Homeowner’s Frequently Asked Questions

1) What are the benefits of a higher deductible?

For those able to absorb the additional cost in case of a claim, raising your deductible is one way to create savings on your premium. A higher deductible results in a lower premium. Additionally, Home Insurance should be used in case of major claims, not for home repair & maintenance. Issuing several small claims can raise red flags within insurance companies and may result in non-renewal or higher premiums.

2) What is Identity Theft coverage?

Identity Theft is a feature available on Homeowners Policies that provides protection in case your identity is stolen. This coverage can compensate for losses incurred during the process of recovering your identity up to the selected coverage limit.

3) What is the importance of an accurate replacement cost figure for your home?

The replacement cost of your home- what it would cost to rebuild from the foundation up- is the basis for home insurance rates. By making sure your replacement cost figure is accurate, you can eliminate being over or underinsured. Make sure to report any changes, additions or alterations that you make to your home to your agent, so the replacement cost corresponds correctly.

4) What are scheduled items?

Scheduled items can range from jewelry, musical instruments, and fine arts, to furs and silverware. Scheduled items are those that are not easily replaced through the normal marketplace or have high intrinsic or monetary value. By specifically listing such items on your policy, you can ensure they are completely covered. Appraisals up to three years old are necessary. Additional charges are applied.

5) Is my In-Home business covered under my Homeowners Policy?

No. Your Homeowners Insurance Policy excludes coverage for in-home business property or liability claims that occur to do in-home business operations. If you have an in-home business, you should notify your agent of any business pursuits. Endorsements can be added to your Homeowners Policy to cover your in-home business contents and operations.

6) Does my Homeowners Policy cover flooding?

No. Flood Insurance must be purchased separate from your Homeowners Policy. Flood insurance rates and requirements are standardized by the federal government. Contact us to learn more about flood insurance.

7) Should I add water backup/sewer & drains coverage to my Homeowners Policy?

Back up of sewer & drains or sump pump over flow is not covered by Flood insurance and is excluded from your Homeowners policy. Flood is defined as an overflow of a natural body of water or stream that encompasses two acres or two locations. If your home has the potential risk for water back up or over flow from a sump pump, adding this endorsement is a good idea to protect your home & contents. You must have a sump-pump in order to be eligible for this endorsement.

8) Is Earthquake coverage necessary?

Although it is not required, we recommend having Earthquake coverage in place. Massachusetts does have a history of earthquakes, and any losses due to earthquake damages are not covered by your Homeowners Policy. Earthquake coverage can be added by endorsement for an additional premium.