While home insurance is not required at this time in Massachusetts, shopping for coverage is a smart financial decision to protect the investment you have made in your home. If you are financing your home, your lender may also require you to have home insurance. If you are looking for an insurance quote for your home in Massachusetts, our local insurance agency is here to help. At Cross Insurance, we work with over 100 insurance carriers, from New England based companies to national names. You can request a quote from one of our offices here.
How much you will pay to insure your home in Worcester will depend on a few different factors. What coverages you choose, the size and value of your home, and your claims history can all go in to calculating the price. When you contact our local office, we will collect information on your home to provide you with a quote.
You can use this flood map from FEMA to see if your home in Worcester is in an area with a high, moderate, or low flood risk. Even if you do not live by a body of water, melting snow thaw or clogged drainage could make your property vulnerable to flooding. Most homeowners insurance policies do not cover damages caused by floods. It should be noted that according to floodsmart.gov, one in three insurance claims come from moderate to low-risk flood areas.
A homeowners policy will typically refer to dwelling coverage, personal property, other structures, and liability. Here is what each of those are referring to.
Dwelling coverage commonly refers to the actual structure of your home, which may include things like an attached porch or connected garage
Personal property refers to your belongings- Your furniture, appliances, jewelry, sporting equipment, and additional items you own
Other structures can mean structures not attached to your home, such as a shed, a detached garage
Loss of use can provide compensation for things like eating out and temporary housing if you are unable to live in your home
Liability coverage can provide coverage if someone is injured on your property
If you are looking for ways to save on your home insurance, a multi policy discount may be available. Many carriers offer discounts for having more than one policy through them. Many people think of home and auto, but you can also look into other policies like RV to see if they are eligible for the discount. Your local insurance agent may also know about other discounts for things such as alarm systems or smart home technology.
If you are renting in Worcester, you should consider getting a renters insurance policy. Renters insurance can help protect the investment you have made in the personal property you own. Typically, a landlord’s insurance only covers the building and property that the landlord owns, and certain bodily injury claims caused by the landlord’s negligence. This means that if there was a fire in your apartment, you would likely end up paying out of pocket to replace your furniture, electronics, clothing, appliances, and other property that was lost or damaged. Another item that is often included in a renters insurance policy is liability for things like medical bills for a guest if a covered accident happens in your home due to your negligence. One thing to note when shopping for renters insurance is that every policy is different. Review your policy with an insurance agent if you have questions on what is covered.
In order to determine how much dwelling coverage you should purchase, you need to estimate how much it would cost to rebuild your home. Your home’s structure, as well as what materials were used, can help you estimate this. Any structures separate from the home are typically included in different parts of your home insurance policy. For example, your roof, any built in fixtures, and an attached deck would be considered a part of the dwelling. Structures such as sheds, detached garages, and fences would not be considered a part of the dwelling.
There are replacement costs calculators that can be found online. You can also do this calculation on your own by multiplying average local building costs per square foot by the square footage of your home. Also consider any special features that your home has, and any built-in appliances.
If you don’t feel comfortable calculating this number yourself, you could reach out to your insurance company for an estimate. Another option is to hire a private appraiser.
This article is for general informational purposes only and is not to be relied upon or used for any particular purpose. Cross Insurance shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, insurance, accounting or other professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article are that of its author and do not necessarily represent the views of Cross Financial Corp. and its subsidiaries and affiliates (“Cross Insurance”) or Cross Insurance’s management or shareholders.