Home Insurance Best Practices:
When purchasing home insurance in Massachusetts you must keep in mind a few guidelines to make sure you are buying the correct coverage for you home. The first being that the home is insured 100% replacement cost (some companies even offer 125% replacement cost at no extra charge). This basically means that should the worst case scenario of a total loss occur, then you will receive enough money to restore your home completely.
Home insurance also helps you replace your personal property. If you have something that is very expensive for example a diamond ring. You can endorse this on your home policy and for an extra fee have world wide coverage and full replacement cost. This coverage is recommended for any large value item.
There are some perils that are not automatically covered by home insurance. For example mechanical breakdowns like a water heater stops working then that is not covered by the home insurance. You can by a rider that covers mechanical breakdowns. Earthquake is not covered by home insurance, but again you can purchase a rider for coverage. Intentional acts are not covered by home insurance, for example you get upset and breakdown a wall then that is not covered.
There are some discounts that a home owner can take advantage of, like: Multi policy discount (home and auto with same carrier), One pay option(where you pay the policy in full), safe home credit (no guns, dogs, or pools) No loss Credit(No losses reported within 5 years).