Homeowners Insurance in Massachusetts

What is Homeowners Insurance?

Home insurance policies are “package policies” that include several different insurance coverages in a single policy. There are three main coverages that almost all homeowners policies include:

  • Dwelling Coverage, for the primary structure on a policyholder’s property
  • Liability Coverage, for certain types of lawsuits that accuse the policyholder of causing injury or damage
  • Personal Property Coverage, for the belongings that the policyholder owns

It is very important to note that most homeowners policies do not include flood insurance coverage. Flood coverage can be obtained separately and is often bought in conjunction with a home policy.

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Homeowners Insurance Massachusetts

Replacement Cost Coverage vs. Actual Cost Value

Most policies can be customized to have Replacement Cost Coverage, which works to repair or replace your compromised possessions without taking into account depreciation of value, or Actual Cash Value coverage, which will work to repair or replace your compromised possessions according to the current-day value of the item, minus depreciation.

What Coverages are Included in a Home Insurance Policy?

We will help you customize a policy to your needs. Let us help you analyze your risk to get the coverage that fits your. Some other coverages that certain policies may offer are:

  • Other Structures Coverage, for secondary structures, like sheds, fences and detached garages
  • Valuable Articles Coverage, for valuable items in your possession that may exceed typical coverage limits
  • Loss of Use Coverage, in case a property is uninhabitable due to a covered claim
  • Ordinance or Law Coverage, to provide coverage in the case that local law enforcement requires an upgrade to a building in order to meet the set standard

Exact coverage definitions can differ, so it’s important to read a policy’s coverage terms and conditions carefully to know exactly what its coverages include.

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What Coverages are Typically Not Included in a Homeowners Policy?

The following types of coverage can usually be made available to homeowners seeking to customize a policy, but they are not normally included by default. We recommend that you inquire about these coverges when speaking to your agent to see if it would be appropriate to add on to your plan.

  • Flood Coverage
  • Earthquake Coverage
  • Vacant Property Coverage
  • Disaster Coverage

Homeowners Insurance

Are There Different Kinds of Homeowners Insurance Policies?

Home insurance policies can be separated into “named perils” policies and “open perils” policies.

Named perils only provide coverage for the risks specifically mentioned within their paperwork. The list of perils may be basic and include just a few potential risks, or it may be robust and cover dozens of possible incidents. Even the broadest named perils policies, however, only cover the risks that are mentioned.

Open perils policies typically cover all potential risks that aren’t explicitly excluded in the policy’s paperwork. Most open perils policies only have a few exclusions, such as for earthquakes, floods, wars, and nuclear incidents. Because anything that’s not mentioned as an exclusion is usually covered, these policies usually provide more comprehensive coverage than named perils policies.

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Who Should Have Homeowners Insurance?

Almost all homeowners in Massachusetts should have homeowners insurance. Homeowners who have a mortgage on their house are usually required by their mortgage holder to maintain insurance coverage for their home. Even homeowners who don’t have a mortgage, however, still should have an insurance policy.

After all, few homeowners could afford to build or buy a different house with cash if theirs was damaged or destroyed. Homeowners policies can help homeowners financially recover from covered claims.

How Can Homeowners in Massachusetts Get Home Insurance?

Homeowners in Massachusetts who are looking for home insurance should contact an independent insurance agent. As long as an agent is licensed in the state, they can help homeowners from Stockbridge, MA to Boston, MA. An agent will be able to discuss coverage options with a homeowner and help them find a policy that provides the coverages they want.

Protect this House

For many Massachusetts residents, their home is their most valuable asset. If something happened to it, they would be both financially and emotionally devastated. A homeowners insurance policy won’t minimize the emotional toll of having a home damaged or destroyed, but home insurance can help minimize the financial impact of such a loss. 

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