Buying a policy that fits your needs is important because replacing your home in the event of damage or destruction can be costly. If you have a mortgage, insurance coverage is not optional.
Kinds of homeowner’s insurance
There are three types of insurance for homeowners. Speak with a reputable insurance professional about what works best for you.
Extended replacement value policies cover the cost of rebuilding or repairing a damaged home, even if it’s more than the policy value. This type of policy is recommended by most insurance experts because it covers the full cost of rebuilding the house regardless of actual market value and depreciation. A policy that covers just the mortgage will pay perhaps 90% of your loss.
Actual cash value policies will cover your house and possessions but deduct depreciation. The insurer will pay for the current value of your property, not what you paid for it.
Replacement cost policies will cover the actual cost to replace everything. Depreciation is not factored in, which means that everything being replaced or rebuilt is covered at market value.
What’s covered under your homeowner’s policy
Policies can be customized a bazillion ways, but generally, coverage includes damage from fire, vandalism, theft, and hurricanes. Acts of God, including flooding and earthquakes, are not typically covered; however the consumer can purchase a rider, or insurance endorsement. A rider amends the terms of a policy and can add to (or restrict or limit) the terms of your insurance coverage.
Personal possessions like clothing, furniture, and appliances are covered and will be replaced at the actual cost. The purchase of a rider may be necessary to insure unusually expensive items like jewelry or fine art. Your policy will cover treatment costs if someone is injured on your property. Off-premises coverage is also available, in case you lose a piece of jewelry, whether it happens in Paris or at the park down the street. Picture it if you will: While playing baseball in your backyard, your child hits a fly ball that destroys your neighbor’s plate glass window. As Bob walks toward your gate he steps in a pothole, breaks his ankle, then falls face first into the gate. Your unconscious neighbor is then attacked by your nasty little lapdog. Bob is having a bad day, but there is good news! Your homeowner’s insurance will pay to replace the window plus all the treatment your unconscious, bleeding, broken neighbor needs for his injuries, as well as his ambulance ride.
More bang for your buck
Added protection can be had by purchasing an umbrella insurance policy. The premium may be a few hundred dollars more, but the peace of mind that it brings is priceless. Your own property is not covered by umbrella insurance, which is a liability policy. If you are sued and found liable for damages the policy will cover that expense partially, if not in full, thus protecting your personal assets. Any exclusions will be listed in your policy. Some breeds of dogs are not covered by liability insurance.
Policy pricing depends on several factors including the home’s construction, both age and materials; heating and electrical systems, type of roof, security and safety systems; and proximity to bodies of water. A poorly maintained house will cost you more if you can insure it at all, and damage due to poor maintenance won’t be covered. Even if you’ve just purchased your home, any claims made by previous owners can count against you.
Work with your mortgage lender and with your insurance agent to determine your needs. Seek recommendations for insurers, either online or word of mouth. A slightly higher premium is probably wiser if your assets are protected by a better policy
Consult a local, trusted agency
The Secky Insurance Agency, located in Plainville MA, near North Attleboro will provide quotes from several national carriers. As a multi line, multi carrier agent, let Secky Insurance do the shopping for you, to get the best policy at the best price.
What do I need to know about Umbrella Insurance? Should I add it to my coverage plans?
An Umbrella policy is one that sits over one or more underlying policies and provides another layer of protection for you. If the limits available on your underlying policies aren’t high enough to protect you and your assets in the event of an accident with your car or at your home, then an Umbrella policy can be added for additional coverage. For example, if someone slips and falls at your home, gets injured and then sues you, your umbrella policy would cover the cost of that if your current homeowner’s policy in Massachusetts coverage doesn’t end up being enough.
A common policy arrangement is to get an Umbrella policy that sits over both the Homeowner’s and Personal Auto Insurance Policies in MA. In the event of a covered loss that exceeds the limits of an underlying policy, the umbrella policy will kick in and pay up to its entire amount in addition to the underlying limit. A typical umbrella limit is $1,000,000 but they can also be purchased for much higher amounts. If an insured has a Homeowner’s policy with a $1,000,000 liability limit and also has an umbrella policy with a $1,000,000 limit, you could have up to $2,000,000 in coverage.
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Umbrella Policies Protect From A Severe Loss Event
A severe loss event can impose a real financial hardship on you that you may never be able to recover from. If a major accident exhausts the limits of your home insurance liability coverage, you will find yourself in a tough spot because your assets and future earnings could be jeopardized by a lawsuit. Your Umbrella Insurance gives that extra layer of coverage, so that your spouse or your dependents living at home become responsible for damages that exceed the liability limits of your auto or homeowner policy.
A lawsuit puts all of your assets at risk including your home, auto, property and savings. Here are a few examples of situations that could expose you to a severe financial loss:
You should schedule an appointment with SeckyInsurance to help you determine how much coverage will be adequate to fully protect your assets. According to the Insurance Information Institute, a $1 million personal umbrella liability policy costs on average $150-300 annually.
An umbrella policy is a minor investment that will prevent a major catastrophic expense in the future.
If you need Umbrella insurance in Attleboro, North Attleboro, Mansfield, Wrentham or Foxboro, stop by our local office in Plainville Massachusetts.
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Are you looking for Auto Insurance in North Attleboro MA? Stop by our local office in Plainville for a complimentary quote. We offer face to face service, good advice and straight answers to all your questions about how to get you into the best available Auto Insurance Policy in Massachusetts. As an all lines agency, we can also offer additional discounts depending on how you are insured now for home insurance, life insurance or via an umbrella policy.
If you are looking for a quote to get a life insurance policy from a trusted local insurance agent with a great reputation for knowledgable and courteous service, all you need to do is click here to access our new online life insurance quote system at SeckyInsurance.com. Or, give Tom Secky a call now at 508-695-7051 ext 11. You are also welcome to stop by our local office in Plainville MA. We are an all lines agency offering life insurance and all other coverage types in the Greater Attleboro, North Attleboro, Mansfield, Wrentham area.
Life insurance offers protection against financial loss resulting from
death. If you purchase life insurance, you'll provide your family with the money needed to:
The following are a few but not all of the types available:
Term Life insurance
Term life insurance provides death protection for a stated time period, or term. Term life insurance is perhaps the simplest form of life insurance. It was developed to provide temporary life insurance protection on a limited budget. Since term insurance can be purchased in large amounts for a relatively small initial premium, it is well suited for short-range goals such as life insurance
coverage to pay off a loan, or providing extra life insurance protection during the child-raising years.
Whole Life Insurance
Permanent life insurance coverage for as long as you live and continue to make timely premium payments. With level premiums
and the accumulation of cash values, whole life insurance is a good choice for long-range goals. The guaranteed cash values can provide money later on to help with temporary needs or emergencies.
What is Universal Life insurance?
Universal Life Insurance is a flexible-premium, adjustable benefit life insurance policy that accumulates account value. As with all life insurance, the main purpose for buying a Universal Life insurance policy is the death protection provided to your loved ones at your death.
With an office in Plainville, MA, we provide life, home, auto and business insurance to Plainville, Attleboro, North Attleboro and Mansfield, MA, and throughout Massachusetts, Rhode Island, Connecticut and New Hampshire.