The Cape is a beautiful place to own a home. Whether you're here year-round or just in the summer with family and friends, you need to protect your "slice of paradise" from the dangers of fire, theft, the next hurricane or Nor'easter.
Do you have a question about coverage and deductible options for homeowners on Cape Cod? We've answered some common questions below. Please call us today and we'll help you find the best value for you and your family.
Flood: Most homeowners policies exclude Flood as a covered cause of loss. This means you may have no coverage for damage to your home or personal property caused by surface water that leaks into your home. Even if you don't live by the ocean, you should still buy flood insurance. Cape Cod has close to 1,000 ponds and lakes, any one of which could overflow and flood your home after torrential rainfall or melting snow.
Oridnance or Law: This coverage provides a separate limit of liability to help pay for the increased cost of construction imposed by an ordinance or law. For example, some Cape towns have updated their building codes to require expensive hurricane strength windows or structural joists that add to the cost of repairs. Furthermore, if your home is on a lake or close to the ocean, you might need to rebuild your home further from the water if you're not allowed to rebuild in the same spot.
Fungi, Wet or Dry Rot: Mold is everywhere on the Cape. Adding this coverage to your policy gives you a separate limit of liability to remediate mold and repair damage to your home.
Your basic Homeowners policy is comprised of the five coverages described below. Many insurance companies offer endorsements to expand and broaden these core coverages to meet your specific needs.
Dwelling: Coverage to rebuild or repair damage caused by a covered loss. This limit is the cost to rebuild your home and not the market value or tax assessed value. We use cost per square foot software to estimate the cost to replace your home in the unfortunate event of a partial or total loss.
Other Structures: Coverage to rebuild or repair structures not attached to your home such as sheds and detached garages.
Personal Property: All the "stuff" in your home. If you were to flip your house upside down, all the stuff that would fall out is considered Personal Property. Some homeowners policies provide coverage on an Actual Cash Value basis, meaning you would get a check for the depreciated value of your personal property. We recommend that you purchase an insurance policy that pays on a Replacement Cost basis, meaning the insurance company would replace your personal property with items of like-kind and quality.
Loss of Use: What happens if there is a fire in your home and your family can't live there until it is repaired? Your policy will pay for the additional cost to relocate to a hotel or rented home in addition to reimbursement for the cost of meals and other essentials.
Personal Liability: Coverage to compensate for medical costs and legal expenses if you or an insured family member causes injury to a third party or damages their property. Personal Liability coverage extends to cover injuries or damages that occur at your home or away from your premises. For example, this is the coverage that protects you when you accidently "bonk" someone with a golf ball at Olde Barnstable.
Medical Payments: A limit of liability to be used as "good faith" money to pay medical bills for a visitor that is hurt on your property. For example, this coverage will reimburse your friend for her trip to the ER after she slipped on ice in your driveway.
 - Cape Cod Pond and Lake Atlas, Cape Cod Commission. 2000.