Home Insurance in Peabody, Massachusetts
Homes in Peabody carry a median value of $596,200 - close to the Essex County median.
The typical home in Peabody was built around 1966. About 40% of homes were built before 1960, about 10 points below Essex County's 50%. Aging wiring, roofing and plumbing in older homes can push up the cost to insure or rebuild them.
The housing stock in Peabody is 56% single-family homes, 28% apartments in buildings with 5+ units and 2% mobile or manufactured homes. The rest are 2-4 unit or other housing types.
About 66% of owner-occupied homes in Peabody have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
The vacancy rate is 3%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 66% of occupied homes in Peabody are owner-occupied.
Homes heated with fuel oil can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies. In Peabody, 51% of homes are primarily heated with natural gas.
What's the biggest home insurance risk near Peabody? FEMA's National Risk Index points to coastal flooding (Very High) in Essex County and Essex County had 8,754 active NFIP flood policies as of September 2026. See the full Essex County home insurance overview for all FEMA hazard ratings and flood coverage details. Flood damage is excluded from a standard homeowners policy.
In Massachusetts, the statewide average premium for a standard HO-3 homeowners policy is $2,134 per year (NAIC, 2023 data).
Key figures
| Median home value | $596,200 |
|---|---|
| Median year built | 1966 |
| Owner-occupied share | 66% |
| Share of owner-occupied homes with a mortgage | 66% |
| Top county hazard | Coastal Flooding (Very High) |
| Active NFIP policies in Essex County | 8,754 |
| Home insurance premium | $2,134 - statewide average (NAIC, 2023 data) |
Nearby towns
Sources
Data last updated: 2026-09-29
- U.S. Census Bureau Gazetteer Files (2024)
- U.S. Census Bureau, American Community Survey 2020-2024 5-Year Estimates (2024)
- FEMA National Risk Index (December 2025)
- FEMA OpenFEMA NFIP Redacted Policies v3 (2026)
- NAIC Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owners Insurance: Data for 2023 (published 2026) (2023)