This policy protects an insured's personal pleasurecraft for damage it might sustain as well as covering related property on the boat. Liability protection against the claims of others is also provided when the boat and named insured are involved in a covered loss.
Agreed Value This policy provides property coverage for an insured's boat and boating equipment. With "agreed value" coverage, the boat owner will be paid the insured value of the boat in the event of a total loss.
Watercraft Liability This is the broadest form of liability coverage available to boaters. It offers:
Bodily Injury
Property Damage
Salvage
Wreck Removal (sinking)
U.S. Longshoreman's and Harborworkers
Negligence for Unseaworthy Vessel
Fuel Spills (property damage only)
Discounts Our Watercraft Policy offers a number of premium discounts for which the insured may qualify. They include:
5% account credit for an auto policy
5% account credit for a homeowners policy
10% diesel engine credit
5% automatic fire extinguisher discount
(variable %) repower credit - dependent upon age of boat
(variable %) deductible credit
5% electronic funds transfer (EFT) credit
Medical Payment Coverage Medical Payment coverage protects the insured and guests who are injured while on board the boat, boarding, or departing from the boat.
Uninsured Boater Coverage Uninsured Boater Coverage will pay damages, which an insured person is legally entitled to recover, for bodily injuries sustained in an accident caused by an uninsured owner or operator of a watercraft. Many competitor's watercraft policies do not include Uninsured Boater coverage.
Towing Coverage This coverage applies to emergency situations when you and the insured watercraft are not in imminent danger. We will pay the reasonable cost you incur subject to the policy limits.
Personal Property Coverage This includes coverage for clothing, personal effects, fishing gear and sports equipment owned by you, your family or guests on board your boat. Money, jewelry, traveler's checks and other valuable papers or documents are not included in this coverage.
To find out more, please contact your local Independent Insurance Agent by selecting Find an Agent.
Subject to eligibility requirements. Not available in all states. This website contains only a general description of the program and is not a statement of contract. Coverage is subject to the terms, conditions, and exclusions contained in the policy and endorsements. Please read our Terms and Conditions for information about licensing, policy availability, and other restrictions.
Overview
What It Covers
Available Discounts
FAQs
Get A Quote
Overview
A study conducted by Marshall & Swift found that approximately 67% of homeowners are underinsured by an average of 35%. Having the right coverage is paramount in protecting your financial well being. Also, knowing what your policy covers can help you save money. For example, did you know a homeowners policy provides coverage for boats up to a certain length?
Homeowners insurance provides financial protection against disasters. A standard policy insures the home itself and the things you keep in it. Homeowners insurance also covers your liability or legal responsibility for any injuries and property damage (other than professional or motor vehicle related liability) you or members of your family cause to other people.
Damage caused by most disasters is covered but there are exceptions, such as floods and earthquakes. For those you need a separate endorsement or policy.
Basic Policy Coverage
Coverage
Description
Dwelling
Coverage for your dwelling against losses from fire, theft and other common causes (except those that are specifically excluded).
Total coverage based on replacement cost and not market value- cost to rebuild home at today's building costs. You can get a rough estimate of coverage by calculating $175-$200 per square foot. Please note, this varies depending on where your home is located in the U.S.
Other Structures
Coverage for other structures, such as sheds and unattached garages, for most causes of loss (except those that are specifically excluded)
10% of dwelling coverage amount (i.e. dwelling coverage = $100,000 | other structures coverage = $10,000)
Loss of Use Expenses
Coverage for necessary extra living expenses to stay elsewhere temporarily if it’s impossible to live in your home.
20% of dwelling coverage amount
Personal Liability
Coverage for personal injury to others, wrongs such as libel, slander, invasion of privacy
$100,000 basic coverage that can be increased up to $500,000
Personal Property
Coverage to repair or replace your clothing, furniture and other personal belongings.
Usually 50% of dwelling replacement (i.e. dwelling = $100,000 then personal property coverage = $50,000).
Personal property coverage can be increased or decreased depending on your needs. Basic coverage usually includes a deduction for wear and tear and age.
Some personal property has special limits that your coverage can go towards if you have a loss. Personal property that has limits include, but not limited to: securities, watercraft, trailers, currency, jewelry, watches and furs, silverware, business property.
Get Guaranteed Replacement Cost coverage for personal property so at time of loss you can replace it at today's cost!
Massachusetts homeowners insurance basic policy coverage limits vary with each insurance company. Above summary is a general description of major coverage's of a typical Massachusetts Homeowners policy and does not include all coverage's or complete details of any coverage. You may find one insurance company provides more coverage under their basic policy than another. To determine the best policy for you and for a complete understanding of coverage's available under a Massachusetts Homeowners insurance policy please ask your insurance agent, or contact us for more information.
Available Discounts
We have access to over 35 insurance companies each providing their own exclusive credits and discounts. Check the list below to see what credits and discounts we can provide you.
ITEM
Discount %
Description
Massachusetts Teachers Credit
5%
An exclusive discount to Massachusetts teachers!
Multi Policy Account Credit
10-20%
Discount on homeowners if both auto and homeowners policies (Home, renters or condo) are written by Carroll Steele Insurance Agency.
Alarm System Credit
Up to 25%
Depending on type of system, fire, burglar, we can provide a substantial discount.
Age of Home / Renovations Credit
varies
Credits based on age of home, electrical system, heating/cooling and plumbing systems.
Loyalty Credit
3% to 5%
Credit for loyalty each year you stay with Carroll Steele Insurance
Loss Free Credit
up to 15%
Claim free for at least 4 years.
Non-Smokers Credit
2-5%
Non-Smokers can enjoy credit on their homeowners insurance policy.
