For most residents of Massachusetts, their home is the most valuable asset they’ll ever own. Homes across the beautiful state regularly sell for six-figure sums, and some go for seven-figure amounts. Homeowners can ill afford to lose the investments that they make in these houses. Homeowners insurance helps make sure they won’t even if there’s a covered disaster or incident.
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).
The exact coverages that a policy includes varies, partly because coverages can usually be customized to meet a policyholder's needs and desires.
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.
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.
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.