Attorney and client helping understand property insurance

Understanding Property Insurance in Rhode Island, Massachusetts and Connecticut

In autumn, tourists from across the world flock to New England to witness the breathtaking foliage –  red, orange, yellow and green leaves set fire to the forest and create one of the most spectacular sightseeing opportunities. This period transitions from the warm and enticing summer to a much harsher and colder winter. The New England winter is vicious, with destructive storms and frigid temperatures presenting significant risks to property owners. Property insurance offers property owners protection from the harsh weather and other unavoidable events.  

Why do I need Property Insurance?

Property insurance provides protection from unexpected and damaging events, such as storms, fires, and burglaries. Through property insurance, you can protect yourself from these unforeseen losses. Lack of insurance means you’re financially responsible for loss. For most, personally paying to replace a roof or completely rebuild a house is an impossibility, and thus property insurance is a necessity.

Types of Property Insurance

Although there are many types of property insurance, the two most common are homeowners insurance and condominium insurance. Homeowners insurance covers damage to the home and contents, costs incurred as a result of that damage to the home, and often includes liability coverage against personal injury lawsuits if someone were to be injured on your property, such as the notorious slip-and-fall lawsuit. 

Condominium insurance is similar to homeowners insurance in coverage, with some minor differences based on the structure of condominium ownership versus homeownership. A primary difference when considering condominium insurance is that the condominium association should have a master insurance policy that may provide insurance protection to individual units. Here, individual condominium insurance policies should be purchased in light of the coverage offered in the master insurance policy. In some cases, a condominium owner may be paying for insurance coverage that is already provided by the master policy.

There are several other types of property insurance that provide differing levels of coverage to diverse situations and needs, such as renters insurance and flood insurance. However, claims arising from homeowners and condominium insurance policies are the most common. 

Does Property Insurance Cover all Damage?

Unfortunately, homeowners and condominium property insurance policies do not cover all damage. For example, most homeowners’ insurance policies cover water damage, but exclude damage due to flooding, drain system failures, failure to act or mitigate, and construction defects. Similarly, insurance policies will have other excluded events and damage, as well as liability caps which may not cover the full extent of damage. Here, insurers seek to deny, delay and underpay claims to reduce the amount that they have to pay. 

Property Insurance Claims Lawyer in Rhode Island, Massachusetts and Connecticut

At Palumbo Law, we protect property owners who are being mistreated by their insurers. Don’t let your insurer limit your claim because they’re protecting their profits. If you’ve recently suffered property damage or your insurer has denied your property damage claim in Rhode Island, Massachusetts or Connecticut, please contact our office.