What is included in my Homeowner’s Insurance policy? What should I keep in mind before buying a policy?
Your homeowner’s insurance covers your house, permanent fixtures and fittings, garden walls, gates, fence, pool, and your personal belongings.
This policy protects you from specific types of home-related accidents and incidents. The most common types are fire, theft, and vandalism. In case you are unable to stay in your home due to accidents or other incidents, the policy provides additional living expenses, such as hotel expenses.
It also provides liability protection. Ideally, the amount of coverage should be sufficient to replace your home and property, and also cover your liabilities. If you stay in a flood or earthquake-risk area, you should separately purchase flood/earthquake insurance, because homeowner’s insurance usually doesn’t cover floods and earthquakes.
Can I increase or decrease the amount of insurance on personal items in my home?
Your personal property coverage usually reflects 50 percent of your home insurance coverage. It may be increased or decreased, depending upon state requirements.
Can I lower my home insurance premium?
Yes, you can lower your homeowner insurance premium by asking for discounts on your current policy, holding multiple insurance policies with your insurance carrier, and raising your deductible.
How long after filing an insurance claim do you receive payment?
You should expect to receive forms and information in 5 to 10 days. Once the Death Certificate and forms have been returned, payment is usually issued within two weeks.