Collection: Personal Insurance

People are exposed to a wide variety of potential risks that insurance policies may help mitigate. Personal insurance policies are those that insurance companies offer to families and individuals in Massachusetts.

“Personal insurance” distinguishes insurance policies designed for individuals from those that are made for businesses. Policies that businesses purchased are frequently called either “business insurance” or “commercial insurance” policies.

In order to meet people’s varied insurance needs, insurers offer many different personnel policies. Some of the more common types of policies that residents get are:

    ● Homeowners Insurance Policies, which are usually for single-family homes
    ● Condo Insurance Policies, which are usually for condominium units
    ● Renters Insurance Policies, which are usually for people who lease their residences
    ● Car Insurance Policies, which are usually for cars, trucks and other vehicles
    ● Boat Insurance Policies, which are usually for boats and personal watercraft
    ● Personal Umbrella Policies, which usually provide supplemental liability coverage

A few other policies that insurance companies might offer include RV policies, motorcycle policies and classic car policies.

Most residents in Massachusetts can benefit from some form of personal policy. Some people may need more policies than other residents, but almost everyone faces at least some risks that insurance can help protect against.

Personal policies are generally intended to cover risks that individuals face -- and not those that even small businesses are exposed to. A few personal policies might offer protection for home-based businesses, but most do not. Additionally, those that do often only provide basic coverage.

Residents who would like to learn more about insuring home-based businesses should talk with an experienced agent who’s familiar with what personal policy options are available. Such an agent can help determine whether coverage is available through a personal policy, and the agent can usually assist with finding a commercial policy if one is needed.

There are many different discounts that residents may use to reduce their personal policy premiums. Insurance companies frequently offer discounts for:

    ● Purchasing multiple policies together from the same insurance company
    ● Installing security systems on insured property
    ● Remaining claims-free for a specific amount of time
    ● Paying policy premiums in full

(Exactly what discounts are available to an individual depend on the insurance company they buy from and the policies they choose.)

Along with qualifying for official discount programs, residents can often also save money by comparing different policies with an independent insurance agent. Unlike captive agents who work with a single insurance company, independent agents are free to compare quotes from multiple insurers in the state. As insurance agents, they also have the expertise to not just compare premiums but also look at coverages so that residents don’t sacrifice protection.

In many states, policyholders’ credit scores can affect how much they pay for insurance. Massachusetts, however, prohibits this practice. Insurance companies in the state aren’t able to charge people with lower credit scores higher premiums in the state. (A few other states have similar laws preventing the practice.)

For help assessing your insurance needs and finding the right personal insurance policies, contact the independent insurance agents at John P. Russell Insurance. Our agents have worked with many Massachusetts residents who had both common and uncommon insurance needs. Whatever your particular situation is, our team can help you find the right protection at an affordable price.