We offer Homeowners Insurance coverage in Massachusetts, Maine, New Hampshire, Rhode Island, Maine, New York and Florida.
Please ask one of our agents how we can provide you with insurance across multiple states.
What is homeowners insurance?
Homeowners insurance helps protect what’s one of the most important things that people have. While the insurance won’t stop the things that make a house a “home,” it could help Massachusetts residents rebuild their house after a major event.
Unexpected events like house fires, break-ins, severe storms and other unforeseen dangers can strike at any time. Homeowners insurance may provide crucial protection against such risks.
Who needs to carrying home insurance?
Virtually every Massachusetts homeowners should have home insurance. Few people could afford to replace their home if it ever sustained major damage or was completely destroyed.
For residents with a mortgage against their house, home insurance is normally required. Lenders typically mandate it so that the collateral against the mortgage is protected.
Homeowners shouldn’t just get coverage that meets a lender’s requirement, though. Those with mortgages generally should have additional coverages and higher limits than are required. Those who’ve paid off their home generally should still have coverage so that their asset is protected.
Quotes Available in MA, RI, CT, NH, ME, NY and FL
What protections does a typical homeowners policy provide?
Homeowners policies don’t just cover a house, although they normally do that against multiple risks. Many policies also cover the belongings in a house, and the homeowner’s family against some liability risks.
Some coverages that are typically included within a homeowners policy are:
What are the different types of personal property coverage?
Personal property coverage can provide varying levels of protection for belongings. There are three main ways in which protection can vary:
- Reimbursement Amount: Actual cash value generally reimburses covered losses of personal belongings at their depreciated value. Replacement cost generally reimburses for the cost of replacing the items.
- High-Value Items: High-value belongings, such as jewelry, firearms, collectibles, silver, electronics and similar items, often have specific limits. The cumulative value of items can easily exceed these specific limits sometimes. When this happens, higher limits might be chosen or a rider might be added.
- Areas Covered: Many policies include “worldwide coverage” or similar language, which generally extends protection to wherever items might be brought. Some policies restrict coverage to the insured home’s premises.
An insurance agent who’s specialized in homeowners policies can help with choosing the right options for personal property coverage.
Are there standard types of homeowners policies?
Homeowners policies can vary substantially, depending on particular terms and chosen options. Insurance companies often do offer similar policies that are categorized together, though.
The categories typically are assigned HO and a number. Some common categories of homeowners policies include:
- HO-1: A very basic form of homeowners policy that typically only covers the house and belongings, and not necessarily liability risks. Most provide coverage against 10 specific perils, and coverage is often actual cash value.
- HO-2: A broader form of homeowners policy that atypically covers the house and belongings against 6 additional perils, and at replacement cost. Coverage for liability risks isn’t necessarily included.
- HO-3: A form of homeowners policy that typically protects the home and belongings against any risks except those excluded. The dwelling is often covered at replacement cost, and belongings at actual cash value. Also usually includes liability protection. This is a very commonly chosen option.
- HO-5: A form of homeowners policy that typically adds more coverage for the dwelling, and increases coverage for belongings to replacement cost.
How can residents in Massachusetts, and other states, find homeowners insurance for their house?
Residents looking for homeowners insurance, should reach out to the dedicated team at Coonan Insurance Agency. Our knowledgeable agents will help you find the right policy for your place.
