Homestead Act
“I’m protected by the Homestead Act, so I don’t need to buy Liability Insurance”
I don’t NEED liability insurance …
By Irene Morrill, CPCU, CIC, ARM, CRM, LIA, CPIW
Vice President of Technical Affairs
That is one of the most FOOLISH statements that I have ever heard … and it is SO UNTRUE …
Don’t get me wrong. I think protecting one’s residence by filing under the Homestead Act found in MGL 188 is a smart thing to do … but it is not done in LIEU of liability insurance … it’s done in CONJUNCTION with proper liability insurance.
Brief overview of the Homestead Act …
How broad is the protection?
Currently homestead protection is a maximum of $500,000 for one’s PRINCIPAL residence only. Regardless of the numbers of owners of the property, the “estate of homestead” is only filed in ONE name for the benefit of the entire family.
Should the “filer” pass away, the homestead protection remains for the spouse until he/she remarries and for unmarried children until eighteen.
Click here for the entire article
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Identity Theft … Are You Who You Think You Are?
Are You Sure???
This is a great article with a number of very useful links included.
By Irene Morrill, CPCU, CIC, ARM, CRM, LIA, CPIW
Vice President of Technical Affairs
What’s the big deal …
Haven’t we all seen those commercials on TV where a big burly guy is sitting there talking with a Fran Dresher “nanny-like” voice detailing all the cutesy little things “she” charged on this guy’s credit card. The identity theft commercials are some of my favorite commercials … if one can really have a favorite. They always make me laugh. However, after doing some research … identity theft is NO laughing matter, for sure!
CREDIT-BASED INSURANCE SCORES
What You Need to Know…
Have you ever applied for a car loan, a mortgage, or a credit card?
If so, you know that the way you have managed your credit in the past is very important (see the pdf link below for the full text).
Flood Facts
Do You Know?…