Discover What Your Homeowners Insurance Policy Means
May 8, 2008 – 3:57 pmSo you have bought a home and have purchased homeowners insurance in case you were to lose everything. Life is good, right? Well, it may be if you know everything you need to about your insurance coverage. The problem comes when you don’t know what is covered and you are faced with a situation in which you need coverage fast.
To help you understand what is covered under a standard insurance policy, this article will list some aspects that are covered.
1. There are a few natural disasters that a standard insurance policy will cover. They are as follows: fire, ice, snow, lightning, and frozen pipes. Seems like a small list? Well, that is what standard policies will cover. Outside of this, you will have to have more coverage.
2. Theft is covered. Many people don’t realize this, and they don’t even contact their homeowners insurance agent after a robbery.
3. If you live on a flood plain, you need to get flood coverage through the government.
4. Terrorism, war, and earthquakes are not covered. I know, it seems that earthquakes would be a natural disaster, and it is, but they are not covered because not everyone lives in an earthquake zone. If you do, be sure to let your agent know if you haven’t already. Chances are, agents in those zones already know to ask you if you want that coverage.
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 run your own home business and have clients come and go at your home office? If this is the case. you must have liability insurance as well. I highly recommend having this even if you don’t have a business because most people come and go and visit homes and if you don’t have coverage in case they were to get hurt, you could end up owing a lot of money in the long run.
Trying to find the best insurance plan can be a very difficult task. That is why it is important to make sure that you take your time and talk to many agents. What you want is good coverage for a good amount of money. You don’t necessarily want to settle for less coverage just because the price is low. Do your homework and figure out what is best on your own.
Tags: Insurance
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