Frequently Asked Questions for Home Insurance

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No. Insurance is about money. In the case of a pet, how would you estimate in terms of dollars and cents their value in your life? The best insurance you can have for your pets is to take care of your home to ensure that it’s as safe a place to live as possible—for them and for you.

Generally speaking, yes. Most homeowners insurance includes “off-premises coverage” for your personal property. However, business equipment has a $250 limit, so you probably should get an endorsement to increase coverage for your computer. Just remember, though, that your coverage will only replace the computer, not the information you have stored on it. Because some areas have high crime statistics, you may have to pay extra for off-premises coverage, depending upon where you live.

The medical payments coverage of your homeowners policy would probably pay any doctor’s bills your neighbor had in connection with the dog bite, usually up to a limit of $1,000.

Most homeowners insurance policies cover business equipment and furniture in your home up to a certain maximum, usually up to $2,500 on premises and $250 off premises. If you have more valuable equipment, you may need an endorsement to your policy. Some policies offer a higher maximum on equipment, furniture and information stored on your personal computer, but they may require that the business be “incidental,” meaning that it is not your primary source of income.
If you conduct business in your home and someone connected to your business is injured at your home, your homeowners policy will not cover any damages or court costs. Worker’s compensation insurance is not included either. In almost every case, you need to purchase separate worker’s compensation coverage for any employees at your home.

No. The landlord’s insurance is only going to cover damage to the building. If someone breaks in through a window and steals your stereo and television, you will not be reimbursed by your landlord’s insurance.

No. Homeowners insurance includes coverage for “other structures.” In other words, any structure on your property that’s not attached to your house (such as your garage, a greenhouse, a tool shed, etc.) is usually covered for 10 percent of the amount of coverage on your home.

Since it’s your tree, it’s your insurance that pays for removal of the tree and any damage from the tree. However, debris removal coverage under homeowners insurance can be very specific and is only available if there is enough money left over after repairing the damage. Since the tree fell in your neighbor’s yard, most likely it didn’t damage any of your property. If the tree fell on their yard, you probably wouldn’t be covered for the removal, because wind damage to trees, shrubs and plants is normally excluded from homeowner’s insurance.

In most cases, no. However, if the power went out because a limb from a tree severed the power line coming into your house, you may be covered. Homeowners insurance does not cover a power failure that takes place away from your premises-in other words, when the neighborhood’s power goes out because of a storm or a rolling blackout. But if the power failure is caused on your premises by a covered peril, then you may be covered.

That depends on your homeowners policy and the size of the boat. Some homeowners policies cover motorboats and small sailboats, but not larger boats stored on the premises. For larger boats, you need separate watercraft insurance.

Your homeowners insurance covers you against just about all natural disasters with two notable exceptions: earthquakes and floods. If you live in an area that is prone to either one of these natural disasters, you need to get specific earthquake and/or flood insurance in addition to your regular homeowners coverage.

Most homeowners policies cover you for “loss of use” due to a covered peril. However, the coverage is for costs you incur above and beyond your normal living costs. For example, reasonable hotel room costs would be covered. Meals and other items of daily living would be covered after your normal costs for these expenses are subtracted.

The average Homeowners Insurance policy covers the dwelling or structure itself, personal property (like furniture, clothing, and appliances) up to a predetermined amount, accidents that occur on your property, and temporary living expenses (in case you have to live elsewhere because of a covered loss). Each policy is different so make sure you read your policy for exclusions and coverage limits like mold, flood, and water seepage.

At least once a year, or any time you make an improvement. Even if you have an inflation guard clause in your policy, you should still take a look at your coverage every year to ensure it is meets your needs. If you buy new furniture, a computer or a stereo system, or if you inherit valuable antiques, check to make sure you have enough coverage for the increased value represented by these items. For example, many policies have limits of a few thousand dollars for jewelry, coin collections, etc. If you have expensive items, you may want either to purchase a separate policy to cover them or add an endorsement to your standard policy.

Umbrella coverage expands your liability coverage on both your homeowners and your auto insurance. Generally, your liability coverage on your homeowners insurance is $100,000 to $500,000. On your automobile insurance, it depends on the limits you select; most experts suggest you carry $100,000 to $300,000 of bodily injury liability. Umbrella liability insurance can expand your coverage by up to $10 million should you be sued. You may also need to increase your homeowners or automobile coverage in order to qualify for an umbrella policy.

Actual cash value is the type of coverage that will cost less-as much as 10 to 15 percent less in some cases. That’s because actual cash value will pay out less should there be a loss. Actual cash value represents what it would cost to replace an item, less any depreciation. That depreciation factor can make a big difference when it comes to paying on a claim.
Is replacement cost the same as market value? No. Market value is what someone would pay to buy your house. Replacement cost is what it would cost to rebuild your house. As an example, someone might be willing to pay you $500,000 for your house, if it’s located on a beach. But replacing that house might cost only $200,000.

Yes, but you have more at stake than the lender. Basic fire and allied coverages will meet the requirements of the lender, but they will not cover your personal property (furnishings, etc.), provide additional living expenses if you need to live elsewhere while your home is being repaired after a fire, liability coverage if someone injured themselves on your property, or coverage for theft. So while you can easily satisfy the lender’s needs, you won’t really be protecting your own needs. You’re better off getting the more complete coverage of homeowners insurance.

It may not be required, but it could be a good idea. After all, your home is probably the most valuable asset you’ll ever have. If you are buying homeowners insurance for a new home, you can ask the builder to tell you the replacement cost for the house. If you are changing insurance companies, you can simply use the amount of coverage you currently have. However, it might be worth the effort to get a new appraisal if your home has not been appraised in a few years. If you’ve added to or improved the property you might not have enough insurance. Even though you don’t need a new appraisal every year, you should review your homeowner’s policy at least once a year to make sure you have enough coverage.

If you live in an area prone to earthquakes, you might want to give this some thought. Earthquake insurance can be expensive and carries a higher deductible than regular homeowner’s insurance. Whether or not it’s worth it is up to you. Just remember, losses from earthquakes can be substantial.

If you live in a community that has been designated by the government as a “flood-prone area,” you can and should buy flood insurance. Flood insurance can be purchased from the federal government.

You can get homeowners insurance, but you may have to shop around. Some insurance companies are reluctant to provide homeowners insurance to owners of large dogs because of the risk these dogs represent in potential liability suits. This is especially true for aggressive breeds or ones that have been trained as guard or attack dogs. Even if the company will insure you, they will want to know if the dogs have ever bitten anyone and, if so, what the circumstances were. If your dog attacked a neighbor child for no apparent reason, the insurance company could be concerned. But if your dog simply nipped someone who accidentally stepped on his tail, it wouldn’t be an issue.

You would need to obtain condominium insurance if you are looking to insure the contents. The typical condominium insurance policy covers loss to your property resulting from things like burglary, fire, wind, hail, collapse, vandalism and the like contained within the interior walls of your dwelling.

There are several ways to lower your premium. Most insurance companies offer discounts for protective devices such as smoke detectors, fire extinguishers, burglar alarms or dead-bolt locks. You might qualify for a higher discount if you install more sophisticated fire-prevention or security systems. However, these systems are generally expensive, so check with your insurance company to see it offers a discount on certain systems and if installing a system is worth the reduction in your premium. There are also discounts for retirees over 55 years of age or older and for non-smokers.

Almost every insurance company offers a discount if you place both your homeowners and auto insurance with the. You can usually earn an additional discount if you stay with the same insurance company for at least three to five years.