Simply having a roof over your head isn’t enough. As a homeowner you also need to take good care of this important part of the house, which means understanding what your homeowners policy includes (and what it doesn’t) in the event of damage or decay.
Is your roof properly insured, or are you carrying more risk than you realize? Roof Insurance Basics Generally speaking, if an unavoidable event like vandalism damages your roof, your homeowners insurance should cover it. However, if it’s determined the damage was caused by something within your control, like neglected maintenance, that’s where things get tricky. Factors that influence your coverage include:
Address minor issues before they result in major damage by conducting a roof inspection twice a year. Carefully check the state of your shingles and examine gutters, flashing and ventilation. Look for leaks and water damage inside and out, especially after big storms. The Bottom Line Don’t make the costly mistake of assuming any and all roof damage will be covered by your homeowners insurance. Avoid problems by double-checking your policy for specifics about your coverage and reach out if you have questions. This just in... there is a new Home Insurance Program available to Massachusetts residents that was just approved by the Massachusetts Commissioner of Insurance. This is an A Rated Company by AM Best and specializing in Home Insurance near the ocean. They have chosen the Arthur D. Calfee Insurance Agency, with their corporate office located in Falmouth, on Cape Cod, in Massachusetts, to be their Home Insurance Representative Agent. Find out if you qualify for this new Home Insurance Program by calling 508-444-0509 or get a Quick Online Home Insurance Quote at www.CalfeeInsurance.com Actual cash value or replacement cost?
When it comes to insuring your most valuable possessions, you have important choices to make. In the event of a loss involving your home or car, do you know how you'd like to be reimbursed? Does your current policy reflect these preferences? Carefully evaluate these two types of coverage to ensure you're well-informed. Actual Cash Value If you elect for an actual cash value insurance policy, you'll likely be compensated for the fair market value of the item at the time it was lost or damaged. Pro: These policies often have less expensive monthly premiums, so you could insure expensive items for less. Con: The payout is not based on what you paid for the item. This means you could be out the difference if something has depreciated in value since you purchased it. For example, if you had a wreck and wanted to replace the car you bought five years ago, you'll probably be accepting payment for what a vehicle of that make and model would fetch now, minus your deductible and wear and tear. Replacement Cost Many agents recommend replacement cost insurance, especially for homeowners. This sets you up to be reimbursed for the full amount it would take to rebuild your home and replace everything in it. Pro: You can replace older items for what they would cost to purchase new. Con: This option tends to be more expensive. Also, you must replace all items claimed to recoup the payout and you can't use the money for other things. Keep in mind that multiple factorscome into play when determining how an insurance claim will be paid out, but by learning about your options you can set yourself up for success. Please reach out with any questions you have. The best homeowner insurance is the insurance that best meets your needs. The insurance shopper that takes the time to understand the basic elements of home insurance will have much more confidence and sense of satisfaction when making an insurance purchase. The homeowner policy has been around for a long time and so most of us have a general concept on how the policy works. The more you know about the market value of your home and the approximate cost to rebuild it the better off you will be when shopping for the homeowner policy. This kind of knowledge is the foundation for determining what kind of policy to purchase. The age of your home has a direct bearing on the market value. The older homes built in the 1900’s have much lower market values today because most of them have depreciated. The market value for an older Victorian style home may be $50,000 but the actual cost to rebuild that home may be $200,000. The older homes that depreciate in market value are insured with actual cash value policies. They are often called market value policies. These policies will reimburse you for the market value of your home when there is a total loss. The market value policy is the best homeowner policy for the older home that has depreciated. The replacement cost policy is better designed for newer homes or homes under construction. The replacement cost of a home and the market value are almost the same. Replacement cost is applied to the dwelling and most often to the contents of the dwelling. Replacement cost will repair or replace any loss with like kind and quality of materials without depreciation. The best homeowner insurance for you will be determined by the age and market value of your home. The discounts for older and newer homes are the same. The protective device discount for deadbolt locks, smoke detectors, and fire extinguisher apply to both types of policies. Fire and burglar alarm systems are additional discounts that could be applied to both older and newer homes. Check our recommended insurers for more details. Here are some resources that we think you may find useful as a potential home buyer or real estate agent. We will be updating this list regularly, so stay tuned. Inspection Contract Download our inspection contract here. 266 CMR 2.00: Definitions Definitions of common home inspection terms. 266 CMR 6.00: Standards of Practice Massachusetts rules and regulations for licensed home inspectors. Realtor's Seminar Realtors: Get updated on home inspection procedures and the newest MA rules and regulations for home inspectors. Our Brochure View and download our print brochure. EPA Private Well Standards Information from the EPA for homeowners with a private well. MassSAVE Brochure Learn ways to save money and improve home energy effiency. Seller's Questionnaire Download our questionnaire for home sellers to fill out. What About Radon? Some common questions and answers about radon gas. |
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Arthur D. Calfee Insurance Agency, Inc. is proudly serving primary home, vacation home, auto, collector car, business, general liability, property, professional liability, contractor's liability, worker's comp, key man, whole life, term life, group or personal disability, & long-term care insurance policies to patrons in the following Cape Cod, Massachusetts towns, communities and villages: Barnstable, Bourne, Brewster, Buzzards Bay, Centerville, Chatham, Cotuit, Craigville, Dennis, Eastham, Falmouth, Hatchville, Harwich, Hyannis, Hyannisport, Marstons Mills, Mashpee, Orleans, Osterville, Provincetown, Sandwich, Truro, Wellfleet, Woods Hole, Yarmouth, and Yarmouthport.
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