What is the ultimate purpose of a homeowners policy? Home insurance is one of the most misunderstood insurance policies one can purchase. It is purchased to enable a homeowner to rebuild his or her home and life in the event of a total destruction. Patrick J Woods Insurance is here to put a comprehensive policy together for you. While some insurance companies give you a quote with the “bare bones” coverage for your home, Patrick J Woods Insurance will make sure your home is insured for full replacement cost value. We want to make sure you can replace your home in case of a catastrophic event.
Patrick J Woods Insurance helps you to understand what your homeowners policy covers.
- Coverage for the structure of your home – This pays to repair or rebuild your home if it is damaged or destroyed by a fire, hurricane, hail, lightning and other causes listed in your policy. There are exclusions to the homeowners policy: It does not pay for damage caused by a flood, earthquake or wear and tear.
- Coverage for your personal belongings – Furniture, clothes, sports equipment and other personal items are covered if they are stolen or destroyed by a fire, hurricane or other insured disaster. Items such as jewelry, furs and silverware are covered but are usually dollar amounts if stolen.
- Liability protection – Liability covers you against lawsuits for bodily injury or property damage that you or a family member causes to other people. You are not just covered in your home but anywhere in the world!
- Additional living expenses – If you need to live outside your home due to damage by a covered loss, this coverage will keep you protected. It covers hotel bills, restaurant meals and other living expenses incurred while your home is being rebuilt.
Most condo owners overlook condo insurance because they believe that the Condo Association has insurance that will cover them. Condo Associations take out insurance on the building’s structure and complex grounds, not the condo owners belongings. Condo owners should cover themselves for damage, theft, fire and vandalism with a Condo Insurance policy. The policy also provides coverage for personal liability, the same way a homeowners policy does. A condo insurance policy offers you
- Full replacement coverage if your unit is destroyed beyond repair
- Protection from damages caused by plumbing, vandalism, malicious mischief, sewer and drain backup and other causes
- Coverage for liability exposures and medical expenses if someone is injured on your property
- Coverage for expense incurred if you are unable to live in your home due to a covered claim
In Massachusetts, renters insurance covers your personal possessions if you rent a house or apartment. Renters insurance includes coverage for your personal property and also includes liability coverage, if someone happens to suffer an injury or damage and you are at fault.
Renters insurance is generally inexpensive and will cost you less than $150 a year depending on your circumstances!
Personal Umbrella Insurance
No one can predict what is going to happen but everyone can prepare for what may happen. That’s what a personal umbrella insurance policy does for you. It provides an extra layer of protection on your home and car in the event someone experiences an accident on your property or you are the cause of an accident on the road.
It is our job to make sure you have the coverage in place if you are ever faced with an unpredictable incident in your home or your car. The cost of a personal umbrella insurance policy is very small compared to the cost of not having coverage if needed.
The worse thing homeowners can do is find out after a flood has occurred in their home that the damage is not covered by their homeowners policy. Also, many homeowners are under the assumption that if they don’t live in a flood plain then they don’t need flood insurance.
Floods can occur as a result of a storm, melting snow, hurricane, water backup due to inadequate or overloading drainage or a broken water main. FEMA estimates that 30% of flood claims are filed by homeowners living in low to moderate flood risk areas. At Patrick J. Woods, our agents are prepared to discuss whether adding flood insurance to your homeowners policy is in your best interest.
Service Line Coverage
Did you know that as a homeowner you are financially responsible for all service lines under your home? These lines include power lines, phone and cable lines, water and sewer pipes and more. Did you also know that this coverage is not part of a basic homeoweners insurance policy?
Excavating and replacing faulty wiring or damaged pipes under your house can be very costly to you as the homeowner. Fees can be anywhere between $2,500 up to $15,000 if you have to replace the entire service line. Adding service line coverage to your homeowners policy runs between $20 to $50 extra in yearly premiums.
Contact us today to find out how to get the best price and value on your insurance needs.