Massachusetts Home Insurance

MA Home Insurance 101 – “The Basics…”

Homeowner Insurance is asset protection designed to bring your home and possessions back to the same condition prior to loss. Lenders require proof of home insurance, also known as Hazard Insurance of Fire Insurance, in the form of an insurance binder. Often they require a “paid in full” receipt and that the home is insured for 100% of estimated Replacement Cost.

Your Massachusetts Independent Insurance Agent will help determine the Replacement Cost of your home. Replacement Cost represents the amount it would cost to rebuild your home if you were to suffer a total loss. Not to be confused with market value, Replacement Cost is pure construction cost. Replacement Cost is determined by such things as: age, condition, square footage, updates, building quality and town multipliers.

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