What is Homeowners Insurance?
Massachusetts homeowners have lots invested in their houses, and their investments need to be protected. Homeowners insurance policies don’t reduce the likelihood of accidents and disasters, but they help homeowners financially recover when the unexpected happens.
Homeowners insurance policies are so-named because one of the main protections they normally provide is property coverage for a house. This isn’t the only coverage these policies offer, though. Most also offer protection for personal belongings and against liability suits, and some have even more protections.
What Coverages Are Included in Home Insurance Policies?
The protections that home insurance policies provide are typically broken down into different coverages. Some of the coverages that homeowners may find in a policy include:
Dwelling Coverage, which might cover a house itself
Secondary Structures Coverage, which might cover other structures on a property
Loss of Use Coverage, which might cover the cost of alternative lodging after an incident
Personal Property Coverage, which might cover a family’s belongings
Personal Liability Coverage, which might cover liability lawsuits
Still more examples of coverages are vacant property coverage, and drain and sewer backup coverage. Vacant property coverage is sometimes needed if a home is left uninhabited for an extended period of time (as is the case with many second homes). Drain and sewer backup coverage often extends coverage to damage caused by certain plumbing issues.