A Homestead is a type of protection for a person’s primary home.
When you purchase a home there is an automatic homestead protection of $125,000. However, this coverage is not likely to be sufficient coverage to protect the full value of your home.
In order for homeowners in Massachusetts to protect the value of their property up to $500,000 per residence, per family, you must file a document called a “Declaration of Homestead.” The form is filed at the Registry of Deeds in the county or district where the property is located, referencing the title/deed to the property.
Click here to learn more about the Homestead Act in Massachusetts.