Massachusetts High Value Homeowners Insurance
Let’s talk about coastal homes. Over a decade ago an algorithm projected severe storm damage to the east coast, namely Cape Cod. This projection cause insurance carriers to cancel insurance coverage’s due to high risk and pushed many people into the FAIR plan where over 30 % of Cape and the Islands homeowners are placed today. This is contrary to the rest of the state which only has around 12% in the FAIR plan.
So, why talk about the FAIR plan? If you are a High Value Homeowner, the FAIR plan will not pay out over $1,000,000. Let’s look at an example-
- You own a home in Chatham with the Dwelling limit (the cost paid out to rebuild the house) at $1,000,000. Your Personal
Property is insured at 300,000 and your detached garage and other structures are insured at 100,000. So, if you think you are covered for $1,400,000 in the case of a total loss think again. And you are paying what for a premium?
Lets talk about your options. You can not find coverage in the standard market. You can not get replacement cost on your high-valued, beautiful home with the FAIR plan. So what can you do… McShea Insurance, since the early 2000’s, has sought out and brought carriers to the Cape and the Islands just for YOU. We understand your needs- we’ve been dealing with them for 30 years. We find standard and non-standard markets for your homes because we have the ability to.
Just like primary high value homes, seasonal homes are tough to place- actually very tough. Because you will not be residing in the house all year long, risks go up. Did you leave the Garage door open? Was the alarm set? Did you shut off that faucet? Well there is a chance you did not and insurers know this.
McShea Insurance has access to carrier in the standard market searching for high valued homes, and we also have the non-standard markets to place your home when no one else will…
Is your home custom? Does it have building materials hard to replace? Are some risks in your house, just not normal? We have carriers tailored to your needs. You can find policies that have exactly what you need with one talk with our representatives.