Homeowners Insurance from Massachusetts Professionals

What is Homeowners Insurance?

Homeowners invest a lot of both time and money into their homes, and those investments have to be protected. Few homeowners could afford to replace or rebuild their house if it was destroyed, especially considering that a home is many people’s most valuable asset. Homeowners insurance helps Massachusetts homeowners protect their houses from a range of covered perils.

Homeowners insurance policies are called such because they’re generally designed to insure homes. This isn’t the only protection that these policies offer, though. They often also have coverages for personal possessions and certain liability lawsuits.

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What Massachusetts Residents Need Home Insurance?

Most people who own a home in Massachusetts need to insure that home with an insurance policy. Those who have mortgages on their homes are frequently required by the terms of their mortgage to carry a certain amount of coverage. Even when homeowners aren’t under such a requirement, they often still need protection in case something happens.

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Homeowners Insurance in Massachusetts

What Protections Does Home Insurance Provide?

As mentioned, home insurance policies frequently offer a range of protections. Some of the coverages that are commonly included or optional in policies are:

  • Dwelling Coverage, which may cover a house
  • Other Structures Coverage, which may cover other structures on a property
  • Loss of Use Coverage, which may cover alternative lodging costs after an incident
  • Personal Property Coverage, which may cover belongings kept on a property
  • Personal Liability Coverage, which may cover certain types of liability lawsuits

In addition to these, there are many other coverages that a policy might offer. Drain and sewer backup coverage, and vacant property coverage are two examples of other coverages. The former may cover damage caused by plumbing issues, and the latter is often required when a home is uninhabited for a long time.

Does Home Insurance Include Protection for Floods and Earthquakes?

While home policies protect against many perils, floods and earthquakes are typically excluded from policies’ standard coverages. Homeowners who want protection against either of these perils normally purchase a separate, peril-specific policy. An insurance agent who helps with home insurance can usually help homeowners with these coverages as well.

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Are There Different Types of Homeowners Policies?

Insurance companies and agents frequently categorize similar homeowners policies together, giving each category an abbreviation. Some of the different abbreviations include:

  • HO-1, which is a “basic policy’ that typically protects against 10 perils
  • HO-2, which is a “broad policy” that typically protects against 16 perils
  • HO-3, which is a “special policy” that typically is an open-perils policy
  • HO-5, which is a “comprehensive policy” that typically is an open perils policy with more robust protection than an HO-3
  • HO-7, which is a “mobile home” policy designed for those kinds of homes
  • HO-8, which is an “older home” policy that’s similar to an HO-3 but adapted for the needs of an older home

(HO-4 is usually reserved for renters insurance policies, and HO-6 policies are condo policies.)

Homeowners Insurance in Massachusetts

How Do Closed- and Open-Perils Policies Differ?

A homeowners policy may be either a closed-perils policy or an open-perils policy. Closed-perils policies tend to only offer coverage for the risks listed in their paperwork. Open-perils policies generally cover against risks that aren’t excluded in their paperwork. Most open-perils policies provide broader protections than closed-perils policies.

From the above list, HO-3, HO-5 and HO-8 policies are usually open-perils policies. HO-1 and HO-2 policies commonly are closed-perils policies.

How Can Residents in Massachusetts Get Homeowners Insurance?

Selecting a homeowners policy isn’t a small decision. Homes are valuable assets, and there are many coverages available that offer various protections for houses.

For assistance finding a policy that offers the right amount of protection, Massachusetts residents should contact an independent insurance agent who’s helped others find homeowners insurance. An independent agent who knows the nuances of this type of insurance can compare different insurers’ policies and give informed advice about each policy.

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