Home Insurance – Save time and let us do the shopping for you!
Leslie S. Ray Insurance Agency represents a wide array of home insurance carriers. After a short interview process to learn more about you and your home, we will shop your home insurance coverages amongst many top insurers to find you the best fit and the best value. We’ll do the shopping for you – that saves you time…and money!
It pays to package your home and auto insurance with the same insurer!
Several of our insurance partners are giving package discounts of 20% or more off of their home insurance base premiums to clients that have auto and homeowner policies with the same insurance company. In addition, some are even offering smaller package credits on their auto insurance.
Here are some important things to review when purchasing home insurance:
- Insure to the full replacement (or reconstruction) value of your home and add an endorsement called extended replacement cost coverage on the dwelling. This endorsement will provide you with some coverage over and above your dwelling coverage limit, if ever necessary. Note, your home’s replacement value has little to do with market value, your tax assessment, or your mortgage amount. Also note that most insurance companies will not provide the extended replacement cost endorsement on older homes.
- Increase your coverage if you remodel or renovate — if you don’t you might find yourself underinsured if you have a major claim and you very possibly might jeopardize the extended replacement cost endorsement.
- Homeowner dwelling coverage protects against fire, windstorm, snow and ice damage and many other perils. Earthquake and flood coverages are excluded unless purchased.
- Concerned about a flood? — understand what you are covered for (and not covered for) before you buy. For example, flood insurance does not cover finished basements or even personal property kept in basements.
- Concerned about an earthquake? – add coverage for about $35 per year for every $100,000 of home insurance coverage
- Cover your personal property with the replacement cost endorsement to ensure that your general personal property is not depreciated.
- Review the policy limitations for jewelry ($1000), silverware ($2500), fur coats ($1000)
- “Scheduling” personal property:
- Eliminates the deductible
- Avoids the policy limitation on those particular items
- Broadens the coverage (includes coverage for misplacing the item)
- Understand that there is limited coverage for business activities:
- NO liability arising from business activities
- $2500 on premises business personal property limit
- $250 off premises business personal property limit
- You may be able to add incidental business occupancy endorsement for $25 – $30 to extend premises liability for business exposures and cover business property at home.
- Raise deductible to $500 or $1000 (or higher on very high valued homes)
- Add the “package” endorsement if offered by your company – usually $20 – 30 per year and the coverage extensions are worth it – check it out
- Carry as much personal liability as you can get — $500,000 or $1,000,000 – you will probably find the added premium for this valuable coverage to be minimal.
- Strongly consider purchasing a personal umbrella liability policy which will increase the coverage for your homeowner liability, auto liability, second home liability, and boat liability exposures.
Ideas for controlling your homeowner insurance premiums
- Review your policy with us every few years – programs change
- Are you getting a “package” credit on your homeowner policy? Some companies give a discount if they insure both your home and personal auto(s).
- Consider the highest deductible that makes sense for you. Most of our home insurance clients carry a $500 or a $1000 deductible.
- Credit for alarms – make sure that you are getting the proper credit for burglar and fire alarms
- Generally the newer the home the broader the coverages available and the more competitive the premiums
Problems / issues that could make it more difficult to obtain insurance or that could increase your insurance premiums
- Homes on close to the coast – and for some companies that could mean within one mile of the ocean.
- Homes “out in the woods” with no fire hydrant within site and with a volunteer or non-existent town fire department.
- Some businesses that are run out of the home.
- Homes that may not be well updated with their electrical service
- Poor past claim history
- Less than satisfactory personal credit history
- Dogs of an aggressive breed
Contact us online or call 978-927-2600 today to begin comparing Massachusetts homeowners insurance quotes.