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Home Insurance FAQs
Your home is more than just the structure in which you live. It is where you keep your belongings, relax after a long day, and keep warm at night. It protects your family and your memories. That is why it’s important to be protected by home insurance. This way if an unexpected distaster occurs, you are covered.
What does a standard home insurance policy cover?
A standard policy has four types of coverage; structure, personal belongings, liability protection, and additional living expenses.
The Structure of Your Home
You should buy enough insurance that you could rebuild your home if it's destroyed or damaged. Most standard policies cover structures that are not attached to your home, such as sheds and garages.
Personal Liability
Personal liability coverage protects you against bodily harm or injury and property lawsuits. It will pay for your defense in court up to your policy limit. This includes no-fault medical, if someone gets injured in your home.
Personal Property
Most policies offer coverage of your belongings between 50% and 70% of the amount your structure is insured for. You should conduct a home inventory before purchasing homeowner's insurance. This will help you determine what amount of coverage you need. Most policies will cover your personal belongings anywhere in the world.
Additional Expenses
If a home is damaged so badly that you have to leave during the repairs, a standard policy will often pay for your hotel stay, restaurant bills, and may even reimburse you for income lost, if you were renting out part of your home.
Are Earthquakes or Floods Covered Under a Standard Policy?
For the most part, no. You will need to purchase earthquake and flood insurance separately. Most insurers offer this coverage. These coverages differ from coverage for other disasters. As an example, earthquake insurance will cover a percentage of your damages, instead of a specific dollar amount. Talk to your insurer or your agent to get the specifics.
What is the difference between replacement cost and actual cast value?
A replacement cost policy will pay to replace your home and possessions without a deduction. An actual cash value will pay to rebuild your home, less depreciation.
Am I required by law to buy home insurance?
You are not legally required to purchase home insurance. However, if you have a loan on, or finance your home through a lender, they will require you to prove that you have some kind of home insurance policy. Even if a home is paid in full, it is a good idea to have a homeowner's policy to protect your investment.
