Save 001 ® All rights reserved.
HOMEOWNERS, CONDOS, & RENTERS
HOMEOWNERS
Purchasing a home is often the single largest financial investment an individual or family ever makes. And, since the value of real estate property frequently increases over time, the owner's financial interest in the property also may increase.
Along with its investment value, home ownership carries with it a potential exposure to financial loss from unpredictable events such as: fire, windstorm damages, theft of personal property, and lawsuits from an injured person.
Homeowners can protect themselves against all of these losses by purchasing homeowners insurance.
Homeowner Policy Basics:
HOMEOWNERS
Purchasing a home is often the single largest financial investment an individual or family ever makes. And, since the value of real estate property frequently increases over time, the owner's financial interest in the property also may increase.
Along with its investment value, home ownership carries with it a potential exposure to financial loss from unpredictable events such as: fire, windstorm damages, theft of personal property, and lawsuits from an injured person.
Homeowners can protect themselves against all of these losses by purchasing homeowners insurance.
Homeowner Policy Basics:
|
○
|
Your Dwelling:
|
Coverage for the dwelling you reside in extends to any attached structures, such as a deck or garage. This does not include land or the dwelling's foundation.
|
○
|
Other Structures:
|
Coverage is provided for any detached structures at your residence, such as a garage, shed, barn, swimming pool, fences, etc.
Personal Property:
This coverage section protects your general household belongings against loss by a broad range of perils. Items can include furniture, clothing, appliances and other personal possessions.
Personal Property:
This coverage section protects your general household belongings against loss by a broad range of perils. Items can include furniture, clothing, appliances and other personal possessions.
|
○
|
Loss of Use:
|
In the event you are required to leave your home as a result of a covered property loss, we will cover you for many additional expenses which may include hotel or restaurant costs.
|
○
|
Personal Liability:
|
This is important coverage if you or resident family members are found negligent in causing bodily injury or property damage to another party. In that event, you have the peace of mind knowing we will pay the legal damages imposed on you and include legal defense costs if necessary.
|
○
|
Medical Payments:
|
If a visitor is injured in or around your home we will pay for the medical expenses incurred by that person.
CONDOMINIUM
The condominium is a joint enterprise type of ownership in which there is a common ownership of certain portions of the premises. The individual also has exclusive ownership of the right to occupy a specific unit, and sometimes also individually owns certain items of physical property within the unit. The ownership deed for a condominium, usually called a master deed sets forth the exact provisions of ownership and rights of occupancy of all the unit owners.
Condominium Policy Basics:
CONDOMINIUM
The condominium is a joint enterprise type of ownership in which there is a common ownership of certain portions of the premises. The individual also has exclusive ownership of the right to occupy a specific unit, and sometimes also individually owns certain items of physical property within the unit. The ownership deed for a condominium, usually called a master deed sets forth the exact provisions of ownership and rights of occupancy of all the unit owners.
Condominium Policy Basics:
|
○
|
Your Dwelling:
|
In the case of the condominium, the dwelling is the unit you own. You must consult the "master deed" to establish your actual ownership, rights, and responsibilities as a unit owner. Dwelling coverage includes any permanent appliances, fixtures, improvements and real property that pertain exclusively to the insured unit.
|
○
|
Personal Property:
|
This coverage section protects your general household belongings against loss by a broad range of perils. Items can include furniture, clothing, appliances, and other personal possessions.
|
○
|
Loss of Use:
|
In the event you are required to leave your unit as a result of a covered property loss, we will cover you for many additional expenses which may include hotel or restaurant costs.
|
○
|
Personal Liability:
|
This is important coverage if you or resident family members are found negligent in causing bodily injury or property damage to another party. In that event, you have the peace of mind knowing we will pay the legal damages imposed on you and include legal defense costs if necessary.
|
○
|
Medical Payments:
|
If a visitor is injured in or around your home we will pay for the medical expenses incurred by that person.
|
○
|
Loss Assessment:
|
Condominium unit owners have optional property and liability exposures as members of a condominium association. An example may be a fire in a stairway that damages common property, or if someone slips and falls in your parking lot and is injured. If damage to property or bodily injury to the injured person isn't covered by the association's master insurance policy, each unit owner could be assessed for a portion of the loss. Your policy automatically provides you with $1000 of this coverage, but you may purchase higher limits.
RENTERS
Individuals who do not own their own home may live in an apartment, condominium or house and pay rent to the owner of the dwelling. These individuals need protection for their personal property, loss of use, personal liability, and medical payments. Also, the tenant may have an interest in improvements that they had made to the rental unit.
