Insurance & Homestead Act Protection A Must

Now that the Real Estate Market is picking up and more and more homes are being sold, insurance should be one of the first things to be addressed in home ownership. Your home is the largest single asset that you hold so it makes sense to protect that asset. It is wise to make a video or photo record of all valuable possessions and to keep these in a safe or safety deposit box. You want to maintain fire, theft and liability insurance. As the value of your property increases so should your coverage. In our opinion all home owners should also take advantage of the Declaration of Homestead. This allows home owners to protect their property up to $500,000 of the value of their primary residence. It protects against subsequent attachment levy on execution or sale to satisfy debts to the extent of $500,000. Check your local state website for more information. In MA it is http://www.sec.state.ma.us/rod/rodhom/homidx.htm