, it protects your investment and finances in the event your home is destroyed by an unexpected disaster such as a fire, flood or severe storm. Understanding the different coverages that are available to homeowners is key to making sure you […]
Somerville, AL Dwelling Coverage Estimate
It is important to calculate your dwelling coverage for your home in Somerville so you know what type of homeowners insurance coverage you need to cover your replacement cost. It is recommended to have enough dwelling coverage to rebuild your home if it was destroyed by a covered peril.
Please remember that replacement cost coverage does not include the cost of the land, only the price to rebuild your home, which is why we like to help customers by answering a few questions that you may have.
What is the average replacement cost coverage in Somerville, AL?
- The average square footage in Somerville is around 1,144 Sq. Ft. which would cost you around $119,000 to replace the home if you base the home on the price to build per square foot of $104.
Minimum Replacement Cost Total: $119,000
Location: Somerville, Alabama (Morgan County)
Average Building Cost Per Square Foot in Somerville: $104 (low end)
Average Square Footage in Somerville: 1,144 Sq. Ft.
| Home Improvement Status | Price per Sq. Ft. | Dwelling Coverage |
|---|---|---|
| None or Very Minor Improvements | $104 | $119,000 |
| Some Additional Upgrades | $130 | $148,750 |
| Major Home Updates or Advancements | $156 | $178,500 |
The dwelling coverage is calculated by the average cost per square foot ($104) in Somerville, Alabama times your heated square footage. Which would equal the cost to rebuild your home minus the cost of the property or land. Some homes will have a higher replacement cost due to home improvements like updated kitchens and bathrooms. Other upgrades may include: granite countertops, hardwood floors and stainless steel appliances. The national square foot average to build a brand new home is around 2500 square feet. So if you are looking to build, and your square footage of your new home is 2500, you are looking at a dwelling coverage premium of around $325,000 (Media price to build of $130 x 2500 sq. ft.) to cover the cost to rebuild your new home.
What is the difference between actual cash value and replacement cost value?
Homeowners insurance is available in both actual cash value (ACV) and replacement cost value (RCV). Knowing the difference is important:
Actual cash value: When valuing your personal possessions, an actual cash value policy will take depreciation into account. This means that your 10-year-old TV will be basically worthless according to your insurance company. While an ACV policy tends to be cheaper, if you have to make a claim you may be disappointed in your claim payout.
Replacement cost value: A RCV policy will replace your possessions with brand new items of similar quality regardless of how old they were at the time they were destroyed. While RCV policies are slightly more expensive, they are well worth the cost if you have to make a claim.