Renter Policy Basics:
RENTERS
Individuals who do not own their own home may live in an apartment, condominium or house and pay rent to the owner of the dwelling. These individuals need protection for their personal property, loss of use, personal liability, and medical payments. Also, the tenant may have an interest in improvements that they had made to the rental unit.
Renter Policy Basics:
|
○
|
Personal Property:
|
This coverage section protects your general household belongings against loss by a broad range of perils. Items can include furniture, clothing, appliances and other personal possessions.
|
○
|
Loss of Use
|
In the event you are required to leave your apartment as a result of a covered property loss, or if the building containing the property makes the apartment not fit to live in, we will cover you for many additional expenses which may include hotel or restaurant costs.
|
○
|
Personal Liability:
|
This is important coverage if you or resident family members are found negligent in causing bodily injury or property damage to another party. In that event, you have the peace of mind knowing we will pay the legal damages imposed on you and include legal defense costs if necessary.
|
○
|
Medical Payments:
|
If a visitor is injured in or around your home we will pay for the medical expenses incurred by that person.
|
○
|
Additions and Alterations:
|
Although as a tenant you do not have an insurable interest in the building in which you reside, you might add fixtures or make improvements to the apartment or home. These are "additions or alterations." If a covered loss occurred you would be provided with an amount equal to 10% of your personal property coverage.
All individually owned vehicles registered under the Massachusetts Compulsory Motor Vehicle Law shall be written on the Massachusetts Automobile policy.
There are two major automobile exposures for which individuals seek protection under the Massachusetts Automobile Policy.
1. People want to be protected against their liability (legal responsibility) should they physically injure someone, Bodily Injury or damage someone else's property, Property Damage, through the use of their automobile. The MA Auto Policy provides protection for these types of losses. These coverage's are referred to as liability coverage or third party coverages since they provide insurance for the benefit of a third party as a result of the insured's negligent actions in the auto accident.
2. People also want to make sure they are protected regardless of who is at fault if they, their household members or their passengers are injured in an accident and if their own auto is damaged in an accident or sustains damage in a fire, theft, etc. The MA Auto Policy provides protection for these types of losses. These coverages are called first party coverages since they provide insurance for the direct benefit of the insured. Personal Injury Protection and Medical Payments provide protection to the insured, household members and passengers for their medical expenses or lost wages due to injuries. There are five coverages available to cover damages or loss to the insured's vehicle referred to as physical damage coverages. These five coverages are shown below:
1. People want to be protected against their liability (legal responsibility) should they physically injure someone, Bodily Injury or damage someone else's property, Property Damage, through the use of their automobile. The MA Auto Policy provides protection for these types of losses. These coverage's are referred to as liability coverage or third party coverages since they provide insurance for the benefit of a third party as a result of the insured's negligent actions in the auto accident.
2. People also want to make sure they are protected regardless of who is at fault if they, their household members or their passengers are injured in an accident and if their own auto is damaged in an accident or sustains damage in a fire, theft, etc. The MA Auto Policy provides protection for these types of losses. These coverages are called first party coverages since they provide insurance for the direct benefit of the insured. Personal Injury Protection and Medical Payments provide protection to the insured, household members and passengers for their medical expenses or lost wages due to injuries. There are five coverages available to cover damages or loss to the insured's vehicle referred to as physical damage coverages. These five coverages are shown below:
|
○
|
Collision
|
|
○
|
Limited Collision
|
|
○
|
Comprehensive
|
|
○
|
Substitute Transportation
|
|
○
|
Towing and Labor
|
There are also two first party coverages that provide the insured with protection for injuries sustained as the result of an accident caused by an uninsured or underinsured auto. Both of these coverages are dependent on the "other auto" being legally responsible for the accident.
Return to Products Page
Return to Products Page
Dwelling forms are used primarily for residential properties that do not qualify for homeowner policies. Some residential properties do not qualify for the homeowners program either because they are one-to four family dwellings which are not owner-occupied, such as rental properties, or which, for one reason or another cannot be written under an insurer's homeowners eligibility rules.
Dwelling ownership carries with it a potential exposure to financial loss from unpredictable events such as: Fire, windstorm damages, vandalism of personal property, and lawsuits from an injured person. Dwelling owners can protect themselves against all of these losses by purchasing Dwelling Fire and Liability insurance.
Dwelling Fire Policy Basics:
Dwelling:
Coverage is provided for the residential dwelling, any structures attached to it, and materials and supplies on or adjacent to the location that are used for construction, alteration or repair of any structures at the described location. Coverage does not apply to land, including the land on which the dwelling is located.
