Homeowners
Insurance
More
than just a place to live, your home
is one of your biggest investments. Properly protecting your most
cherished investment is important. Often times in the fast paced
processing of buying your home proper insurance protection is often
overlooked. Our staff is always available to review coverage options to
see that you are properly covered and our receiving all the
available credits.
Understanding the
Basics
If
you have a mortgage on your home your
lender will require evidence of homeowners insurance. The home and
other structures on your property are covered for direct physical loss
resulting from fire, lightning, wind, hail, smoke, vandalism, explosion
and many other perils. In addition to the property aspect of the
homeowner's coverage your policy will also provide liability coverage.
This protection pays for damage or injury you accidentally cause to
others and for which you are legally responsible.
The
Homestead Act
What is a Declaration of
Homestead/Homestead Protection?
An
Estate of Homestead is a type of protection for a person’s residence,
in the form of a document called a “Declaration of Estate of
Homestead”. The form is filed at the Registry of Deeds in the county
where the property is located, referencing the title/deed to the
property. It allows homeowners in Massachusetts to protect their
property up to five hundred thousand dollars ($500,000) of the value of
their primary residence, per family.
Who can file a homestead
protection?
The owner
or
owners of a home or those who rightfully possess the premises by lease
or otherwise and also occupy or intend to occupy the home as a
principal residence may file for the Homestead protection. A sole
owner, joint tenant, tenant by the entirety or tenant in common may all
be regarded as owners, provided that only one owner may acquire an
estate of homestead in any such home. If you are married and you and
your spouse own the property as tenants by the entirety, when one
married person files a homestead, their spouse and family members
receive homestead protection on the premises as well.
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