While residents’ circumstances and risks vary, most people in Massachusetts are exposed to at least some risks that personal insurance policies can help protect against. These policies can help people financially survive and recover from some of life’s worst events.
The phrase “personal insurance” is used to distinguish these policies from those that are written for businesses. Policies intended for individuals are generally called “personal policies,” while those designed for businesses may be referred to as “business policies” or “commercial policies.”
Our agency specializes in finding the best rates for many personal insurance coverages, including: homes, autos, mobile homes, boats, recreational vehicles, rental properties, personal umbrellas & more.
Who in Massachusetts Should Have Personal Policies?
Most people in Massachusetts can benefit from having at least a few personal policies. Few residents are equipped to handle a major crisis themselves, and almost no residents are completely free from risk.
What Kinds of Personal Policies Do Insurance Companies Offer?
While most people can benefit from having personal policies, not everyone needs the exact same policies. To meet the many different insurance needs that residents have, insurance companies offer a number of different coverage options. Some of the most common ones are:
Insurance companies take into account many different factors when setting premiums, and costs can vary as a result. In general, however, personal policies are quite affordable. They’re almost certainly more affordable than facing a crisis without any coverage in place.
For help finding policies without overpaying, residents should talk with a knowledgeable and independent insurance agent. A knowledgeable agent will be able to make coverage recommendations that ensure residents are sufficiently protected yet not paying for unnecessary protections. Someone who’s independent can compare rates from different insurers to find the best available price for whatever coverages are needed.
How Can Residents Save on Personal Policies?
In addition to procuring quotes through an independent insurance agent, residents have several other ways that they might be able to lower policies’ premiums. Many insurers offer discounts for:
Purchasing multiple policies together
Remaining claims free for a set amount of time
Paying policies’ premiums in full
Installing certain safety equipment
An agent can help residents determine exactly what discount programs they can take advantage of.
Do Credit Scores Affect Personal Policies’ Premiums?
While many states let insurance companies consider a policyholder’s credit score when setting rates for coverage, Massachusetts does not permit this practice. State law makes sure that credit scores don’t affect premiums.
What Are Endorsements and Riders?
At times, a personal policy offers most of the coverages that a resident wants but don’t offer sufficient protection in a single area. When this happens, residents certainly can shop around for a policy that does offer the desired protection. Alternatively, they may be able to supplement the policy’s standard coverages with an endorsement or rider that affords the desired additional protection.
An endorsement or a rider is an insurance product that normally adds a narrowly defined coverage to a policy. Because its coverages are limited, the addition gives policyholders flexible options while keeping low premiums.
Do Personal Policies Cover Home-Based Businesses?
A few personnel policies may have standard or optional coverages that are capable of protecting a simple home-based business. Not all personal policies offer such coverage, however, and those that do frequently only provide limited protection.
To find out whether their personal policies adequately cover their home-based business, business owners should review their existing insurance protections with an agent.
How Can Residents Get Personal Insurance?
To get help finding personal insurance that’s tailored to your specific situation, contact the independent team at Service First Insurance Agency. Our independent agents have helped many residents in Massachusetts get the insurance they need, and we’re here to help you too.
