Tidying up insurance matters for Massachusetts homeowners

Is your home insurance really doing its job, protecting you against potential financial loss? It’s not uncommon for homeowners in Massachusetts to take out a policy in a bit of a hurry when they buy a home, and not give it another thought. That can lead to a problem when it comes time to claim: namely, that the homeowner discovers they were underinsured. Here are some of the matters people overlook when taking out a policy.

Jewelry and high priced items

Most insurance policies have some limits on how much the policy holder can claim for a particular item, or category of items. Obtaining coverage in excess of those limits requires an endorsement or rider. Do you know what those limits are on your policy? Jewelry items can be a particular problem. Not only is jewelry commonly stolen during burglaries, policies often have a small limit on that category so if you have a number of gold and/or diamond rings, pearls or other valuable pieces, there’s a good possibility the value of your items would exceed the limit.

The value of clothing and other “minor” home contents

When you’re asked to place a value on the contents of the home for the purpose of insurance, the mind tends to turn to furniture and appliances. However, you might find that if (after a fire for example) you had to replace every item of clothing, every book and DVD, sheets, towels, pictures, rugs and the other miscellaneous items you and family members have collected over the years, the combined cost of them might surpass the cost of your major appliances and furniture.

Is it time you took another look at your home insurance policy? Take the time to tidy up those little matters and aim to ensure the coverage you have in place will be sufficient if you ever need to make a claim.

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