Why It’s More Expensive to Not Purchase Home Insurance

If you are a homeowner living in the Salem and Rockport area, the budget can sometimes be an issue with all the real estate taxes and utility bills. Thus, it is understandable that you start to question the value of purchasing home insurance every year. However, before you drop your coverage, you should think about the consequences of going bare. You might indeed end up paying more for not having insurance. So here are some reasons why not having insurance can cost you more.

Disasters

Although catastrophes like hurricanes and tornados don’t happen in New England as frequent as other places in America, yet, floods or snowstorms can cause serious damages to homeowners in New England. When disaster strikes, expensive losses can impact someone financially for a long time. Coverage tends to be inexpensive because of low frequency of occurrence. So, if you are trying to save money, increasing your deductible could be an option to go. When you consider how much money you will save in terms of a disaster, it’s worth it at the end.

Future Insurability

Did you know that almost all insurance companies will ask you how long you have continuously maintained insurance? They ask because they place applications that continuously are insured as a stable, reliable risk when they decide to provide you their service. If you have been unstable by switching companies all the time, they might suspect that you will make a claim soon.

Liability Claims

If you are currently or planning to go without insurance, there is a chance that you might be sued by another party in a claim. Without any liability insurance,  your personal assets will be exposed in the court and by having insurance, you can have a buffer protecting you in a lawsuit from all your assets. The cost of hiring a lawyer could cost more than the settlement. Liability coverage is usually even less expensive than property insurance, so it is an easy decision to make.

Contact John J Walsh Insurance Today

Contact us today at 978-745-3300 before you make any decision to buy or cancel your home insurance. We can help you evaluate your options. We are proud to serve Salem, Rockport, Beverly, Peabody, and other areas in Cape Ann.

 

Tips for Prospective Homebuyers

Are you thinking of buying a home? The Massachusetts home market is moving better this spring than it has in years, with favorable prices across most of the state. This has prompted some prospective homebuyers to make reckless decisions in an effort to secure their dream home. But care and caution can pay dividends down the road, and recklessness can have serious repercussions. This is especially true for an investment as significant as a home. So think about these tips as you move toward homeownership.

Don’t Bite Off More Than You Can Chew

Buying a home is a significant investment– likely the largest single purchase of a person’s life. You should make sure you’re getting what you want out of the purchase, as much as you can. But you should also be sure that you can afford the price, especially if you’re trying to purchase a home this year. Buyers are making above-asking offers due to the small number of homes up for grabs. While your dream home will be very tempting, keep in mind the sacrifices it will take to keep a home that stretches your budget thin, and everything that comes with it.

Include Day-to-Day Maintenance in Your Budgeting

Purchasing a home is a happy day, and it’s just the beginning. Homeownership comes with its own responsibilities and expenses. You’ll need to budget for all of the utilities and establish a running fund for regular repairs and maintenance. Things wear out and break, after all. Will you be remodeling any part of the house? Will you want to in, say, ten years? And don’t forget the yards!

Be sure also to include the cost of your homeowner’s insurance policy. Whether or not this is required by your mortgage lender, homeowner’s insurance is always a good investment. A good policy will help protect you and your family from the immense loss that comes with losing a home should the worst happen.

Choose the Right Lender

There are many lenders that will gladly partner with you on this journey. Some will have better terms than others, be better to work with than others, and will have better reputations than others. You can do yourself many favors for years (or decades) down the line by selecting a mortgage lender carefully. Do your research. What kinds of terms are most important to you? What do people have to say about working with each company? Were they professional? Accommodating when the unexpected happened?

Don’t embark on a 30-year partnership with a company without doing your research. You’ll thank yourself years later for looking things up.

Is Your Garage Covered By Your Homeowner’s Insurance

Do you park your car in your garage or are you the homeowner that uses your garage as a storage space? Most of you will answer the latter because most of us park their cars in the driveway instead of in the garage. It is absolutely okay with that but have you take a closer look at your home insurance policy?