New Home Buyer Credit
varies
Eligible to homes bought in past 11 months.
Frequently Asked Questions
Question
Answer
What kinds of perils am I protected against?
Fire and wind damage are the most common perils covered. There are several other unlikely covered perils, such as riots, civil commotion, etc. Please review your current policy for more details on covered perils.
What about floods, earthquakes and other catastrophes?
Most catastrophes are covered; for example, wind damage from hurricanes and tornadoes come under the windstorm peril listed in the previous question and so are included. Flood and earthquake damage, however, are not covered by a standard policy.
Be careful not to be lulled into a false sense of geographic security. Flood and earthquake activity is more widespread than many people realize. For example, almost 90 percent of the U.S. population lives in seismically active areas. Since 1900, earthquakes have caused damage in all 50 states. And if your home is located in a flood-prone area, you are 26 times more likely to suffer a flood loss than a loss from fire.
Are there any exclusions I should know about?
There may be other exclusions spelled out in your policy such as neglect, intentional loss, earth movement, general power failure and even damage caused by war. If you neglect to take care of your property (e.g., a leaky roof), you may not be covered. Obviously, if you intend to lose an object or damage your property, there is no coverage.
What is Ordinance of Law Coverage?
One other exclusion that can be costly is the Ordinance or Law exclusion. Building codes established by governmental bodies that drive up the cost of rebuilding or repairing after a loss occurs may not be covered by your insurance policy. Thus, if you discover when replacing damaged property that current law demands higher grade or more expensive materials than the original ones being replaced, the new materials may not be covered for the full price. For example, if the current building code in your area requires a higher grade of electrical wiring and after a fire you are replacing all the wiring in your home, your policy may cover only the cost of replacing the older wiring. The difference in cost between the old wiring and the new wiring required by ordinance or law is your responsibility. Even if you live in a fairly new home, laws and building codes are constantly being updated. Coverage to include ordinance or law requirements can be added to your homeowners policy with an endorsement an addition that could save you money in the long run.
Are the backyard shed and my color TV both covered in my homeowners policy?
Yes, they are both your property so they are both covered. The value of the real property, home, garage, shed and other structures is generally based on the value of the main structure, the house itself. Thus, if the house were insured for $75,000, the shed, detached garage and other auxiliary structures would be covered for 10 percent or $7,500 worth of damages. Additional property protection features may include living expenses should your home not be habitable for a period of time.
Your personal property is also covered by a homeowners insurance policy. Personal property includes the contents of your home and personal belongings used, owned, worn, or carried by you or members of your household basically, everything and the kitchen sink! This coverage is also based on the house coverage, and there are limits on the losses that can be claimed. Higher limits can be purchased for both real and personal property.
Who decides how much my property is worth?
State laws may dictate how losses are to be figured, which means the same insurance company may use one method in one state and a different method in another. The common methods are:
Actual Cash Value - The replacement cost of the item minus depreciation. For example, a new television set may cost $500. If your 7-year-old TV set gets damaged in a fire, it might have depreciated 50 percent. Therefore, you would be paid $250 for that set.
Replacement Coverage - The cost of replacing an item without deducting for depreciation. So today's cost for a TV set with features similar to the 7-year-old one damaged by fire would determine the amount of compensation. If it still costs $500 today, that would be the replacement coverage.
Replacement value should not be confused with market value. The market value is what your house, for example, would actually sell for and is generally more than the replacement cost. This is because replacement value does not include the land, which almost always does not need to be replaced.
Does my policy cover my possessions even when I go on vacation?
Yes, perhaps in this case the term "homeowners" is misleading because this is a package of insurance coverage that extends to all your possessions no matter where they are. If you take a round-the-world vacation and lose a valuable item, as long as the loss is by a covered event or peril, the location does not matter.
The liability component also extends well beyond the boundaries of your home. Should you be found legally at fault for injury or loss to another individual, whether you unfortunately caused a tumble down a San Francisco hill or a fall in an Indiana barn, that is personal liability which again is addressed in your homeowners policy.
As in the property section of your homeowners policy, there are limits and exclusions to personal liability. Your business activities, for example, are not covered under a homeowners policy. You are also not covered for injuries or damage you purposely cause. So if a fight with a neighbor turns physical and you end up bopping him on the nose, your homeowners insurance will not cover the injury or any resulting suit. Your policy lists specific exclusions and limits.
I rent out my basement. Are my tenants covered by my homeowners policy?
No. Your property and the structure (the basement) are covered by your policy as is your personal liability. However, the tenants' possessions and liability are not covered by your policy. Therefore, they may wish to purchase their own renters insurance.
If you have a question that isn't answered here please submit it to us using our Ask An Expert forum!
3 Ways To Get A Quote
For your convenience we provide 3 different ways to request a quote. Select which is easier for you.
Online Quote Form
Request a quote using our online quote form. It takes on average about 10 minutes to complete.
Fax or Mail Us Your Current Policy
Fax or Mail us your current policy and we'll provide you a quote. No need to fill out an online quote form- It's simple and quick! Click the button below to download and print our fax / mail cover sheet.
eMail Us Your Current Policy
Everything we need to know is within your current policy declaration page. Simply email us a copy and we'll email back a quote.
Basic insurance policy coverage's vary with each insurance company. The above information is offered as a general summary of the most common coverages offered on a typical Massachusetts insurance policy and may not include all coverage's or complete details of all coverages that may be available. To determine the best coverage and policy for you and for a complete understanding of coverage's available please give us a call @ 1.800.570.9697, or email us- we are here to help you for all your insurance needs.
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Get Guaranteed Replacement Cost coverage for personal property so at time of loss you can replace it at today's cost!
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