Homeowners Insurance MA
Among the many things to plan for when buying a home will be insurance. Whether you are a first-time buyer or not, securing the right homeowners insurance is essential to protect you from significant losses if anything unwanted happens to your home.
In Massachusetts, homeowner’s insurance comes in varying coverage levels and protects your home and the possessions inside. Policies typically include protection in the event of a fire. Personal liability covers you from damages caused by you or others living in your home.
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Massachusetts Homeowners Insurance: LoPriore Insurance Agency
The LoPriore Insurance team understands that your home is more than just a place to live. It’s a sanctuary for you and your family and one of the most significant purchases you’ll ever make. Protecting your house and personal contents are very important. Thus, we make it our primary focus to partner with you to design the optimal policy. Then if the unthinkable occurs and your home sustains significant damage, you’ll be covered to quickly get back on your feet.
At LoPriore, our motto is “Insurance that fits your lifestyle.” No two homes or families are alike, so we don’t offer one-size-fits-all home insurance plans. We partner with an impressive portfolio of national and regional insurance companies. This means we can find competitive solutions to fit your insurance needs and your pocketbook.
WHAT IS IT?
Homeowner insurance is provides coverage for your home and possessions in the event of loss or damage. The policy covers a variety of incidents. Personal liability protects you from damages caused by you or those living in your home.
WHY DO I NEED IT?
Mortgage lenders require you to purchase homeowner’s insurance as part of your mortgage agreement. If you are able to buy a house outright with no mortgage, it’s not required. However, even when insurance isn’t mandated, you may decide to purchase a policy as a cost-effective way to avoid financial hardship in a disaster.
WHO IS IT FOR?
Anyone who owns a single-family home or multi-family residence can benefit from homeowners insurance. Indeed, affordable premiums will allow you to have the protection you need if damage occurs.
What kinds of coverage options are there?
There are a variety of options when deciding the coverage you need for your home. The policy you choose needs to be broad enough to cover the cost of repairing or replacing your home and possessions in the event of a loss or significant damage. Here are some things to consider.
Understanding an HO-3 Policy
An HO-3 Home Insurance policy is designed to protect your home and property in the event of unexpected disasters. It’s the most common choice for Massachusetts homeowners. The HO-3 covers your home and additional surrounding structures. This means unattached buildings like sheds and garages are covered too.
Most HO-3 policies are based on replacement cost. This means reimbursement for a claim is based on the current cost of repairs and replacement instead of the cost you originally paid. Thus, you will work closely with an experienced agent to determine the amount of coverage needed to repair or replace your home.
Extra Coverage Worth Considering
Your property extends beyond your home. Additional coverage can be added to a policy, such as:
- Debris removal
- Emergency removal of property during times of risk
- Trees, shrubs, and other plants
- Inflation protection
Personal Property
Personal property protection within a homeowner’s insurance policy can be described as “coverage around the world”. In other words, you’re protected no matter where your belongings are located. For example, if you go abroad for vacation and your smartphone is stolen; you’ll be reimbursed. It also covers the belongings of others living with, and the personal property of guests visiting you.
Here are some specific items and reimbursement amounts within the personal property coverage:
- Money and coin collections: $200
- Securities and stamps: $1,000
- Manuscripts: $1,000
- Theft of jewelry, watches, and fur: $1,000
- Watercraft: $1,000
- Trailers: $1,000
- Personal computer coverage: $2,500
- Theft of silverware and goldware: $2,500
- Trading cards, comic books, and memorabilia: $1,000
- Theft of cameras, tools, or firearms: $2,000
- Trees, shrubs, and plants: $500
Personal property losses are generally settled on your possessions’ actual cash value at the time of your loss. However, you can choose a replacement cost option for your possessions as well. With replacement cost, you would be reimbursed for replaced items after your deductible is paid.
If you have items that aren’t sufficiently covered by your main homeowner’s policy, you can purchase additional policies. Pieces of high value Fine Art, antiques, and other rare items would qualify. Ask our experienced agents about a personal articles policy.
Additional Protection Explained
Loss of Use Coverage: If your home is significantly damaged to the degree you must temporarily reside somewhere else, the loss of use coverage portion of your policy protects you. This means your increased living expenses will be paid back to you after a covered event.
Liability: Liability protects the members of your home for injuries and damages they’re legally responsible for. This coverage extends to guests who are injured while on your property if members of your home are responsible. It also includes damage to the property of your guests.
Optional Insurance Policies to Increase Your Coverage
Personal Umbrella Insurance: This provides additional liability for lawsuits brought against you, including libel, slander, and false imprisonment. It even covers pets. For example, if your dog bites someone and that person sues you, your policy will protect you.
Flood Insurance: Most homeowner’s insurance policies in Massachusetts don’t include flood coverage. However, this can be added to provide such protection.
Cost of Homeowner’s Insurance in Massachusetts
It is recommended that you get multiple home insurance quotes to ensure you find the best policy. Home insurance costs vary significantly based on your coverage level, with prices ranging from $600 to $1,500 annually. The average cost in Massachusetts is about $1,168 per year. This makes Massachusetts the 38th most expensive state to insure a house. However, the price also varies depending on which city or town you live in.
Though there is a state average, the price naturally also varies based on the size of your house. Your home’s value is a crucial factor since your policy must have sufficient coverage to rebuild and restore your home.
