Homeowners insurance covers the hazards that most homeowners face-everything from fire to theft, to accidents on your property. When a loss occurs, you will file a claim with you insurance carrier and you are paid for the expenses, minus any outstanding deductible amounts.
It also covers personal liability exposures to protect you from many situations that could lead to lawsuits from others. For instance, if someone slips and falls in your home, or is injured somewhere on your property, you can be held responsible. Liability coverage is there to protect you.
Little known facts about Homeowners Insurance:
- There are many things about insuring a home that most common consumers aren’t aware of. We are here to make sure you avoid potential problem areas, including:
- Most policies will not cover sewer back-up unless you purchase a special endorsement-it’s not expensive, but you won’t get it if you don’t ask for it.
- A standard Homeowners policy typically does not cover flood insurance.
- Many policies default to actual cash value, which means if you purchased a widescreen TFV and home theater system for $1000, it may now be worth $450, so that’s all you will receive on the claim. Just like the dwelling limit mentioned above, replacement cost insurance pays out the total.
IMPORTANT: You can combine your Home and Auto policies (and others) for even more savings.