Unlike auto insurance, homeowner’s insurance prices remain fairly stable from year to year. There simply isn’t as much risk to the insurance company in home coverage. After all, homes are never driven or stolen. However, as with auto insurance, the territorial rating plays a large role in the price formula. Once an insurance company gets the statistics set for a territory, it becomes fairly easy to predict the average number of fires, burglaries, floods, etc. for a given area. Other deciding factors are the quality of the structure and it’s proximity to emergency services. Is the building fire resistant? How close is the building to a fire hydrant? How close is the nearest fire station?

Will my insurance cover my home and everything in it?

Many people find out the hard way that standard homeowners insurance does not cover everything. If you have expensive jewelry, furs, antiques or other collectibles, you may want to obtain a personal articles floater on your policy. You will be required to specially identify and list each item with your insurance company. This can be accomplished by having the items appraised or producing the original receipts for each piece insured. It is also advisable to take photographs or videotape of your valuables. Show and list serial numbers and any identifying characteristics. These records should be kept in a safety deposit box.

If you work out of your home, you may wish to purchase additional coverage if the standard $2,500.00 is insufficient to cover repair or replacement of your business items. Unless you purchase replacement cost insurance, the amount paid to you when personal property is lost will be assessed at its worth at the time of the loss and not the amount it will cost to replace it.

If you live in an older home, check your building code coverage. In many areas, if an older home sustains substantial damage, building codes dictate that it must be demolished and rebuilt. Your policy coverage should be enough to cover this circumstance. Keep your policy updated. Many consumers have been financially damaged by their failure to keep their coverage in step with changing construction costs. Make certain that your current coverage reflects the average cost of building in your area. Your local building association can help you with building and repair cost information.

What is covered in all homeowner’s policies?

All homeowner’s insurance policies cover damage from:

1. Windstorms or hail

2. Explosions

3. Fire and Lightning

4. Volcanic eruptions

5. Smoke

6. Riots

7. Vehicles

8. Aircraft

9. Mischief and Vandalism

HO1 and HO8 policies stop there. HO2 and HO3 policies add other protections to your policy:

1. Water caused by household appliances

2. Weight of snow, sleet, or ice

3. Falling objects

4. Freezing of plumbing, air conditioning, etc.

5. Electrical malfunctions

HO3 policies give you the most comprehensive protection. They insure against all perils except those specifically excluded on the policy.

What is not covered in all homeowner’s policies?

Unless you purchase a special endorsement, the following items are excluded from virtually all homeowner’s insurance policies:

1. Freezing while dwelling is vacant

2. Loss caused by collapse of structure

3. Vandalism after dwelling is vacant more than 30 days

4. Water damage – including floods, tidal waves, tidal waters, surface water, sewage backup, underground streams, and/or seepage from swimming pools.

5. Constant and repeated seepage – habitually leaking plumbing or frequently burst pipes

6. Neglect – an insurance company will not pay for your failure to maintain your property

7. Power failure – damage caused by earthquakes, landslides, or mud slides

8. War

9. Nuclear hazard 0 if you reside close to a nuclear facility or near the detonation point of a thermonuclear device, you will not be covered against radiation, fire storms, concussion, etc.

How much of my personal property is covered?

The following are the limits of liability which typically apply to personal property coverage:

· $1000.00 for loss due to theft of jewelry, furs, watches and precious and semiprecious stones

· $2000.00 for theft of firearms

· $1000.00 on watercraft including trailers, furnishings, equipment and outboard motors

· $200 on money, bank notes, bullion, gold, silver (other than silverware), platinum, coins, and medals

· $1000 on securities, deeds, evidence of debt, letters of credit, notes (other than bank notes), manuscripts, passports, tickets, and stamps

· $2,500 for equipment used on the premises for business purposes

· $1000 on grave markers

· $1000 on trailers not used with watercraft

A little known fact about homeowners insurance!

If one or more rooms of your home are damaged, your insurance company may not have to fully compensate you for the loss. If your company determines that your policy covers only 50% of the full replacement value of the home, they may cover only 50% of the costs to repair the damaged rooms. The only way to avoid this possibility is to purchase a Guaranteed Full Replacement-Loss Policy.

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