Home Insurance Overview
Your home is your most valued asset, a roof over your family’s head, and a place of growth, celebration and comfort. Protecting your home and the people who live there is essential to providing security for today and the days ahead.
Whether you own or rent your home, or live in a condo or mobile home, our experienced agents will make sure you have the right policy to cover the structure of your home and the contents within it. In the event of disaster or accident, your policy will also provide liability coverage and additional living expenses for your family.
We are fully trained and licensed to find the home insurance policy tailored to meet your specific needs.
Home Insurance Key Facts
- Most standard homeowners insurance covers four elements: your home’s structure, personal belongings, liability protection and additional living expenses. Coverage options exist depending on the level of protection you want, and whether you own or rent your home.
- If you finance the purchase of your home with a mortgage, your lender will require you to get homeowners insurance. Financial institutions may also require you to obtain flood or earthquake insurance depending on the region where you live.
- If you own a second home or vacation home, your insurance costs will be determined by factors such as: location, type of property, and any extra amenities you own that may add risk.
Frequently Asked Questions
I just purchased my first home. How much homeowners insurance should I have?
This is one of the most frequently asked questions we see, and the real answer is, “It depends.” There are so many factors that go into how much homeowners insurance you should have. In general, as long as you have your policy written and insured at Replacement Cost you are off to a good start. Determining the necessary amount of insurance appropriate for your home is something that both you and your agent will discuss allowing you to choose the appropriate level of protection.
How does Actual Cash Value (ACV) affect a homeowners’ insurance claim?
ACV is a way of valuing a property insurance loss after a claim. In the event of a loss, if you have an ACV policy, depreciation will be taken out of your payment. This means if you have 10-year-old kitchen cabinets with a 20-year lifespan, and the cabinets cost $10,000 to replace, you would get a check for $5,000 form the insurance carrier, half of the replacement value. ACV policies cost less than Replacement Cost policies, but the penalty when you have a loss can be severe.
Do I need a separate boat insurance policy or is my boat covered under my home insurance policy?
The proper way to insure a boat is to purchase a separate policy designed specifically for watercraft. Most carriers have boat insurance. Your Phil Richard agent will recommend the right boat policy for you. However any power boat that is 16’ or less and has less than 25 HP is covered for liability only on the standard Massachusetts HO3 policy.
How is condo insurance different from homeowners’ insurance?
The notable difference between these two types of insurance policies is how the dwelling or building is insured. When you purchase a condo, you are purchasing the space inside of the building. The majority of the structure is not yours. Therefore the insurance you purchase does not need to cover the entire building. Additionally, when you own a condo, you will most likely be part of a condo association. Damages and improvements to the building’s exterior or public space may be assessed as part of the association’s coverage.