What kind of homeowners insurance do you have to have in Massachusetts?
In Massachusetts, homeowners insurance is not mandated by state law, but mortgage lenders typically require it to secure a loan. While not legally required, having a homeowners insurance policy is highly recommended to protect your investment from unexpected events.
Typical Homeowners Insurance Coverages in Massachusetts:
Dwelling Coverage:
This covers the physical structure of your home, including attached structures, against damage from covered perils like fire, wind, hail, and more.
Other Structures Coverage:
This covers structures on your property that are not attached to the house, like a detached garage or shed.
Personal Property Coverage:
This protects your belongings inside the home, such as furniture, clothing, and electronics, from covered perils.
Personal Liability Coverage:
This protects you if someone is injured on your property or if you damage someone else’s property and are held legally responsible.
Additional Living Expenses Coverage:
This covers the cost of temporary housing if your home is uninhabitable due to a covered loss.
Important Considerations for Massachusetts:
Local Factors:
Massachusetts has diverse weather patterns, so consider the specific risks in your area. Coastal homes may need additional windstorm coverage, while homes in areas with harsh winters may need coverage for snow and ice damage
How much homeowners insurance do I need? To find out more, please call (800) 215-2454 to speak with a WLS Insurance Insurance Representative
Optional Coverages
You can customize your policy with additional coverage, such as flood insurance, green upgrades, home systems breakdown coverage, or identity theft protection.
Deductibles:
Consider the deductible amount (the amount you pay out-of-pocket before insurance kicks in) that works best for your budget and risk tolerance.
Here are some Optional Coverages for your Home policy
* Extended Dwelling Replacement Cost
* Replacement Cost Contents
* Identity Fraud
* Earthquake
* Flood
* Debris Removal
* Water Backup/Sump Pump Overflow
* Scheduled Personal Property (Ex. Jewelry, Furs, Art and Musical Instruments)
* Umbrella Coverage
* Escaped Liquid Fuel Endorsement
* Service Line
* Special Computer Coverage
Frequently Asked Questions (FAQ)
Typical home insurance coverage (level HO-3) protects the buildings on your property against certain types of damage and affords you personal liability coverage.
- Damage. Your home and personal property are protected against fire, lightning, frozen pipes tornado, hail and windstorms. Also covered are losses caused by vandalism, theft, riot and any flooding caused by indoor plumbing or air/heat conditioning systems.
- Dwellings. In addition to your house (referred to as the “dwelling”), any structures on your property, such as the garage, are covered.
- Contents. All contents, personal belongings and electronics stored inside your home are covered. However, if your personal possessions include expensive jewelry or art, you might want to purchase additional floater coverage for those items if their replacement costs are higher than your coverage allows.
- Liability. You are covered for bodily injury or property damage whether you are negligent or not. Other home insurance coverage characteristics include medical payments to others up to a specified amount. “Medical payments” is designed to cover small medical bills while protecting you and your insurance company from potential lawsuits.
- Other structures. Other structures covered are fencing around your property and detached buildings such as a barn, shed or pool house. Depending on your coverage, other structures might not be covered at 100 percent replacement value.
- Uninhabitable. Should your home become uninhabitable and you are forced to live somewhere else during repairs, this situation is called “loss of use” and is included in most home insurance coverage. Limits for this expense depend on your policy.
You may receive a refund check from your prior homeowners insurance company if you cancel your policy before it expires, reimbursing you for the coverage you already paid for. You may also receive a refund in the event your lender makes a payment to your old insurer. This can happen if you forget to notify your lender that you switched home insurance companies, or if you forget to cancel the old policy. If you do fail to cancel your old policy, your previous insurer may only refund part of your payment.
If you have an escrow account, you just need to give your lender a heads up that you’re changing your homeowners insurance and provide them with the details of your new policy. They’ll check that your new policy satisfies their coverage requirements, as well as explain how the process works on their end. Once you have a start date for your new policy, tell your lender so they can ensure your escrow payments go to the right company.
Yes, you can switch home insurance companies after filing a claim with your current insurer. However, after you switch, your old insurer will still handle the claim, not your new one. Your claim will remain with your old insurance company until it’s settled or denied.
You can change your homeowners insurance whenever you want, though you may have to pay an early cancellation fee if your old policy hasn’t expired by the time you switch. That’s why it’s typically easier to switch your home insurance closer to your policy’s renewal date, so you can avoid any potential fees to cancel your policy. Check with your current insurer to see if they charge a fee for canceling early.