Homeowners Insurance in Revere, MA
Whether you own a home already or are looking to buy one for the first time, it’s essential to understand the importance of homeowners insurance. Homeowners insurance is one of the best ways to protect you, your assets and your property from the unexpected.
What Is Home Insurance?
Homeowners insurance helps provide financial coverage for private homes and compensates homeowners in the event of a covered loss. The amount of compensation received in a claim depends on the limits set in the policy. Some examples of covered losses could include the following:
- Fire
- Windstorms or hail
- Explosions
- Riots
- Smoke
- Vandalism
- Theft
What Does Home Insurance Cover?
A homeowners insurance policy typically includes a minimum of the following four types of coverages:
- Dwelling coverage
- Personal belongings coverage
- Liability coverage
- Additional living expenses coverage
FAQs About Home Insurance From First-time Home Buyers
Being a first-time homebuyer can be overwhelming, especially when it comes to understanding homeowners insurance. Below are some frequently asked questions from first-time homebuyers that you may be asking.
Is Home Insurance Required?
Homeowners insurance isn’t required by law, but your mortgage lender will likely require coverage before you get a home loan. Lenders will likely require you to carry enough insurance to cover the amount of your loan. However, it is recommended that a home is insured for its full replacement costs to ensure it can be replaced in an incident where it is destroyed.
When Should I Buy Home Insurance?
Mortgage lenders often require proof of homeowners insurance before you can close on your home. When you sign a contract to buy a home, you should start shopping around for a homeowners insurance policy.
How Does Homeowners Insurance Work for Renovations?
If you plan on renovating your new home, knowing how these upgrades could affect your homeowners insurance is essential. Most homeowners insurance policies have some protections if your home is damaged during a renovation project, but it’s critical to speak with your insurance provider before starting a big project.
You may also need to adjust your homeowners insurance policy once renovations are complete because such projects will most likely increase the value of your home and may affect your premium. If you are making needed repairs, such as installing a new roof, you may qualify for a lower premium because the repair helps to reduce potential risks.
Homeowners Insurance Quote in Revere, MA
If you are interested in learning more about homeowners insurance, contact R.M. Cataldo Insurance Agency. We can help you find the coverage you need for your specific situation.