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How do you decide on the myriad of optional coverages when you purchase your Homeowners (Condo or Renters) insurance policy?

While many coverages/provisions are standard on aMass.homeowners policy, there are still several options to consider.

In many cases, one’s personal philosophy of insurance comes into play. Are you only concerned with a catastrophic claim, in which you lose everything? If so, higher deductibles may make sense.

What’s the likelihood of an earthquake or flood? What’s the premium to insure those perils? Even though an event of that nature is rare (especially bad earthquakes in MA), are you willing to take the risk without insuring?

Do you have a sump pump or drain in your basement and are you prone to water backup issues? There are endorsements that provide back up of sewers and drains. However, if water seeps from the walls or foundations, there are no insurance remedies unfortunately.

If you have valuable articles, such as jewelry, silverware, hand woven rugs, fine arts, or antiques, you may want to consider specifically insuring them (called a Floater policy – IMFP – Inland Marine Floater Policy). With this provision, no deductible applies and perils such as loss by mysterious disappearance or even just losing the item(s) will be covered. Appraisals or bills of sale may be required to do this based on the item’s value and when purchased.

Have you known of anyone whose had his identity stolen? The costs to restore this can be excessive, not to mention tedious and time consuming. Identity fraud coverage can be added to a homeowner’s policy; some carriers include this as part of a special enhanced endorsement providing a host of special coverages.

Perhaps one of the most important options to consider is the personal Umbrella Liability policy. This can be added to a homeowner’s policy as an endorsement or written as its own policy, but typically through the same carrier. It provides excess liability beginning with a $1M limit over and above the amounts already included on your home, auto, rental, or boat policies. Umbrellas are written with minimum limits of $1M and depending on your personal situation, as high as $5M-$10M limits.

Please call us to inquire into the option(s) that may best suit you.

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