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Common Questions About Home Insurance

Common Questions About Home Insurance

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Insurance Information Institute - Common Questions About Home Insurance
Insurance Information Institute - Common Questions About Home Insurance

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Published by: David Schmid, REALTOR, CCIM, CPM, CRS on Jul 30, 2011
Copyright:Attribution Non-commercial


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 Am ICovered?
  c  o  m  m  o  n  q  u  e  s  t   i  o  n  s  a  s   k  e   d   b  y   h  o  m  e  o  w  n  e  r  s  a   b  o  u  t   i  n  s  u  r  a  n  c  e
If a fire, flood, earthquake, orsome other natural disasterwere to destroy or damage your home, would you have theright insurance coverage torebuild your house?This brochure, based on thequestions consumers most fre-quently ask, explains what iscovered in a standard home-owners policy and what is not. Where gaps in coverage exist,it tells you how to fill them.To simplify explanations, weassume that you have a policyknown as Homeowners-3(HO-3), the most commonhomeowners policy in theUnited States. Find out what type of homeowners policy youhave. If you have a differentpolicy, you should review youroptions in question #17.
Question #1: Am I coveredfor direct losses due to fire,lightning, tornadoes, windstorms, hail, explosions,smoke, vandalism and theft?
The HO-3 provides broad coveragefor these and other disasters or “perils,” as theyare called in the policy, including all thoselisted in the question. You should check thedollar limits of insurance in your policy andmake sure you are comfortable with theamount of insurance you have for specificitems. Also, if you live near the Atlantic or Gulf coasts, there may be some restrictions on yourcoverage for wind damage. Ask your agentabout windstorm/hurricane deductibles. Inareas prone to hailstorms, you may have aspecific hail damage deductible.
Question #2:
 Are my jewelryand other valuables covered?
The standard policy provides only from $1,000to $2,000 for theft of jewelry. If your jewelry isworth a lot more, you should purchase higherlimits. You may wish to add a floater to yourpolicy to cover specific pieces of jewelry andother expensive possessions such as paintings,electronic equipment, stamp collectionsor sil- verware, for example. The floater will provideboth higher limits and protect you from addi-tional risks, not covered in your normal policy.

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