Tom Coonan is the founder of the family owned and operated Coonan Insurance in Oxford, MA. For years I have referred inquiring clients to Coonan Insurance because of their commitment to their client’s service and pocket books. From time to time Tom shares his insurance expertise with the loyal Mortgage Buddy audience. In this latest article Tom informs Massachusetts first time home buyers about what’s needed to secure their most important investment.
Homeowners insurance protects all the structures on your property against damage and assures you that you will have enough money to repair your home. If it is damaged and deemed unlivable, homeowners insurance will also pay for you to rent a place or stay in a hotel while it is repaired or rebuilt. Also, if any of your belongings are damaged or stolen, homeowners insurance will pay for their replacement. It also covers you for claims against you for injuries that happen on your property.
How much do you need?
Dwelling Coverage: Also known as Coverage A, it is the part of homeowners insurance that covers rebuild and repair costs for your home if it is damaged or destroyed by a covered peril.
Other Structures Coverage: Also known as coverage B protects other structures on your property which are not attached to the main or primary dwelling. These structures may include one or all of the following: pool, pool house, storage shed, barns, fences, detached garages, and guest houses. 
Personal Property Coverage: or Coverage C covers your home’s contents and scheduled personal property you or other household family members own.
Loss of Use Coverage: or Coverage D is homeowners insurance which covers living expenses if you and your family are displaced from your home.
Personal Liability Coverage: or Coverage E protects you from lawsuits resulting from injuries to guests such as a slip and fall.
Exclusions: Homeowners insurance policies always have a list of exclusions that include war, neglect, normal wear and tear, flood (can be purchased separately), earth movement (can be bought back), and intentional loss such as arson.
Deductibles: Your policy will include a deductible—the amount of covered loss you must pay before insurance payments begin.
With a $500 deductible, for example, you pay the first $500 of each covered loss. Higher deductibles are available.
By increasing your deductible, you can lower your premium. When choosing a deductible, you must decide how much you would be willing and able to pay up front, and out of pocket before the insurance began to pay.
If you work from home: If you operate an office or small business in your home, you may need special coverage. Check with Coonan Insurance Agency to make sure you have the right kind of coverage.
Discounts are available if you bundle your homeowners insurance and auto insurance with us.
Coonan Insurance Agency is a full service insurance agency, offering all lines of business and personal insurance. We have access to the insurance companies with the best rates and service found in New England.
Please do not hesitate to call if you have any questions regarding your insurance coverage or our service. Please feel free to visit our website at www.coonaninsurance.com. We are here to meet all your needs.
Tom Coonan
Coonan Insurance Agency, Inc.
267 Main Street
Oxford, MA 01540
Tel: (508) 987-7122
Fax: (508) 987-7152
www.coonaninsurance.com
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