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.