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Understanding Your Homeowners Insurance Policy

May 8, 2008
Have you thought about what you would do if you lost your home and all of your possessions due to a flood, fire, or the like? Well, the first thing most homeowners would do is call their insurance company to find out how to file a claim. Unfortunately, the answer they may hear when they ask about the coverage is that they have no coverage at all for that.

This may be the most important article you read today if you are unsure of how your own insurance company works.

1. Anything regarding natural circumstances such as fire, lightning, frozen pipes, ice, and snow is covered. The main thing to remember with this, however, is that these don't cover ALL natural disasters.

2. Theft is covered. Many people don't realize this, and they don't even contact their homeowners insurance agent after a robbery.

3. Flood damage is not covered under a standard policy. This is something you need a floater for.

4. Unfortunately, we live in an age when terrorism and war are daily circumstances somewhere in the world. Your standard homeowners insurance policy will not cover this. Neither will it cover earthquakes. I know, it seems that should be covered, but you have to have a special policy for that.

In this list of things that are covered, this should also cover anything in your home that is lost also. If you are unsure, always check with your insurance agent.

If you have some very expensive items, such as a grand piano, diamond ring, etc., it is important to understand that a standard policy will not cover those items. You will need to talk to your agent about them to make sure you have some extra coverage for each of those items.

Do you have a business in your home where people come to your home a lot? I taught piano lessons in my home for a few years, and I know that I am responsible if someone were to get hurt while visiting. That is why having liability with it is very important. If you were to get sued because someone fell on your steps and got hurt on them, this will help you.

As you can see, homeowners insurance can be tricky and confusing, but it doesn't have to be as long as you stay informed. If you are shopping currently for a policy, take your time and ask lots and lots of questions. It is important to make the wisest decisions you can.
About the Author
Carrie Harris is an expert at homeowners insurance. If you are looking for homeowners liability insurance , she has the answers.
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