Homeowner’s insurance covers your home for damages to the structure, personal belongings and even additional living expense cause by a covered peril. Coverage for liability to others is also included. You need enough insurance to cover the cost of rebuilding your home at current construction costs. Don't include the cost of the land. And don't base your rebuilding costs on the price you paid for your home. The cost of rebuilding could be more or less than the price you paid or could sell it for today.
Standard Massachusetts homeowner’s insurance policies provide coverage for disasters such as damage due to wind, fire, lightning, hail, explosions and theft. They do not cover floods, earthquakes or damage caused by lack of routine maintenance or other “acts of God” and acts of war.
It is very important to insure your home adequately based on the cost of replacement and not the mortgage amount. We have tools to help estimate the replacement cost of your home. Feel free to call us with any questions.
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