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What is Homeowners Insurance?

Homeowners in Massachusetts have invested a lot in their houses, and those investments ought to be protected. Few homeowners would financially be able to rebuild their house if it was destroyed, for people’s homes are frequently their most valuable asset. Homeowners insurance policies give people who own houses a way to safeguard their properties against a range of risks.

Homeowners insurance is so-named because one of its primary protections is usually to cover a house. Most policies, however, protect against a few other risks as well. For example, protection from certain liability lawsuits and for personal belongings are frequently included in homeowners policies.

Homeowners Insurance

Who in Massachusetts Needs Homeowners Policy?

Most Massachusetts residents who own a house can likely benefit from having a homeowners policy. In some cases, homeowners who have mortgages may be required by the terms of their loan to carry this type of insurance. Even if it’s not required, homeowners are often still wise to purchase it because homes can be so expensive to replace.

What Coverages Does Home Insurance Provide?

In order to offer multiple protections, most home insurance policies include several coverages that create a web of protection. A few coverages that policies often make available as a standard or optional protection are:

     ● Dwelling Coverage, which may cover a house itself
     ● Secondary Structures Coverage, which may cover other physical structures
     ● Loss of Use Coverage, which may cover getting other accommodations if an incident renders the insured house uninhabitable
     ● Personal Property Coverage, which may cover personal belongings of family members
     ● Personal Liability Coverage, which may cover slander, libel and certain other liability lawsuits

In addition to these, there are many other coverages that homeowners might be able to choose from. Vacant property coverage, and drain and sewer backup coverage are two optional protections that some policies offer. Exactly what’s available to homeowners varies depending on the policy they select.

Does Home Insurance Cover Floods and Earthquakes?

Home insurance normally doesn’t include coverage for floods and earthquakes as a standard protection. Some policies might offer these protections as add-ons, but not all do.

Homeowners in Massachusetts who want coverage for these natural disasters frequently end up purchasing separate policies that offer specific protection against floods or earthquakes. Flood policies can be purchased on the open market or through the National Flood Insurance Program, depending on whether a homeowner qualifies for the NFIP. Earthquake policies are usually purchased on the open market.

Most insurance agents who are familiar with the nuances of home insurance can also help homeowners explore what flood and/or earthquake coverage options available to them.

Homeowners Insurance

Are There Different Types of Homeowners Policies?

Insurance companies offer many different policy options so that homeowners can customize coverage to their specific needs. Within the insurance industry, many of these policies are abbreviated by “HO-X,” with “X” standing in for a number. A few common policies are:

     ● HO-1 policies, which tend to be closed-peril policies that cover 10 specific risks
     ● HO-2 policies, which tend to be closed-perils policies that cover 16 specific risks
     ● HO-3 policies, which tend to be open-perils policies
     ● HO-5 policies, which tend to be open-perils policies with fewer exclusions
     ● HO-7 policies, which tend to be for mobile homes
     ● HO-8 policies which tend to be for older homes

(HO-4 policies are usually renters insurance policies, and HO-6 policies are normally condo policies.)

How Can Homeowners Get Homeowners Insurance?

Selecting the right homeowners insurance policy requires considering your unique coverage needs and finding a policy that best meets those need at an affordable price. For help with this process, contact the experienced and independent insurance agents at John P. Russell Insurance. Located in Massachusetts, our team will help you select the right coverages and then compare policies that offer those chosen protections.

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