100 Most Common Questions About Homeowners Insurance

Fran
Fran Majidi
April 17, 2020
  1. How Much Is Homeowners Insurance?

On average, you pay about $35 for every $100,000 of the value of your home. This does not include land, however. Also, keep in mind that insurance rates vary from state to state and even according to the city you live in. Insurance companies’ rates vary greatly too. It’s important to comparison shop when buying homeowners insurance, so you don’t pay more than you have to.  

  1. What Does Homeowners Insurance Cover?

A standard insurance policy covers the physical structure of your home as well as other structures on your property (sheds, garages) and personal property. You’ll probably notice that the most expensive part of your home policy is dwelling coverage. Dwelling coverage is also the amount that goes up every year. The dwelling is the main structure of your home, not a detached garage or shed. However, you’re often covered for both in the event of a storm that takes down multiple structures on your property, including fences, decks and built-in appliances like furnaces and water heaters. You’re not always covered for all the aforementioned items. This all depends on your particular coverage and it takes reading the fine-print on inclusions and exclusions to be sure what’s covered and what’s not before catastrophe strikes. You may need to buy a few endorsements but you will have peace of mind with the right insurance.

  1. What Is Homeowners Insurance?

Homeowners insurance is meant to cover major losses that were caused by certain perils only, not from wear-and-tear or negligence. For instance, if you have a standard home insurance policy and your home is flooded, you will not be covered for damages because flood insurance is a separate policy. So is earthquake insurance. A standard home insurance policy protects you against perils that include fire, theft, smoke, windstorms, lightning strikes, hail, explosions, vandalism and theft.

  1. Does Homeowners Insurance Cover Mold?

In some cases homeowners insurance will cover mold and in others it will not. If the mold is a result of a sudden accident, not the result of negligence, it is covered. Mold is a complicated matter when it comes to insurance. For more details on when mold is covered by home insurance and when it is not, visit here

  1. Does Homeowners Insurance Cover Roof Leaks?

Depending on what is causing the leak, you may be covered. Do you have roof damage? if the roof is more than 20 years old, most insurance companies won’t cover your home at all unless it passes inspection first. It’s not unheard of for a homeowners insurance policy not to be renewed because the roof failed inspection. If your roof is 10 years old and suffers extensive damage after a hurricane, however, you will be covered. For more on when your roof is covered by homeowners insurance, visit here

  1. Which Area Is Not Covered in Most Homeowners Insurance

It’s not so much an area of the home that’s not covered. Damages due to certain perils are not covered. For instance, If you have overflows or backups from your sump pump, sewer system or drains, your standard policy will not cover the damage. Coverage may be available, however, by adding a separate endorsement. Floods and earthquakes are also separate policies. Here’s more on what’s not covered by homeowners insurance

  1. How Much Homeowners Insurance Do I Need?

You need to buy as much homeowners insurance as it would take to rebuild your home. Most homeowner's insurance policies have a minimum of $100,000 in liability coverage. But you should buy at least $300,000—and $500,000, depending on what it would cost to rebuild your home. 

  1. Does Homeowners Insurance Cover Water Damage?

This is a question to a complicated answer. Homeowners insurance will cover water damage in certain cases and not others. For instance, if a flood caused the water damage, you will only be covered by flood insurance, not homeowners insurance. Is it due to a damaged roof? You’re covered if the roof was not neglected prior to the leak. To get more specific details on when water damage is covered, visit here

  1. Does Homeowners Insurance Cover Termite Damage?

It depends on the termite damage. If the termites caused a fire (they can, by chewing wires) you may be covered because fire is a covered peril. Otherwise, homeowners insurance doesn’t usually cover infestations. 

  1. Is Homeowners Insurance Required?

If you have a mortgage, you are likely required to carry homeowners insurance. Chances are that you’re already paying for homeowners insurance and it got bundled into your mortgage. If that’s the case, you’re probably paying more than you need to. Your home insurance is not tied to your mortgage. It’s just that the lender probably bought it for you to make sure their asset is protected. Find out what you’re paying and shop home insurance rates. You’ll probably save hundreds of dollars a year. 

  1. Is Homeowners Insurance Tax Deductible?

Homeowners insurance is not tax deductible in most cases. However, if you use your home for a home business, as a landlord, you should speak to your accountant about making the appropriate deductions. 

  1. Does Homeowners Insurance Cover Theft?

Yes, homeowners insurance covers theft. There is a contents portion of your homeowners insurance policy, which takes your possessions into account. Ideally, you have a checklist of your valuables prior to a theft. It makes it easier to get your claim paid with a homeowners insurance inventory

  1. How Does Homeowners Insurance Work?

Home insurance is required by most lenders. If you have a mortgage, you’re almost always required to carry homeowners insurance. You may be paying for home insurance and are completely unaware of it because it’s lumped in with your mortgage payments. It’s important to make sure you’re never over-paying for your coverage. If your lender set you up with a policy, for instance, chances are they were not shopping to compare insurance quotes. You can compare quotes here by simply answering a few questions.

