Your home is one of your greatest investments. So it is important when you are searching the many Massachusetts home insurance companies for whatever type policy you want, to be armed with the facts and knowledge that will allow you to make an affordable and sound choice.
There are many different types of Massachusetts home insurance coverage and it is in your best interest to understand what is available and especially to formulate coverage that protects you and your home in the best way possible.
Most consumers don’t think a lot about home insurance. Like other types of insurance, your needs may change from year to year, depending on items you purchase (personal property) or perhaps upgrades and/or additions you may make to your property. These can all add value to your home, but it also means that you might need to increase the amount of coverage you have in case you ever need to file a claim. This is why it’s important to review your Massachusetts home insurance policy annually (or more often depending on your circumstances).
Many people think of the normal types of coverage for their home insurance- fire, storms, earthquakes, etc. It’s wise to remember that many policies don’t include natural disaster-type coverage. They are considered “extra”, which usually means the specific type of coverage (flood, earthquake, hurricane) has to be added separately and also at an additional cost over the normal policy amount.
You want to make sure you have adequate coverage for theft, also. Most people woefully underestimate the cost of what they would need to fully replace personal property remember you have to think of all possible items- furnishings, clothing, jewelry, electronic equipment.
Smoke and water damage from a fire can be almost as devastating as the fire itself, so you need to protect yourself reasonably when choosing your Massachusetts home insurance coverage.
When you have read the following information and are ready to pick your personal policy, insuranceUSA.com is ready to assist you with quotes from many different sources so that you can choose the plan which is just right for you!
Choosing Your Massachusetts Home Insurance Policy
Generally, there are two types of Massachusetts home insurance policy options available. The first is called a monoline policy, which contains just one type of coverage, liability insurance, for instance. The second type of Massachusetts home insurance policy is called a package policy, and it is made up of several different types of coverage.
As a rule, it is more economical to purchase a package Massachusetts home insurance policy rather than buying several types of separate coverage.
There are seven types of Massachusetts home insurance policy options available. Each type of Massachusetts home insurance policy is briefly described below. For more detailed information on each policy and to find out which one best suits your needs, let the agents of InsuranceUSA.com help you out today!
Homeowner’s-1 (HO-1): This is the basic type of Massachusetts home insurance policy, but one that is not offered by all insurance companies because it is very limited in its coverage. A few of the damage covered by the HO-1 Massachusetts home insurance policy are fire, lightning, smoke, wind, hail, burglary, theft, vandalism and bodily injury. Carefully check the policy to see exactly what is covered with this type of insurance.
Homeowner’s-2 (HO-2): This Massachusetts home insurance policy covers everything listed in an HO-1 policy, plus damage from falling objects, the weight of ice and snow, water leaking from a plumbing system, electrical damage to appliances, and damage due to the rupture of water heaters or other heating systems.
Homeowner’s-3 (HO-3): This type of Massachusetts home insurance policy is also known as the Special Form Policy, and it is the most widely used type of Massachusetts home insurance policy. Many lending institutions recommend using this standard policy. The policy covers homes for all risks of physical loss, except for those that are specifically excluded in the policy. It is important to understand just what is, and is not, covered under this type of insurance.
Tenant’s/Cooperative Owner’s – (HO-4): This Massachusetts home insurance policy is designed to protect against damage to the contents of an apartment as well as personal liability for injuries suffered in the apartment.
Homeowner’s-5 (HO-5): The HO-5 Massachusetts home insurance policy provides the same coverage as the HO-3, plus it covers personal possessions in the event of physical loss, unless specifically excluded in the policy. The extra protection can be added to the HO-3 policy by buying a Special Personal Property policy.
Condominium Unit Owner’s (HO-6): This Massachusetts home insurance policy is the same as the HO-4, but it is specifically for condominiums.
Homeowner’s-8 (HO-8): This Massachusetts home insurance policy offers similar coverage to HO-1, but instead of replacement cost coverage, it offers actual cash value coverage. This is generally used in instances where the replacement value of the property is more than the market value, as is often the case with older homes.
How Much Massachusetts Home Insurance Do you Need?
When considering Massachusetts home insurance, utilize InsuranceUSA.com to do research and request a free quote. If you have any questions about your policy, make sure you ask your insurer.
When buying Massachusetts home insurance, most insurance companies will insist on a home inspection to determine the home’s value. Also, make sure you compile an inventory listing your most valuable possessions such as furniture and appliances. Take photographs, hang onto your receipts and update your policy at least once-a-year to account for any additions or changes to your home.
It is important to have enough Massachusetts home insurance to cover your home’s value in case of total loss or damage but not so much that you can’t afford the premiums.
Non-Renewals and Policy Cancellations
An insurance company cannot simply cancel an Massachusetts home insurance policy and it must remain in effect for the “term period” provided nothing warrants its legal cancellation. Possible reasons for an insurance company discontinuing coverage during the term period include:
- Non-payment of premiums
- Felony conviction
- Modifying a residence so as to make it uninsurable
- Creating unsafe conditions at the property
- Committing fraud or otherwise submitting false claims
After the policy term period is over, an insurance company can cancel or not renew a policy for any legal reason. In such an event, adequate written notice must be provided prior to the cancellation or non-renewal.
Buying the Right Massachusetts Home Insurance
It is important to make sure that you are buying Massachusetts home insurance from a reputable source. In order to make sure that the company you are working with is properly registered with the Massachusetts authorities just ask for a copy of their Massachusetts license number. With this number you will be able to purchase your home insurance with real peace of mind.
A good Massachusetts home insurance company will give you a detailed questionnaire to complete before giving you a quote. Make sure that you complete the questionnaire carefully as it will help the company to provide you with a good quote.
Never underestimate the importance of good service from your insurance. The service levels that you look for should be as important as the price.
Buying the Right Massachusetts Home Insurance On-line
On-line comparison sites have taken a lot of the pain out of looking for Massachusetts home insurance. Just go to InsuranceUSA.com and your will get a great selection of providers to choose from. Make sure that when you use a site you answer the questions provided as carefully as you would on a paper questionnaire. These questions allow the comparison engine to do its job and give you the best options for your circumstances.
Cost should be only one of the factors that you consider when you are buying Massachusetts home insurance on-line. Being happy with the way a company answers your questions and works with you on claims is equally as important.
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