The standard MA homeowner insurance policy consists of the following sections:

Coverage A, Dwelling – The amount of coverage assigned to your dwelling should reflect the amount it would cost to completely repair or rebuild your home should it suffer a covered loss.

Coverage B, Other Structures – Typically 10% of Coverage A, Other Structures Coverage is for other structures (mailbox, shed, dog house, swimming pool, garage etc.) on your property detached from your dwelling.

Coverage C, Personal Property – Typically 50 – 70% of Coverage A, Personal Property Coverage provides coverage for your personal possessions such as furniture, clothing and appliances are covered. Certain types of possessions, such as jewelry, fine arts, antiques & collectibles, are excluded or have limited coverage.

Coverage D, Loss of Use – Typically 20% of Coverage A, Loss of Use Coverage pays for housing and other living expenses (like meals and laundry) if you suffer a loss that makes your home uninhabitable.

Coverage E, Personal Liability – Personal Liability Coverage provides on & off premise lawsuit protection and will provide coverage for bodily injury or property damage for which you are legally responsible.

Coverage F, Medical Payments – This coverage is available to others (not household residents) and will pay medical expenses up to, traditionally, $1,000.

Covered Perils – A homeowner insurance policy will provide protection from: fire or lightning, windstorm or hail, explosion, aircraft, vehicles, riot or civil commotion, smoke, theft, vandalism/malicious mischief, glass breakage, volcanic eruption, falling objects, weight of ice, snow or sleet, freezing of plumbing, accidental plumbing discharge, rupture of steam or hot water heating system, air conditioning systems, or water heaters, damage from artificially generated electricity.

Exclusions – A homeowners policy excludes coverage from: flood, or water that backs up through sewers, loss to building by earthquake, aftershocks and mud slides, loss by enforcement law or ordinance regulating construction, repair or demolition, or zoning, loss due to power interruption when the interruption takes place off the residence property, loss due to neglect of the insured to save and preserve property following a loss, war and nuclear perils, intentional loss.

According to Wikipedia: “Mud Season is a period in late winter and early spring when dirt paths such as roads and hiking trails become muddy from melting snow and rain. When the muddy paths and roads are traveled over by wheels, they develop ruts. It is regarded in some northeastern states within the United States, like much of New England as both a curse and a blessing because, although it is generally a messy time of year, it is an interlude between the standard tourist seasons of summer (hiking), fall (leaf peeping), and winter (skiing).

Mud season occurs only in places where the ground freezes deeply in winter, is covered by snow, and thaws in spring. Dirt roads and paths become muddy because the deeply frozen ground thaws from the surface down as the air temperature warms above freezing. The snow melts but the frozen lower layers of ground prevent water from percolating into the soil so the surface layers of soil become saturated with water and turn to mud.

It is also characterized by giant puddles on the side of paved roads, from large piles of snow melting, with no place to drain off to. Sidewalks, parking lots, drive ways, and all other surfaces become a muddy mess. Clothing is etched with drops of muddy spray, boots are covered in a layer of mud, either from traveling vehicles (cars or bikes,) and the back of pantlegs display a tell-tale spray pattern. The mud droplets are stubborn and cannot be removed with normal laundering techniques.”

Covered Perils – A homeowner insurance policy will provide protection from: fire or lightning, windstorm or hail, explosion, aircraft, vehicles, riot or civil commotion, smoke, theft, vandalism/malicious mischief, glass breakage, volcanic eruption, falling objects, weight of ice, snow or sleet, freezing of plumbing, accidental plumbing discharge, rupture of steam or hot water heating system, air conditioning systems, or water heaters, damage from artificially generated electricity.

Exclusions – A homeowners policy excludes coverage from: flood, or water that backs up through sewers, loss to building by earthquake, aftershocks and mud slides, loss by enforcement law or ordinance regulating construction, repair or demolition, or zoning, loss due to power interruption when the interruption takes place off the residence property, loss due to neglect of the insured to save and preserve property following a loss, war and nuclear perils, intentional loss.

Deductibles – Homeowner policy include a deductible. The deductible is the amount the consumer is responsible for before the insurance coverage applies. Typical deductibles are $500, $1,000, and $2,500. The higher the deductible: the lower the annual premium.

A recent article by Forbes identifies 4 Costly Homeowner’s Insurance Mistakes to Avoid:

Mistake No. 1: Underinsuring your house

Mistake No. 2: Assuming you have flood insurance

Mistake No. 3: Thinking you have one, flat deductible

Mistake No. 4: Believing you’re covered for mold or sewage backup

Contact your independent, Massachusetts insurance agent to review your home insurance coverage. Call or click us for a free, homeowner insurance quote and coverage review.

http://www.forbes.com/sites/nextavenue/2013/02/15/4-costly-homeowners-insurance-mistakes-to-avoid/?ss=personalfinance

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