Homeowners/Renters Insurance 101

What do I need to consider when buying homeowners insurance?

Whatever form your home takes, a New England saltbox colonial, cozy cottage or high-rise condo, it is likely one of the largest investments you will ever make. In the event of damage or loss, you need the assurance that your homeowners policy will restore your home and possessions to their original condition.

When shopping for or reviewing your homeowners insurance, make sure that the coverage will protect:

• Your home itself.
• Any detached structures, such as a garage or shed.
• Personal belongings, including furniture, clothing, appliances and much more.
• Loss of Use, for living expenses when your home is damaged beyond being habitable.
• Personal liability that protects you and your family against a claim or lawsuit if someone is injured or their property is damaged while at your home.

How can I save money on my homeowners insurance?

Insurance companies offer a number of special discounts either as a reward for loyalty and continued business or because you've done something that helps to reduce your risk. Listed below are a number of general discounts that are frequently offered. Check with your agent or with Travelers of Massachusetts to learn what discounts you can take advantage of.

• Homeowner's association credit: Homes located in eligible homeowners' associations may qualify for a credit.
• Mature insured credit: If you and/or your spouse are retired, you could receive a credit on your policy.
• Multi-policy credit: You can save money if you have more than one type of policy with the same insurance company.
• Newer home credit: The age of your home may qualify you for savings
• Nonsmoker's credit: Studies show that homes inhabited by nonsmokers have a lower chance of having a fire.
• Protective device credit: If your home has certain types of fire alarms, burglar alarms, locks, or smoke detectors, you've reduced your risk and may qualify for this credit.
• Renewal or long-term customer credits: You could get credit when you renew your policy, beginning with the first renewal or after you've been a policyholder for a designated number of years.
• Deductibles: By choosing a higher deductible ($500, $750, $1,000 or higher), you'll have lower annual premium payments.

Money-Saving Resources

• Reducing your home insurance costs

As a renter, do I really need renter's insurance?

If you rent, your landlord's homeowners insurance will only cover the physical dwelling. You still need insurance that will cover your personal property, such as clothing, furniture or electronic equipment, in the event of loss or damage. A renter's insurance policy will also protect you if you are responsible for bodily injury or property damage to others. For example, if a visitor trips over a rug and breaks a leg, your renter's insurance would cover their claim or lawsuit.

Renter's Insurance covers:

• Furniture
• Clothing
• Appliances
• Personal Belongings, no matter where they are used
• Personal Liability that protects you against a claim or lawsuit if someone is injured or their property is damaged in your apartment.

How is Homeowners Insurance different from Condo Insurance?

As the owner of a condominium unit, your insurance needs are different from other homeowners. Chances are your association has a master policy that covers common areas like the exterior building and walkways. But, as the condo owner, you are responsible for insuring your individual, personal property within your unit. You need the protection of both personal property and liability insurance.

A Condominium Policy Protects:

• Furniture
• Clothing
• Appliances
• Personal Belongings, no matter where they are used
• Personal Liability that protects you against a claim or lawsuit if someone is injured or their property is damaged in your condo
• Cost of Common Property Loss, assessed by the condo association on all unit owners

Tips & Resources for keeping home and family safe.

Keeping your family and belongings safe is as important to us as it is to you. To help you minimize everyday risk and protect your family and your assets, Travelers of Massachusetts has a number of resources available for you to download.

• Home inspection and maintenance tips
• Know What's Below - Call Before You Dig
• Protect your house from mold
• Protecting your home from wildfires
• Winter weather preparation
• Grilling safety
• Home security
• Lawnmower safety
• Pool Safety
• Surviving severe cold weather
• Protecting your bicycle from theft
• Things to consider when remodeling your home