Most Massachusetts residents who own a single-family house should get a homeowner's insurance policy. Their mortgage terms dictate that they get home insurance coverage to protect the lender's investment.

Even if you are under no obligation and have repaid your loans, you should ensure your house. It protects you against unexpected damages to the property and helps you rebuild your home. It is expensive if you need MA homeowners insurance for extraneous coverages.

For instance, there has been a fire or theft at your home. And you have lost many of your prized possessions. As you live in the most energy-efficient state in the country, your house may have high-performance features. Your policy helps you with the costs of repair or replacement of those damaged or lost items.

Types of Coverages in Massachusetts Home Insurance

A policyholder's actual residence accounts for a portion of the coverages. Most Massachusetts homeowners opt for additional coverages. More on that below:

Dwelling Coverage

This part covers the damage done to the real property where you reside. The standard home insurance package consists of your house and other structures on the property. These include garages, sheds (detached or attached), barns, and others. The dwelling coverage amount in Massachusetts is typically set at 10% of the entire policy.

Personal Property Coverage

Your belongings, like furniture or appliances, may be destroyed by fire or other covered losses. Property coverage is an extension of the MA homeowners insurance policy, where you have protection in case of an insured loss.

Personal Liability Protection

Massachusetts' personal liability policies usually offer a $100,000 coverage limit. It covers all the family members living with you in your home. You will have protection against any lawsuits alleging property damage or accidental injury. You may be legally liable when someone gets injured on your property. So, this coverage helps you recover costly expenses like court fees, settlement amounts, etc.

Loss of Use Coverage

When part of the dwelling becomes unfit, it will lose use. You have to go away temporarily and live at hotels or such. This coverage can help you with additional expenses while your home is under repair. You usually spend $400 on groceries, but now you may spend $500. This coverage pays for the extra amount. Massachusetts loss of use limit is around 20% of your dwelling coverage limit.

What Doesn't Your Homeowners Policies Cover?

Homeowners' policies do not cover "Acts of God." These may include floods and earthquakes. You may not live in a designated floodplain location or an earthquake zone. But don't assume that they can't happen. Only private insurers provide earthquake insurance. But you can purchase flood insurance via the National Flood Insurance Program.

Another kind of coverage that homeowners insurance policies don't offer is for home-based businesses. It is a commercial venture even if you are running the business from your residence. Homeowners insurance is a personal insurance policy. It will help if you get a separate policy for your commercial assets and business operations. However, some MA homeowners insurance policies may offer you limited protections. Speak to the expert to learn more about what coverages you can get under the policy.