Property Manager MA: Home Insurance Tips
Home insurance can be a pain when you are buying it for the first time especially as you have no idea about how the market works. The good thing is that there is nothing in the law which would force you to buy home insurance. However, it is essential to buy home insurance as your lender would like the investment to be protected.
Type of Insurance
Home insurance policies usually cover the liability, structure, contents as well as other living expenses. Structure insurance is essential because it helps your home get rebuilt/repaired if there is any damage. The only caveat is that you need to set the coverage for what it would take to rebuild your home. Content coverage kicks in only if your belongings are damaged or destroyed. This is for around 50 to 70 percent of your structural coverage. Do remember that high-value items have a cap and you would need to add a rider policy to it.
Liability insurance comes in handy if someone is injured on your property. This can help for medical expenses or a settlement in case there is a death. You can start your coverage from $100,000. It is a good idea though to set it at between $300,000 and $500,000 as litigation hungry lawyers will make the price go up.
Living expenses will be useful if you need to pay for accommodation and food when your home is being rebuilt. Make sure that you get that covered if you want to have that provision.
Property Manager MA: Calamities
If your home is damaged by any fire, windstorms, hail, theft, vandalism, riots (with the exception of natural disasters), then you are covered. Plus, if your home is water damaged by burst pipes, then your home is also covered. You will need to get separate coverage for natural disasters if the area is quite prone to them.
You will know how much coverage you need once you do your home inventory. This will allow you to appraise the values and make a proper list. A smart move would be to catalog everything and keep photos and videos. Receipts should be scanned and kept in a secure fire proof safety deposit box. This will make it easier to file claims. An important point to remember is that insurance companies always take your credit score, home location, age of the home, proximity to the fire department and pets into account.
You can save money on your insurance if you take multiple policies. This means that you can buy your auto and home insurance from the same provider. This could save you quite a bit. You could also raise your deductibles as this would lower premiums. Just make sure you can afford the deductibles before you do anything.
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