The car that you parked in the garage is insured on your auto policy and the home you are living in is insured on your home insurance policy. However, what about your garage, and the items you put there for the sake of out of sight. In many homes, there are in fact expensive items being placed in a garage such as a washer and a dryer. In addition to that, a second refrigerator and a wine cooler can be placed in the garage. If not properly insured, they will add up to a lot of value that will hurt you if there’s a loss.

So, whether your property in the garage is covered or not depends on if it is attached to your home. If the garage is attached to your home, then it will be covered by your homeowner’s insurance. However, if it is not attached, then you will need to take a second look at the policy. In most cases, the policy will cover other structures that are on your residence. If you are using a portable shed, then you are not going to be covered. It is highly recommended to consult an insurance agent to fully understand your policy.

Contact John J. Walsh Insurance Agency Today

Contact John J. Walsh Insurance Agency Today if you have any questions about your homeowner’s insurance. We are proud to offer homeowner’s insurance, auto insurance, boat insurance, umbrella insurance and more. We have been serving Salem, Rockport, Peabody, Glocester, and other areas in North Shore and Essex County.

 

 

3 Reasons Why Today’s Home Burn Faster

Did you know today’s homes burn faster? Many homeowners would think the larger the home, newer construction materials would make a fire burn more slowly, leaving more time to escape. However, that is not the case, about 30 years ago, there is an average of 17 minutes to escape, today only 3-4 minutes to escape.

There are several reasons why homes burn more quickly:

  • The building materials such as particle board and other man-made materials which constitute most of the building materials today burns faster than solid wood, concrete or masonry. They are lighter and cheaper to use than wood but they burn faster.
  • The larger the space is, the more items to burn for fires. Fires can spread quickly that are largely open and with more things to add to the fuel, there is more fire.
  • Couches and carpets that were used to be made of natural materials are no longer made. It might be cheaper and more durable but they have less resistance to fires.

Here are some things you should do to help you keep your family safe:

  • Have a working smoke detector
  • Purchase fire extinguishers
  • Create an escape plan

A house fire causes a significant amount of damages and having a homeowners’ insurance can cover some of the costs to rebuild your home. Contact John J Walsh Insurance today for a free quote. We are proud to serve Salem, Gloucester, Danvers, Peabody, and other areas in Essex County.

 

More MA Homeowners’ Insurance Rate Hikes

More Massachusetts insurance agencies are raising their homeowners’ insurance rates. This is the latest wave of rate increases following the record-breaking winter we experienced last year. The winter of 2015 started in earnest with Winter Storm Juno. By the time the following series of blizzards ended, over 110” of snow had fallen, taking the snowfall record for the Boston area.

Naturally, this immense volume of snow caused damage to homes in the area. Older and previously damaged homes took an especially heavy toll from the weight of the snow and resultant ice dams. Insurance companies have paid out over $1 billion in claims from last winter’s snowfall, and there are still claims left to be resolved.

This unprecedented snowfall, widespread damage, and number of claims have caused many insurance agencies, large and small, to raise rates in order to cover the expenses. This is added burden has been difficult for many homeowners in Massachusetts, especially as it comes right on the heels of comparable rate increases from Hurricane Irene in 2011. Irene also caused widespread damage, and a high number of insurance claims.

Home Owners’ Insurance

We will provide insurance policies that will help protect your house, condo, or apartment; our policies will help protect your home in emergencies cases, it is important to protect your home, something you’ve worked so hard to obtain.

We are based in Salem and Rockport, and we have been helping homeowners across the North Shore and Massachusetts with all of their insurance needs. Our policies will help your protect your mos prized and cherished assets.

In order to meet all of our customers expectations and needs, we set up one on one meetings with every client; that way, together we are able to hash out a policy that covers your needs.

Here are some our insurance polices that protect your home and its belongings:

  • Coverage for personal belongings
  • Coverage for the structure of your home
  • Liability protection
  • Additional living expenses for events like fires and natural disasters that force you to temporarily leave your home.

These are just a few of our homeowners’ insurance policies; giving your personal needs, we can add or remove policies. We have been helping clients for over 50 years, giving us plenty of experience in creating insurance policies!

For more information or to schedule a meeting with one of our agents, please give John Walsh a call at 978-745-3300.