What is the ultimate purpose of a homeowners’ policy? Home insurance is one of the most misunderstood insurance policies one can purchase. It is purchased to enable a homeowner to rebuild his or her home and life in the event of a total destruction. Everett and Sons is here to put a comprehensive policy together for you. While some insurance companies give you a quote with the “bare bones” coverage for your home, Everett and Sons will make sure your home is insured for full replacement cost value. We want to make sure you can replace your home in a chance of a catastrophic event.
Everett and Sons helps you to understand what your homeowner policy covers.
- Coverage for the structure of your home – This pays to repair or rebuild your home if it is damaged or destroyed by a fire, hurricane, hail, lightning and other causes listed in your policy. There are exclusions to the homeowner policy: It does not pay for damage caused by a flood, earthquake or wear and tear.
- Coverage for your personal belongings – Furniture, clothes, sports equipment and other personal items are covered if they are stolen or destroyed by a fire, hurricane or other insured disaster. Items such as jewelry, furs and silverware are covered but are usually dollar amounts if stolen.
- Liability protection – Liability covers you against lawsuits for bodily injury or property damage that you or family member causes to other people. You are not just covered in your home but anywhere in the world!
Additional living expenses – If you need to live outside your home due to damage by a covered loss, this coverage will keep you protected. It covers hotel bills, restaurant meals and other living expenses incurred while your home is being rebuilt.
Most condo owners overlook condo insurance because they believe that the Condo Association has insurance that will cover them. Condo Associations take out insurance on the building’s structure and complex grounds, not the condo owner belongings. Condo owners should cover themselves for damage, theft, fire and vandalism with a Condo Insurance policy. The policy also provides coverage for personal liability, the same way a homeowner policy does.
A condo insurance policy offers you
- Full replacement coverage if your unit is destroyed beyond repair
- Protection from damages caused be plumbing, vandalism, malicious mischief, sewer and drain backup and other causes
- Coverage for liability exposures and medical expenses if someone is injured on your property
- Coverage for expense incurred if you are unable to live in your home due to a covered claim
In Massachusetts, renter’s insurance covers your personal possessions if you rent a house or apartment. Renter’s insurance includes coverage for your personal property and also includes liability coverage, if someone happens to suffer an injury or damage and you are at fault.
Renter’s insurance is generally inexpensive and cost you less than $150 a year depending on your circumstances!