Other Structures:
Coverage is provided for other structures on the described location, set apart from the dwelling by clear space. This includes structures connected to the dwelling by only a fence, utility line, or similar connection. This coverage does not apply to land, including land on which the other structures are located.
Personal Property:
A limited range of perils protects personal property usual to the occupancy as a dwelling. This coverage is not automatically provided in the Dwelling policy and must be specifically requested.
Fair Rental Value/Additional Living Expense:
Fair rental value and Additional living expense provide compensation if a covered loss renders the residence premises unusable.
Fair Rental Value means the fair rental of that part of the dwelling rented to others less any expenses that do not continue while that part of the dwelling rented or held for rental is not fit to live in.
Additional Living Expense means any necessary increase in living expenses incurred by you so that your household can maintain its normal standard of living.
Personal Liability:
This is important coverage if you or resident family members are found negligent in causing bodily injury or property damage to another party that arises out of the ownership, maintenance or use of the insured premises. In that event, you have the peace of mind knowing we will pay the legal damages imposed on you and include legal defense cost if necessary.
Medical Payments:
If a visitor is injured in or around the dwelling, we will pay for the necessary medical expenses incurred by that person.
Return to Products Page
No one ever expects to be faced with a million-dollar lawsuit, but it happens. A Personal Umbrella Endorsement offers you and your family additional liability protection over the basic coverage provided by your automobile, homeowners or boat policy. $1 million thru $5 million limits are available.
Return to Products Page
Return to Products Page
Physical Damage:
The Homeowner form provides limited property coverage for watercraft. Physical Damage coverage for the boat, motor and miscellaneous equipment may be added to the basic Homeowner, Tenant or Condominium policy subject to certain restrictions.
Liability:
The Homeowner, Tenant and Condominium forms provide some liability coverage for watercraft, but it is limited to boats of certain size and horsepower specifications. With the Watercraft Endorsement, an insured can purchase coverages for:
The Homeowner form provides limited property coverage for watercraft. Physical Damage coverage for the boat, motor and miscellaneous equipment may be added to the basic Homeowner, Tenant or Condominium policy subject to certain restrictions.
Liability:
The Homeowner, Tenant and Condominium forms provide some liability coverage for watercraft, but it is limited to boats of certain size and horsepower specifications. With the Watercraft Endorsement, an insured can purchase coverages for:
|
○
|
Watercraft up to 26 feet long powered by outboard engines or motors exceeding 25 horsepower.
|
|
○
|
Watercraft powered by inboard or inboard-out drive engines or motors.
|
|
○
|
Sailboats 26 feet or longer; with or without auxiliary power.
|
Scheduled Personal Property:
Jewelry, furs, fine arts, silver and other types of high valued property can be insured separately for a specific limit. This endorsement to the basic Homeowner, Tenant and Condominium policy provides broader coverage and eliminates the deductible.
Return to Products Page
Jewelry, furs, fine arts, silver and other types of high valued property can be insured separately for a specific limit. This endorsement to the basic Homeowner, Tenant and Condominium policy provides broader coverage and eliminates the deductible.
Return to Products Page
Coverage Extension endorsement provides increased limits of coverage on certain personal property classes covered under the basic Homeowner, Tenant and Condominium policy. In addition, damages caused by backup of sewers and drains, food spoilage, waterbed damage, as well as increased liability protections are also provided.
Return to Products Page
Return to Products Page
It's all about protecting the ones you love. It's all about Life Insurance.
Life Insurance provides the peace of mind you need when you want to safegaurd what is important to you.
At Petell - Teece Insurance, Inc. you can select from a wide range of life insurance products to meet your needs. For example, Level Term Life Insurance allows you to lock-in low-cost, level premiums for up to 30 years!
Level Term Life Insurance is ideal protection for:
Life Insurance provides the peace of mind you need when you want to safegaurd what is important to you.
At Petell - Teece Insurance, Inc. you can select from a wide range of life insurance products to meet your needs. For example, Level Term Life Insurance allows you to lock-in low-cost, level premiums for up to 30 years!
Level Term Life Insurance is ideal protection for:
|
○
|
Income replacement for your family
|
|
○
|
Home mortgages and equity loans
|
|
○
|
Child care expenses
|
|
○
|
Educational Expenses
|
It's easy to learn about Life Insurance and how you can protect your family's future. Contact us today at (877) 728-3001 for a free, no obligation quote.
Return to Products Page