How to Buy a Homeowners Insurance Policy Coverage

So you’ve finally found your dream home in the Pilgrim State. One of the thirteen colonies founded by pilgrims centuries ago, your address, Massachusetts, is located in a charming place in New England with several historical landmarks. It is an ideal state to raise a family, being close to many educational institutions like Harvard University, MIT (Massachusetts Institute of Technology), Boston College, Northeastern University, and more. 

As you have spent a lot of money on your dream home, you must do everything in your power to protect your investment. Your house is more than just an address and a place of dwelling. It is a sanctuary for you and your family, where you build your memories. Unquestionably, a precious investment like this needs assurance. With homeowner’s insurance in Massachusetts, you are sure to get it.

In case you encounter a crisis, you will be able to address the issues with the help of your policy. Here are the elements you need to consider when you’re searching for a homeowners insurance policy coverage. 

Select a Good Insurance Provider 

Check out how an insurance company handles its claims because this is the accurate measure of a great provider. You need to do your homework by researching different companies. Apart from getting different quotes from various providers, go the extra mile by reading online ratings and testimonials. For best results, it would help to get a referral from a trusted friend. Having someone who has worked personally with an insurance agency will give you a first-hand review of an insurance company’s performance. 

Secure the Right Coverage

Note that some lenders require only 80% of the property value to be protected. However, make it your top priority to get full coverage for your homeowner’s insurance in Massachusetts. This will be helpful if your whole house gets destroyed by a blizzard or fire. Being underinsured at this time could leave you homeless. As a standard rule, purchase insurance that is enough to cover the labor and material costs of rebuilding your property. You must also factor in the price of inflation, so if any damages were to occur, you could afford to repair your home many years down the line.

Cover All Your Assets 

You must include add-ons, though it may increase your premiums for a standard homeowner’s policy. In the long run, these add-ons could save you from loads of headaches and heartaches. If you live in Martha’s Vineyard near the Atlantic ocean, it would be sensible to add flood coverage because your area is at a high risk of being in a flood zone. Being in Massachusetts means you are prone to New England’s inclement weather, so it is good to have protection against blizzards and strong winds.

Apart from these, other additional coverage can be the following:

  • Sewer backup in case your municipal lines fail
  • Replacement costs in case your home contents are damaged or stolen
  • Extended protection for an external property like a detached garage, or a fencing system
  • Inflation protection
  • Cost of living expenses in case you need to vacate your property for repairs
  • And the like.

As an added note, flood protection is not just for flood-prone areas; it can also cover you in case your own water pipe leaks and bursts.

Get One with Liability Protection

In a litigious society, it is critical to increasing the liability coverage in your home. This means amplifying your policy to cover the costs of damages in case there are lawsuits. An umbrella liability coverage will add to your premiums, but it will keep you protected in case you accidentally injure someone or inflict damage to their property. In the same token, if someone has an accident within your property, you are covered by your provider from paying hefty medical expenses. 

Ask For Ways to Save Money

Ask For Ways to Save Money

There is no harm in asking your homeowner’s insurance provider to help you find ways to lower your premiums. The worse they can do is to say no. But usually, they will offer you several packages to help address your budget concerns. Some insurance companies provide bundles, so you save more money if you get both your home insurance and auto insurance from them. Some companies offer as much as 30% savings, which is enormous when you tally up your costs. 

Another way to save is to ask for a higher deductible. Raising your $500 deductible to thousand dollars can help you save about 25% off your premiums. On top of that, making home improvements, such as better plumbing, will help you cut back on your premiums. 

Final Word

There is a good reason why lenders require homeowners insurance to approve your mortgage. Follow their lead and protect your home if you don’t have one yet or if your current policy has expired. It may also be prudent to reassess your existing homeowner’s insurance if it can fill all your needs in case of an accident. Your homeowner’s insurance protects more than just your house structure. It also safeguards your family, giving a sense of security that you will all be okay in cases of unforeseen and uncontrollable circumstances that leave you helpless. 

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