What Kinds of Homeowners Insurance Policies Are There?
Homeowners policies can be separated into two broad categories: open perils policies and named peril policies.
Open peril policies generally cover any incidents that aren’t explicitly excluded in their terms and conditions. Some examples of commonly excluded incidents are earthquakes, nuclear incidents, and wars, but any incident could be listed as an excluded item in an open peril policy.
Named peril policies, in contrast, usually only cover incidents that are explicitly mentioned in their terms and conditions. These policies may have basic lists that only include a few incidents, or they might have robust lists that mention many potential hazards. Even robust named peril policies, however, frequently offer less protection than open peril policies. For, the best named perils policies are still restricted to the perils they mention outright.
How Can Residents in Massachusetts Get Homeowners Policies?
Massachusetts residents who would like help finding homeowners insurance should contact an independent insurance agent near them. An independent agent will be able to both help a homeowner select the type of policy and coverages they want, and assist with a side-by-side comparison of policies. With an independent agent’s help, homeowners can be confident that the home insurance policy they get provides the protections they want and need.