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Massachusetts residents are exposed to a range of risks that insurance policies can help manage. Personal insurance encompasses the many different policies that insurers offer individuals and families.
The verbiage “personal insurance” is used to distinguish the insurance policies underwritten for people from those that are given to businesses. Insurance policies created for businesses are referred to as “commercial insurance” or “business insurance” policies.
While almost everyone is exposed to at least some risks, people don’t all face the same risks. For this reason, insurance companies offer many different kinds of personal policies. Some of the more common ones are:
Other personal policies that residents may want include boat, RV and motorcycle policies. There are still many more that certain residents might get.
Most people in Massachusetts can benefit from at least one, and often several, personal policies. Although people don’t face the same risks, almost everyone is exposed to at least some risk. Even residents who have limited assets can still be named in a liability lawsuit.
Generally speaking, personal policies are designed to cover people and not businesses -- including at-home businesses. Insurers, however, realize that many people startup small businesses that need some insurance coverage but not as much as a full-fledged business policy provides. To accommodate these business’ coverage needs, a few personnel policies can be adapted to cover basic at-home businesses.
When adjusting a policy to cover an at-home business, policyholders will frequently see a premium increase because the policy’s protections are being expanded.
Insurance policy rates are based on many factors, and the set of factors that’s used to determine premiums varies from one kind of personal policy to the next. Nevertheless, there are some general guidelines that will often help policyholders secure discounts and lower premiums. Residents may be able to:
Working with an independent agent can be especially helpful because an independent agent is able to compare policies from different insurance companies. Unlike an agent who works with just one insurer, an independent agent can show clients the most robust and/or lowest-priced policies regardless of what company offers them.
In the vast majority of states (47 states), policyholders’ credit scores can affect at least some of their personnel policies’ premiums. Massachusetts, however, prohibits this practice so that residents don’t need to worry about a low credit score increasing their insurance rates. California and Hawaii are the other states that have similar laws preventing the practice.
Selecting personal insurance policies is a major decision, for these policies are what will provide protection when life’s worst events occur. For help determining what protections are appropriate and finding policies that provide those protections, Massachusetts residents should talk with an experienced and independent insurance agent. As mentioned, an independent agent can look at policies from different insurers. An experienced one will have worked with many other people and have valuable insights to help clients make an informed and wise decision.