Here’s a final interesting thing to think about with regards to policy average costs. Insurance prices go up when there are claims paid out. Massachusetts winters are often severely cold, and this is when homes are most vulnerable to damage.
Best Deals for Homeowners Insurance in MA
Though the price is certainly a factor in selecting an insurance provider, think about which company offers you the best value for your money. To help you narrow down your decision, here are some important factors to consider.
Personalized Home Insurance
Some insurance companies offer standard policies with adequate coverage for most homes, others give you more flexibility.
Safety Insurance, for instance, is an insurance company that offers a high degree of personalization, allowing you to customize your policy as you see fit. Though its average price of $1,000/year is slightly higher than others, you can get excellent value for your money thanks to the customization options.
American Modern Insurance also offers home insurance policies that you can personalize to suit your needs. The standard policy lists specific perils included in the personal belongings coverage, but you can include more perils with enhanced coverage.
Arbella Insurance is a smaller company that employs independent agents to help you craft a policy tailored to your needs and budget. They also focus on providing the best customer experience.
Insurance for Antique Homes
For people who own antique homes, insurance is even more important to preserve their property’s historic integrity.
MAPFRE Commerce offers a policy designed to restore the condition of your home if anything happens. The policy assures you that the company will go the extra mile to look for the right materials and skilled workers to restore your antique home if it ever gets damaged.
Most Affordable Insurance
Quincy Mutual Group is known for providing some of the most affordable homeowner’s insurance policies in Massachusetts. They cost an average of $646, which is significantly lower than the state average. Keep in mind, Quincy Mutual offers mostly standard policies, providing less flexibility in terms of customizations.
If you are looking for affordability but also more diversity in choices, you can consider Liberty Mutual. As one of the largest insurance companies, Liberty Mutual, offers a wide range of policies at affordable prices, along with options to include additional protection. You can also get exclusive discounts if you are part of the company’s affiliated groups.
Cost of Insurance Breakdown by City
Homeowners insurance rates can vary significantly from city to city in Massachusetts.
Barnstable has one of the most expensive insurance rates in the state, with an average annual cost of $2,049, while cities like New Bedford and Dartmouth also have higher-than-average rates pegged at about $1500.
On the other side of the spectrum, several cities also offer more affordable insurance rates below the state average. Insurance in Pittsfield, for instance, averages at $761, while that in Amherst averages at $784.
Knowing the average cost per city may help you decide where to live if you are particular about insurance rates. Though it should not be the sole factor in determining where you should reside, it’s good to be aware of.
Homeowners insurance may be an added expense on your part, but it will certainly be helpful in the long run. We recommend researching your options thoroughly. LoPriore Insurance Agency can help you find the most affordable and best homeowners insurance policy in Massachusetts.
Quick Quote Option
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When you send us a copy of your policy, our team has an opportunity to get a snapshot of your current insurance coverage, discounts, and added riders on your existing insurance policy.
Where Do I Find a Copy of My Insurance Policy?
Insurance companies send you a copy of your insurance policy annually and if any changes to your policy have been made during the year. However, if you are unable to locate your policy, your insurance company or insurance agent should be able to send you a duplicate copy via email, fax, or mail.
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FAQs
Insurance agents use a replacement cost estimator to determine the value to insure your home based on the information and characteristics you provide about the property to adequately protect your home.
Higher deductibles usually are available to help you save money. We also offer a variety of special discounts to help lower your rates. Check if you qualify for any of these discounts.
- New home – A discount is available for more modern homes.
- Mature homeowners – A discount for policyholders who are 55 years of age or older and retired. For married couples, one spouse must be at least 55.
- Multi-policy discount – Available if you have both homeowners and automobile insurance with us.
- Protective Devices – Available for an automatic sprinkler system, a central fire alarm system, a central burglar alarm system, and a combination of smoke detectors (one per living level), deadbolt locks (on all exterior doors), and fire extinguisher(s).
- Claim free discount – Available only to those who have been our customers for several years.
- Non–smoker discount
- Renewal credit
Higher deductibles usually are available to help you save money. At LoPriore Insurance Agency, we also offer a variety of special discounts to help lower your rates. Check if you qualify for any of these discounts.
- New home – A discount is available for more modern homes.
- Mature homeowners – A discount for policyholders who are 55 years of age or older and retired. For married couples, one spouse must be at least 55.
- Multi-policy discount – Available if you have both homeowners and automobile insurance with us.
- Protective Devices – Available for an automatic sprinkler system, a central fire alarm system, a central burglar alarm system, and a combination of smoke detectors (one per living level), deadbolt locks (on all exterior doors), and fire extinguisher(s).
- Claim free discount – Available only to those who have been our customers for several years.
- Non–smoker discount
- Renewal credit
A home insurance binder provides proof of insurance coverage related to the property insured which clearly states coverages and includes any loss payees or additional interests if there are any.
Yes, if your lender has set up an escrow account to pay your insurance premium, we can bill mortgagee or lender directly. This option is a widespread practice lenders use to pay your home insurance and even your property taxes.
Renting your home can sound like a financial windfall, although your homeowner’s insurance policy may not include coverage for home-sharing. Before you rent your property on a short term basis, contact your independent insurance agent to discuss options that add the additional coverage needed to protect your property against damage and personal liability claims.
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