Homeowners Insurance
- What is homeowners insurance?
- What is in a standard homeowners insurance policy?
- Are there different types of policies?
- Does my homeowners insurance cover flooding?
- What type of disasters are covered?
- Can I own a home without homeowners insurance?
- Can I get insurance if I rent my home?
- How do I take a home inventory and why?
- How much homeowners insurance do I need?
- I'm installing a pool-what kind of insurance do I need?
- How much will homeowners insurance cost?
- How can I save money?
- How do I file a homeowners claim?
- How is the settlement amount determined?
- What is a public adjuster?
What type of disasters are covered?
Most homeowners policies cover all disasters listed below. Some policies provide coverage only for the first 10 listed. Check your insurance policies for the "perils" covered.
| Dwelling & Personal Property | Dwelling | Personal Property | Dwelling & Personal Property | ||||
|---|---|---|---|---|---|---|---|
| Perils | Basic HO-1*+ | Basic HO-2* | Special HO-3* | Special HO-3 | Renters HO-4 | Condo/Co-op HO-6 | HO-8 |
| 1. Fire or lightning | X | X | X | X | X | X | X |
| 2. Windstorm or Hail | X | X | X | X | X | X | X |
| 3. Explosion | X | X | X | X | X | X | X |
| 4. Riot or civil commotion | X | X | X | X | X | X | X |
| 5. Damage caused by aircraft | X | X | X | X | X | X | X |
| 6. Damage caused by vehicles | X | X | X | X | X | X | X |
| 7. Smoke | X | X | X | X | X | X | X |
| 8. Vandalism or malicious mischief | X | X | X | X | X | X | X |
| 9. Theft | X | X | X | X | X | X | X |
| 10. Volcanic eruption | X | X | X | X | X | X | X |
| 11. Falling object | X | X | X | X | X | ||
| 12. Weight of ice, snow or sleet | X | X | X | X | X | ||
13. Water or Steam Overflow  | X | X | X | X | X | ||
| 14. Water system malfunction | X | X | X | X | X | ||
| 15. Freezing systems | X | X | X | X | X | ||
| 16. Electrical current damage | X | X | X | X | X | ||
| Excluded perils | X | ||||||
| * HO-1, HO-2 and HO-3 refer to standard Homeowners Policies. | |||||||
| +HO-1 has been discontinued in most states. | |||||||
| Provides more information | |||||||
Disasters not covered
- Floods
- Earthquakes
- Maintenance damage
Flood damage is excluded under standard homeowners and renters insurance policies. Flood coverage, however, is available in the form of a separate policy both from the National Flood Insurance Program - NFIP ( 888-379-9531, http://www.floodsmart.gov ) and from a few private insurers.
You can get replacement cost coverage for the structure of your home, but only actual cash value coverage is available for your possessions. There may also be limits on coverage for furniture and other possessions stored in your basement.
Flood insurance is available for renters as well as homeowners. You will need flood insurance if you live in a designated flood zone. But also consider buying it if your house could be flooded by melting snow, an overflowing creek or water running down a steep hill. Don't wait until the evening news announces a flood season warning to buy a policy. There is a 30-day waiting period before federal flood coverage takes effect.
Earthquake coverage can be a separate policy or an endorsement to your homeowners or renters policy. It available from most insurance companies. In California, it is also available from the California Earthquake Authority ( http://www.earthquakeauthority.com/ ). In earthquake prone states like California, the policy comes with a high deductible.
It is your responsibility to take reasonable precautions to protect your home from damage. Your insurance policy will not cover damage due to lack of maintenance, mold, termite infestation and infestation from other pests.
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