We provide homeowners insurance solutions to residents of Massachusetts, New Hampshire and Maine.
What is homeowners insurance?
For many Massachusetts residents, their home represents the largest single investment they’ll make. Thus, it’s important to protect that investment with robust insurance. That’s what homeowners insurance can help do.
Homeowners insurance generally provides tailored coverage for single-family houses. Most policies can also cover people’s belongings and afford some other protections, too.
Who in Massachusetts should consider getting home insurance?
Home insurance is widely recommended for most Massachusetts homeowners. Should something catastrophic happen, most people wouldn’t be able to easily replace their house.
What home insurance coverages do lenders require?
Whether you are a first time home buyer or an existing owner, if you have a loan on your home you will be required to purchase and maintain homeowners insurance coverage. While the requirements differ between mortgage companies, it is important to review the requirements with your agent to ensure you are meeting the requirements as well as meeting your individual needs as a homeowner. An agent specializing in home insurance can help homeowners decide what coverage and limits they should carry.
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What coverages are available through homeowners policies?
Homeowners insurance doesn’t just cover a house’s structure, but often also provides other important protections. Some of the coverages that might be offered are:
Structural Coverage: Might apply if the main residential structure is damaged by events such as storms, falling trees, fires or thefts.
Auxiliary Structures Coverage: Might apply if detached structures on the property are damaged, possibly covering garages, sheds, detached fences, guesthouses and similar structures.
Personal Property Coverage: Might apply if a homeowner’s personal items are damaged or lost, possibly covering items such as appliances, furniture, artwork, jewelry, clothing, books, electronics and other possessions.
Loss of Use Coverage: Might apply if the primary residence becomes uninhabitable because of damage caused by a covered event, usually assisting with temporary housing and immediate meal costs.
Personal Liability Coverage: Might apply if the homeowner or their immediate family face liability lawsuits, often covering suits over injuries on the property, defamation, dog bites, and certain other events.
How is the amount of personal property coverage for belongings determined?
How much personal property coverage will pay when belongings are damaged or lost in a covered claim depends on a couple of main factors.
Policies normally have an aggregate limit for belongings, and some category-specific limits. The aggregate limit is usually high enough that it’s not a concern for many homeowners.
The category-specific limits for high-value items may be lower than a homeowner needs, though. Homeowners with jewelry, collectibles, artwork, silverware, firearms, expensive computers, cameras and similar items should check these limits with an insurance agent who knows homeowners policies well. In most cases, these limits can easily be increased if necessary.
Policies normally pay either actual cash value or replacement cost for specific belongings. Actual cash value is generally the amount that an item could sell for at the time of the claim. Replacement cost is generally the amount that it’ll cost to replace the item with a like one. Replacement cost tends to provide better protection.
What do the abbreviations in homeowners policies signify?
Similar homeowners policies are often identified by abbreviation. Some of the abbreviations used are:
HO-1: Typically provides basic protection, insuring a house against 10 perils.
HO-2: Typically provides slightly better protection, insuring a house at a higher value and against 16 perils.
HO-3: Typically provides substantially more protection, insuring a house against risks unless they’re named exclusions. Usually also covers belongings and liability. This is a common choice.
HO-5: Typically provides some of the most extensive protections, providing even more coverages and covering even more risks. Usually also covers belongings and liability at higher levels. This may be appropriate for a high-value home.
HO-7: Typically adjusted for insuring mobile homes and manufactured housing.
HO-8: Typically adjusted for insuring older homes.
Where can homeowners in Massachusetts find homeowners insurance?
If you’re looking to insure a home in Massachusetts, reach out to the independent insurance agents at Michaud Insurance Agency. We’ll help you find homeowners insurance that’ll protect your house well.
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For questions or concerns, please contact our independent insurance agents.
Disclaimer: This material is for informational purposes only. All statements herein are subject to the provisions, exclusions and conditions of the applicable policy, state and federal laws. For an actual description of coverage, terms and conditions, please refer to the applicable insurance policy or check with your insurance professional. The illustrations, instructions and principles contained in the material are general in scope and, to the best of our knowledge, current at the time of publication.