If you are a current homeowner with homeowners insurance or a home buyer looking to purchase a policy, it is important to know what damages are covered and what damages you will be required to handle on your own. Here are some common questions about homeowners insurance and some may surprise you:
- Are my jewelry and other valuables covered?
The standard homeowners insurance policy will provide $1,000 to $2,000 for jewelry replacement in the case of theft. If you own jewelry that is worth a significant amount more, it would be best to purchase higher limits. You can get a floater added to your policy to handle expensive items like paintings, collections, and electronic equipment.
- Am I covered if I have a direct loss due to fire, lightning, tornadoes, windstorms, hail, explosions, smoke, vandalism, and theft?
There is broad coverage available for these disasters. It is good to check the dollar limits to make sure that they are high enough for your particular location.
- Are my children in college covered under my policy?
They are covered under your policy if they are full-time college students living on campus. Typically 10 percent of their dorm’s contents will be insured. Some companies will not provide coverage if they live off-campus.
- Am I covered automatically for flood damage?
No, you do not receive compensation in the case of flood. If you have flooding due to a pipe bursting, you will be covered for damages under the standard homeowners insurance policy. If water seeps into your basement from the ground, you are not covered because it is your own responsibility to waterproof your basement.
If these questions surprise you, it might be time to reevaluate your limits on insurance coverage and possibly purchase additional insurance. Contact us to learn about insurance companies located north of Atlanta if you are looking to insure a new home.