Please ensure Javascript is enabled for purposes of website accessibility

What type of home insurance do you need?

June 1, 2022


When you purchase a residence, the first thing you need to know if what type of home insurance do you need. Lenders often require an insurance policy. Likewise, the plan provides financial assistance should a disaster strike, damaging much of the property.

Home Insurance Plans

In the search to select a plan, you may not know which MA home insurance to pick. Are they all the same? Do you need any additional coverage? Understand the value of property insurance plans and how to select one that fits your needs, land, and lifestyle.

What Is the Benefit of Home Insurance?

Your house offers you a place to go, providing shelter and comfort. Alternatively, it’s a significant financial investment that should continue to provide these qualities for years to come. Unfortunately, unexpected natural disasters and fire and water damage can devastate property. It ends up leaving owners with uninhabitable spaces and high restoration costs. 

Policies allow residents to obtain the needed financial assistance. For instance, the Insurance Information Institute notes that in 2020, approximately 6 percent of the policyholders filed a claim with their insurer. The group cites wind and hail, water devastation, and fire damage as the top three events leading to these decisions. The average claim received upwards of $13,804, an amount that many owners don’t have sitting around in a bank account. Additionally, home insurance provides the safety blanket to survive these circumstances.

What Factors Are Involved in Deciding on Home Insurance?

When selecting a plan, consider several conditions. First of all, research your lender’s mandates. Mortgage companies may demand a certain level of coverage, such as HO-3, which assists in most events that damage the home. Additionally, it often excludes floods and earthquakes.

Furthermore, understand your location’s vulnerabilities. Sites situated near large bodies of water or within a flood zone may need to add flood coverage. Check for high wind coverage and hurricane deductibles if you live in a neighborhood prone to these storms.

Ask about liability coverage and property loss values. Some plans provide payment of up to 50 percent for ruined valuables. In addition, if someone becomes injured on site, insurance offers protection from lawsuits.

How To Know What Home Insurance Is Best for You

As you evaluate your options, think primarily about your budget and your home’s value. Property often increases in worth. Understand your deductible, and verify that policy provides sufficient funds to replace and restore. Ensure you rebuild appropriately without paying much out of pocket.

Get a plan that fits into your monthly or annual budget. Make sure you meet these payments to secure continued coverage and avoid lapses and vulnerabilities.

Talk with agents about your home and any concern you may have. Work with groups willing to listen to your interests and recognize your financial obligations.

You can’t control life. Circumstances may happen that harm your property. Have the best MA home insurance policy to cover the costs and restore the premises.

About E.J. O’Neil Insurance Agency

Since 1898, E.J. O’Neil Insurance Agency has provided homeowners with reliable coverage and high-quality customer service. Today, we offer a variety of policies, including commercial, boat, automobile, homeowners, motorcycle and renters insurance. Quotes are free by phone or online request, and we can provide notary and other services at our location. We pride ourselves on caring for customers when they need it most, proving it with over $3.2 million in claims paid over 12 months. To find the right coverage for your need, call 413-594-4757 or visit us online.