Buying a home for the first time can be stressful enough without having to deal with the hassle of home insurance. You can relax a little, because getting homeowners insurance in Massachusetts doesn’t have to be that difficult. It will take some time to research, as it is important to know how to choose the right Massachusetts homeowners insurance, but doesn’t take that much time.
This article will help first time home buyers begin their search for insurance.
When to Get Homeowners Insurance
In most cases, you will need to already have a policy in place before your lender will release the money for the purchase of a home. This means that you should begin looking for homeowners insurance when you begin looking for a home.
If you have the time, it is generally best to research various insurance companies while you are looking for a home. As you research the companies’ financial stability, customer service records, and claims records, make a list of those that you like the best. Once your bid has been accepted on a home, you can then begin to cost compare.
Remember, you must have your insurance policy in place when you get to your closing date. It will be one less thing you have to worry about if you get it done early.
What Does Home Insurance Cover
A homeowners insurance can vary greatly in the coverage it offers you. There are bare bones polices and then there are more comprehensive policies. At the very least you are going to want to have the following items covered under your insurance policy.
- Structure of home
- Contents of home
- Structures on the property
- Liability (other’s property and person)
- Loss of use protection
Your home will most likely be your largest investment and it is imperative that you keep it safe. The cost of homeowners insurance premiums is small relative to the value of your home and it contents. Also, you must be protected from legal suit if someone is injured on your property or someone’s property is damage while on your property. If you have a tree fall on a friend’s vehicle, then the liability portion of your policy should cover you.
Different Insurance Policies
There are several different types of homeowners insurance policies. You will want to begin with a standard policy that offers general protection up to a certain monetary limit and for specific perils. You may also have to add other policies to this standard policy depending upon where you live.
Here are some general options you will have to choose among when considering your Massachusetts homeowners insurance policy.
- Actual cost value
- Replacement value
- Flood policy
- Wind and hail policy
You will have to determine if you want a policy that pays out according to actual value of items or replacement cost of items. It is generally recommended that you choose replacement value, though that will cost a little more in premiums. Also, if you live in an area that is prone to high winds and/or floods, you may have to purchase additional, separate policies that cover damage due to each of these incidences.
How to Save Money on Insurance
Not only do you want to get the best policy, but you want to save as much money as possible on the policy. Here are a few tips that could save you a considerable amount.
- Choose the right home (homes with a checkered repair history cost more to insure)
- Have any problems repaired before purchase
- Insure the home, not the whole property
- Shop around for the best rate
- Take advantage of discounts
- Try getting your insurance through your car, health or life insurance company
Finding Better Coverage
The easiest way to find Massachusetts homeowners insurance is to get online and get a bunch of rate quotes. These quotes can quickly help you to get a feel for how much a specific home will cost you to insure. It will also allow you to compare the rates of the various home insurance providers. If you want to get the best price from the best company, then you will need to get rate quotes.
It takes very little time to get these quotes but the amount of money you can save on insurance could be significant. If you feel comfortable, you can also purchase the homeowners insurance policy online as a matter of convenience.