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Top Home Insurance Claims Filed in Massachusetts

Massachusetts Home Insurance PolicyMany first time home buyers will purchase homeowners insurance without really knowing what it covers or how it can be used to protect their investment. Mortgage companies require Massachusetts homeowners insurance to cover the property throughout the length of the mortgage.

The home insurance policy required by the mortgage company is designed to protect the investment of the mortgage company in the event of a fire, flood or other disaster. Homeowners should consult with their local New Bedford insurance agent to make sure that their interests are protected under their Massachusetts home insurance policy as well, adding any additional policies or increasing coverage to ensure that they are adequately insured.

According to the Massachusetts Association of Realtors, the average cost of a home sold in April 2012 in the State of Massachusetts was $269,9001. For most families, this is the single most substantial financial investment that they will ever make. One way to better understand what a typical homeowners insurance policy covers is to examine the top home insurance claims filed in Massachusetts. This can help first time home buyers see what claims are filed, covered and important to protect their new investment.

Fire

Fire can be the most costly of all home insurance claims filed in Massachusetts and across the country each year. A fire can quickly spread throughout the property, completely destroying a house from top to bottom in a matter of minutes. You not only lose your home in a fire, but everything inside. Most families have to completely start over from scratch following a fire.

Because the damage is so severe and costly, home owners need to make doubly sure that they are adequately covered for fire. Your New Bedford insurance agent can explain the minimum requirements for fire under Massachusetts homeowners insurance laws and can tell you about additional riders that are designed to protect your belongings and other property beyond a basic policy.

Wind and Hail

Anyone who has ever experienced a New England winter knows just how strong, powerful and damaging wind and hail can be to a home. Strong winds can even blow away the roof of your new house, throw trees or other objects into window panes and knock down an entire wooden fence.

Hail can cause a wide range of damage to a property, hitting vehicles, windows, siding and roofing. While proper maintenance goes a long way toward protecting your home from weather damage, even a brand new roof can be damaged by strong winds and hail storms. Speak with your New Bedford insurance agent about Massachusetts homeowners insurance policies that will cover you in the event of an extreme storm or other weather-related disaster.

Water

Most people don’t realize that water is one of the most powerful forces on earth. It helped to form the walls of the Grand Canyon and it can cause major damage to your home. There are two distinct types of water damage that must be considered when purchasing a Massachusetts homeowners insurance policy. The first is water damage that has been caused by weather or other natural disaster. The second is water damage that is caused by burst pipes or some other type of defect inside your home.

Properly maintaining your plumbing system can help to prevent this second type of water damage, but it is still important to consult with your New Bedford insurance agent to make sure that you are covered from any and all types of water damage. No matter how well you maintain and prepare your home, things like storms, floods and frozen pipes can happen under extreme conditions to any homeowner.

Accidents and Injury

When visitors to your home become injured or hurt in an accident, you will be responsible for any medical expenses incurred as a result. This can become a big expense and you can even be sued or taken to court to ensure that you take financial responsibility. One way to avoid this unexpected expense and headache is to make sure that your Massachusetts home insurance policy includes coverage for this type of claim.

Pets

If your pet causes any damage or injury to someone, you could be held liable. This includes repair or replacement of property as well as any medical care that may be required. Say your dog damages the fence between your yard and your neighbors, or bites the mailman. You could be sued, similar to the accidents and injury to visitors claim previously mentioned, and would be held financially responsible for damages.

If you have dogs, cats or other types of pets on your property, speak with your New Bedford insurance agent about options for Massachusetts homeowners insurance policies that include coverage for pets. When starting new homeowners insurance policies, make sure to be up front with your agent about the breed and size of pet that you own to ensure that you are properly insured.
1. [The Massachusetts Association of Realtors – May 22, 2012 – www.themarreport.com]?