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Homeowners Insurance… does it cover more than just your home?

We’ve all wondered just what is covered by our homeowners insurance policy and more importantly, what isn’t covered. Logically, if it’s in or about your home, it’s covered, right? Well, yes and no. Most items are covered… to a point. But is that point high enough to replace the items should something unforeseen happen?

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In all cases, the best time to evaluate your homeowners insurance policy to find out what is and isn’t covered is before you need to make a claim! Take out your current policy and make an appointment with your independent insurance agent for an evaluation! In the meantime, here are some Q & A’s that will be of some help as you plan for your policy evaluation.

Q    What “water” issues are covered?
A    Typically coverage does not apply to damage caused by flood, surface water, water that backs up through sewers or drains, etc.
Suggestion: Depending upon your location, you may want to check into purchasing flood insurance.

Q    In the case of a fire, how do I collect for my personal property?
A    Regardless of whether your policy pays for the replacement or just the actual cash value of your possessions, you will be paid for personal property that you can show you owned at the time of the fire.
Suggestion: Keep an up-to-date inventory in a secure location and back it up with picture and/or videos of each room and specific items.

Q    Is my boat covered?
A    In general, theft of watercraft, including furnishings, equipment and outboard motors is not covered by homeowners insurance if the theft occurs outside of your residential property.
Suggestion: Purchase a separate boat owners policy so that your boat and its accessories are covered no matter what the location.

Q    I have insured antique items listed on my policy. If I have a total loss, do I receive payment for the full-insured value?
A    First, the value of the items will need to confirmed by one or more antique dealers. You should be paid a dollar value based on the dealer estimates of the worth of the antique items.
Suggestion: Get your appraisals first and establish that in your homeowners insurance policy.

A complete review of your current policy is the best “insurance” for you! Plan ahead and give thought to what dangers or risks your property and home may be faced with and then contact your independent insurance agent to help you determine if the standard limits of coverage are sufficient or if you need additional coverage. Remember, peace of mind comes with knowing that you are taken care of BEFORE something happens.