Homeowners Insurance from Massachusetts SPecialists

Do Home Insurance Policies Provide Other Coverages?

In addition to the above three coverages that are included in most home insurance policies, there are a number of other coverages that policies may offer. Some of these other coverages include:

• Secondary Structure Coverage, which might offer protection for sheds, fences, and similar structures not attached to the primary dwelling
• Loss of Use Coverage, which can help pay for alternative living accommodations if a covered incident renders a house uninhabitable
• Vacant Property Coverage, which could be required if a house will be vacant for some time
• Disasters Coverage, which may provide protection for perils that normally aren’t covered (e.g. earthquakes or floods)

Who in Massachusetts Should Consider Getting Home Insurance?

Most homeowners in Massachusetts should carry home insurance. While it’s generally not required by law, many mortgage agreements require homeowners who have financed their house to maintain coverage. This is a safety measure that banks use to ensure their financial investment will be protected if something happens to a house.

Even homeowners who own their houses outright often still purchase insurance. They may not be under any official obligation to insure their home, but few homeowners could afford to rebuild their house if it was destroyed. Many couldn’t afford much more than their insurance policy’s deductible without taking a serious financial hit.

What Kinds of Homeowners Insurance Policies Are There?

Homeowners policies can be separated into two broad categories: open perils policies and named peril policies.

Open peril policies generally cover any incidents that aren’t explicitly excluded in their terms and conditions. Some examples of commonly excluded incidents are earthquakes, nuclear incidents, and wars, but any incident could be listed as an excluded item in an open peril policy.

Named peril policies, in contrast, usually only cover incidents that are explicitly mentioned in their terms and conditions. These policies may have basic lists that only include a few incidents, or they might have robust lists that mention many potential hazards. Even robust named peril policies, however, frequently offer less protection than open peril policies. For, the best named perils policies are still restricted to the perils they mention outright.

How Can Residents in Massachusetts Get Homeowners Policies?

Massachusetts residents who would like help finding homeowners insurance should contact an independent insurance agent near them. An independent agent will be able to both help a homeowner select the type of policy and coverages they want, and assist with a side-by-side comparison of policies. With an independent agent’s help, homeowners can be confident that the home insurance policy they get provides the protections they want and need.