Home Insurance

Narragansett Bay Insurance Co. (NBIC) will insure homes built up to the water’s edge. Formerly, those living in north shore coastal homes valued at less than $600,000 had few choices, the main one being the Massachusetts Property Insurance Underwriter’s Association (MPIUA) a.k.a The Fair Plan.

MPIUA features a basic, no-frills homeowner policy. However, the premium is often higher than coverage offered in the voluntary market for similar homes. Another problem is that MPIUA policies are not actively serviced by the insurance agent. Any applications, changes, or modifications need company approval, resulting in time delays.

The NBIC homeowner (HO-3) policy provides several strong features at competitive rates. First, and unlike the MPIUA, there is no separate wind deductible. There is only the “all perils” deductible. Policies from the MPIUA and many other insurers of properties within a mile of tidal waters have a 1% wind deductible. So, a home with a $400,000 dwelling value will require the owner to pay $4000 up front, in event of a windstorm loss!

Second, NBIC offers discounts for such things as: auto insurance written by the same agent handling your homeowner’s policy; renovations for recent system upgrades to your home, and a credit for stay-at-home owner’s who do not work away from the house for more than 20 hrs./week.

Third, NBIC’s SHELTER PRIDE home survey done with all new applicants at no additional cost provides the homeowner with valuable information regarding property details, a safety assessment and recommendations. This type of detailed review is standard on million dollar home policies.

Finally, NBIC’s Mariner Plus Endorsement is a low-cost option that offers enhanced coverage on such items as sewer back up, higher limits on personal property, personal liability, medical payments, tree removal, lock replacement, identity fraud, etc.

Whether you are near the ocean or miles away, contact us to review and quote on your home’s coverage.