Whether you’ve owned your home for years or you’re settling into your first house, your homeowners insurance policy plays a crucial role in protecting your biggest investment. But many Massachusetts homeowners don’t realize that simple mistakes — from underinsuring their property to skipping key endorsements — can cost them thousands after a loss.
At Risman Insurance, we help families across Massachusetts understand what their policies cover and where hidden gaps might exist. Here are five of the most common home insurance mistakes we see — and how you can avoid them.
1. Not Updating Coverage as Home Values Change
Your policy’s dwelling limit should reflect what it would cost to rebuild your home today, not what you paid for it years ago. With construction costs rising across Massachusetts, being underinsured is one of the most common — and costly — mistakes homeowners make.
Tip: Review your dwelling limit with your agent every year, especially if you’ve remodeled your kitchen, added a deck, or finished a basement. Small updates can significantly increase replacement value.
2. Assuming Flood Damage Is Covered
Standard homeowners insurance does not cover flooding — yet many homeowners don’t realize this until after a major storm. In Massachusetts, even properties outside FEMA flood zones can experience water damage during nor’easters or heavy rain events.
Tip: Ask your agent about Flood Insurance options. Premiums are often more affordable than expected, and coverage can make a huge difference if your basement or lower level floods.
3. Ignoring Liability Coverage Limits
Liability coverage protects you if someone is injured on your property or if you accidentally cause damage to another person’s property. Many policies default to limits that are too low for today’s world of higher medical costs and legal settlements.
Tip: Consider increasing your liability limit and adding an Umbrella Policy for added protection. It’s an inexpensive way to protect your savings and assets.
4. Forgetting to Add Valuable Personal Property
Most policies limit coverage for certain items like jewelry, fine art, or collectibles. If you’ve recently purchased valuable items or inherited family heirlooms, they may not be fully covered by your standard policy.
Tip: Schedule high-value items individually. It’s simple to add and ensures you’re reimbursed for their full value if they’re lost, stolen, or damaged.
5. Not Taking Advantage of Discounts
Many homeowners miss out on easy savings because they don’t update their insurer about improvements like a new roof, security system, or smart home monitoring devices.
Tip: Let your agent know about safety upgrades or if you bundle multiple policies. You may qualify for discounts on your Homeowners Insurance and Auto Insurance.
Review Your Policy with a Local Expert
Every home — and every homeowner — is different. The best way to ensure your policy still fits your life is to schedule a quick review with a local independent agent. At Risman Insurance, we’ll walk you through your current coverage, identify gaps, and recommend affordable options that make sense for your situation.
Call (781) 396-2116 or Request a Quote today for a free Massachusetts homeowners insurance review.
Insurance coverage cannot be added, deleted, or changed until confirmed in writing from our office.
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