Believe it or not, Homeowners Insurance is still a mystery to many people as to what is actually covered and what's not. We want you to understand all the coverage types available to you in order to make a more informed decision when getting homeowners insurance quotes on what may be right for you and your family. The following FAQ's were compiled to help you answer the most common questions asked of the insurance company.
Why Should I Purchase Homeowners Insurance?
Purchasing homeowners insurance protects your personal property and your home in the event of loss. Insurance coverage can also pay for any damages incurred if someone is injured on your property or their possessions are damaged.
Does Homeowners Insurance Require a Deductible?
Yes, the deductible provision is in place to offset any losses and varies depending on coverage. The higher the deductible, the less your monthly premium. The lower the deductible, in most cases you pay a higher monthly premium.
What Property is Excluded From the Homeowner Insurance Policy?
In most cases, coverage is not available for business property, automobiles, and animals. Damage caused by movement of the earth, nuclear damage, and war, are usually excluded from homeowners insurance coverage.
Am I Covered for Water Damage?
There are certain situations where your property is not covered from water damage. For example, if water backs up through the drain or sewer, unless you had an endorsement attached to the policy, you would not be covered.
Is Property Outside the Home Covered?
Items not attached to the main dwelling, like boats, trailers, sheds, and other watercraft, typically not covered in your homeowners insurance policy.
If Antiques Are Listed in My Policy, Are They Covered?
Yes, the insurance company would first need to confirm the original value of the antiques. Once the value has been confirmed by an independent dealer, you will be paid an estimate of the value of the antiques.
Neighbors Tree Fell on My Home, Am I Covered Through My Policy?
Yes, your insurance company in most cases will cover the loss. They may contact your neighbor and get reimbursed through their insurance policy if applicable.
Am I Covered From Floods?
Most policies do not protect from flood damage. Generally the homeowner who resides in a flood prone area must secure additional flood insurance to be protected.