Massachusetts residents have a lot invested in their homes. Very few families could financially recover if something ever happened to their most important asset, their residence. However, Homeowners insurance not only protects their property, but it also provides residents with personal liability as well.
There are two sections to a Homeowners policy. Section One covers Property, while Section Two covers and Personal Liability.
Coverage parts A through D are all covered under Section One of the Homeowners policy, while Coverage E is covered under Section Two of the Homeowners Policy.
Endorsements can be purchased to also cover Business Pursuits, Inflation Guard, Expanded Home Daycare, Personal Injury, Scheduled Property, Identity Fraud Expense and Guaranteed Replacement Cost of a Dwelling protections among many other endorsements available. Ask on of our Personal Lines Agents for more information about the endorsements listed above, and even more endorsements that can enhance your Homeowner policy coverage.
Massachusetts’s residents live in many different housing situations, and insurers offer a range of home insurance policies. These policies are often identified by an abbreviation that’s standardized throughout the industry, “HO” and are written for owner-occupied dwellings. The following are types of homeowner’s policies:
Although there are several variations of the Homeowners policy, each of these policies can often be adapted for a particular policyholder’s needs by purchasing endorsements. Work directly with one of our agents to help determine which HO policy form and build a policy that best fits your unique needs
Dwelling fire coverage is coverage designed for residential properties, but is not restricted to owner-occupied residence. Similar to HO polices, Dwelling fire policies offer a Dwelling Property Basic Form, Dwelling Property Broad form and a Dwelling Property Special Form policies. Dwelling fire policies are abbreviated as “DP” forms within the industry.
Apartment Insurance and Condo Insurance policies both provide personal property coverage and personal liability coverage. They differ in the structural coverage they provide. As mentioned, apartment policies typically do not provide structural coverage. Condo policies frequently have structural coverages for the features inside a condominium. For example, a condo units cabinets, built-in bookshelves and hardwood floors might be covered by a policy depending on the policy’s terms and conditions. Common structures, including exterior building walls and walls between units, are normally covered by a Condo Association’s Master policy rather than a Condo Owner’s Personal policy.
With several different Homeowners Insurance policies, finding a policy that provides the best coverage for your family requires in-depth research and intimate knowledge of the subject. For help selecting the correct policy type and comparing the rates, contact our Independent Personal Lines Insurance Agents who are familiar with all forms of Homeowners Insurance. By comparing carrier rates, our agents can find the most comprehensive policy offered at the lowest rate!