Homeowners Insurance from Massachusetts Specialists

What is Homeowners Insurance?

While home insurance policies are designed to insure houses, a policyholder's house accounts for just a portion of the coverages that most home policies provide. In addition to dwelling coverage, most policies also offer personal property coverage (for personal possessions) and liability coverage (in case the policyholder is named in a covered liability suit).

In addition to the three coverages listed above, a homeowners policy may additionally provide:

• Other Structures Coverage, which could cover fences, detached garages and other secondary structures
• Vacant Property Coverage, which may be necessary if a home is unoccupied for an extended time
• Disasters Coverage, which might extend coverage to include earthquakes or floods
• Loss of Use Coverage, which can help pay for living expenses if a covered incident makes a home uninhabitable

The exact coverages that a policy includes varies, partly because coverages can usually be customized to meet a policyholder's needs and desires.

Who in Massachusetts Should Have Homeowners Insurance?

Most Massachusetts residents who live in a single-family house ought to have a homeowners insurance policy. Homeowners who owe a balance on their mortgage are frequently required to maintain at least some home insurance coverage, so the lender’s financial investment isn’t lost if something happens to the house. Even those who have fully paid off their mortgage typically decide to insure their house, though, because few people could afford to completely rebuild their house if it was lost.

Massachusetts residents who own condos, townhouses, and multi-family units, as well as those who lease places, still need many of the coverages that are found in homeowners policies. Condo, townhome, landlord, and renters insurance policies are generally better able to meet the specific needs of these residents without providing extraneous coverages, though.

Do Homeowners Policies Cover Home-Based Businesses?

Homeowners policies are personal insurance policies and, therefore, they’re generally not meant to insure commercial ventures. People who run a home-based business often need a separate, commercial policy for their business’ assets and operations. Some homeowners policies, however, may afford limited protections for a home-based business.

To find out whether their homeowners policy provides any protections for a home-based business, home-based entrepreneurs should review their homeowners policy’s paperwork carefully. An insurance agent can help review a policy, as they have the expertise in the industry and are familiar with the language used in policies.

How Can Homeowners Find Good Home Insurance?

For assistance finding a homeowners policy that provides robust coverages yet has affordable premiums, homeowners can contact an independent insurance agent near them. After reviewing a homeowner’s risk exposure, an independent agent can get quotes from several different insurers that offer homeowners insurance in Massachusetts. While homeowners can request quotes themselves, the process takes just a few minutes with the help of an agent. Once quotes are in hand, the agent can then help the homeowner review the available policies to determine which one best meets their coverage needs at the lowest price.