Home insurance is not a product that pays for repairs and maintenance issues. If you have expensive equipment or appliances, you can buy a home warranty, which will help pay for repairs and breakdowns of systems, like your water system. Homeowners insurance is meant to cover major losses that were caused by certain perils only, not from wear-and-tear or negligence. For instance, if you have a standard home insurance policy and your home is flooded, you will not be covered for damages because flood insurance is a separate policy. So is earthquake insurance. A standard home insurance policy protects you against perils that include fire, theft, smoke, windstorms, lightning strikes, hail, explosions, vandalism and theft.

  1. How Much Is Homeowners Insurance on a $150,000 house?

While rates vary according to many other factors, homeowners insurance is about $35 a month for every $100,000 worth of value on a home. 

  1. How to Calculate Homeowners Insurance

While rates vary according to many other factors, homeowners insurance is about $35 a month for every $100,000 worth of value on a home. If your home is worth $200,000, you will owe about $70 a month.

  1. Is Hazard Insurance the Same as Homeowners Insurance?

Hazard insurance is included in a homeowners insurance policy. It is not a separate coverage. Most storms are included in a standard policy, except floods and earthquakes. 

  1. Does Homeowners Insurance Cover Plumbing?

Regular plumbing issues are not covered by homeowners insurance. However, if the plumbing issues cause damage, you may be covered. Whether or not your homeowners insurance will cover damage caused by faulty plumbing depends on whether it’s determined that you did or did not maintain the plumbing. For instance, if it’s determined that you had an ongoing slow drain that resulted in a leak, you will not be covered for damages because of negligence. 

  1. Does Homeowners Insurance Cover Roof Replacement?

It depends on whether the roof was neglected or damaged by a covered peril. Also, don’t assume that just because a storm came and left damage to your roof that your insurance company will replace the entire roof. While it may look like a mess to you, an adjuster may decide that you’re fine with just having some of the damaged shingles replaced. If you still decide to redo the whole roof, you may be footing most of the bill. You will also still have to pay the full deductible on your policy before the repairs to your roof are partially covered. Do the math in its entirety before assuming that filing a claim is worth it.

  1. Does Homeowners Insurance Cover Termites?

Homeowners insurance usually does not cover infestations but if the termite damage causes a covered peril, like a fire, you are covered. 

  1. What Is the Cheapest Homeowners Insurance Company?

One homeowners insurance company may offer you a better rate than another. Also, you should consider bundling your auto and home with the same company for a deep discount. According to Investopedia, the top cheapest home insurers are Amica Mutual Insurance, Allstate and State Farm. You can compare several homeowners insurance to see which will offer you the best rate. 

  1. Do You Have to Have Homeowners Insurance?

If you have a mortgage you are required to have homeowners insurance. If you don’t get one, your lender may buy one for you, and probably without shopping for competitive rates. Even if you’ve paid off your mortgage, it’s a good idea to have homeowners insurance in case your home sustains damage.

  1. Does Homeowners Insurance Cover Dog Bites?

Yes, the liability portion of your home insurance covers you if your dog bites someone.

  1. Does Homeowners Insurance Cover Water Damage from Rain?

If a storm opened a hole in your roof, you will most likely be covered by homeowners insurance. If your roof was in a state of disrepair they may not cover you. It all depends on several factors. 

  1. Does Homeowners Insurance Cover Water from Leaking Plumbing?

If the leak is sudden and accidental, you will most likely be covered. If it was a leak caused by negligence or poor maintenance, you will most likely not be covered.

  1. How Are Homeowners Insurance Claims Paid?

An adjuster will inspect the damage and offer you a certain sum of money for repairs, based on coverages in your homeowners insurance policy. The first check you get from your insurance company is often an advance against the total settlement amount, not the final or entire payment.

  1. How to Get Homeowners Insurance

The best way to get homeowners insurance is to compare home insurance rates. Otherwise, you may be paying too much. 

  1. What Is a Homeowners Insurance Deductible?

Just as with car insurance, you have to pay a deductible before you’re paid out a claim. You can set the deductible very low or high. The higher the deductible, the less you pay monthly. Remember to choose a deductible that you can afford to pay if you have sudden damage to your home that needs to be repaired. If you can’t pay your deductible, you won’t get the coverage you need. 

  1. What Does Homeowners Insurance Not Cover?

Home insurance doesn’t cover earthquakes and flooding. Earthquake insurance and flood insurance are separate policies. Your renters insurance also doesn’t cover earthquake and flood. If you want all your belongings covered in the event of these two disasters, you’ll want to add both earthquake and flood insurance to your home or renters insurance. Even if you don’t live near the ocean or in an area that is especially prone to flooding you may want to be sure in case there is even one inch of rain accumulation, which can wreak havoc on your home. Mold damage is generally not covered or if it is it is only partially covered because it’s a condition that can be prevented. If you experience flooding or any kind of water damage, it’s recommended that you take care of the leak immediately and get rid of all moisture, which will eventually turn into mold. Sewage backup can also be expensive to fix because it can damage floors, walls and your personal belongings, including furniture. Sometimes electrical systems are also affected too. You can buy additional insurance to cover you for a sewer backup but a standard home insurance policy won’t cover this peril.

You are covered in the event of a hailstorm, if it damages the exterior of your home. For more on this visit here.

Sinkholes are not usually covered by homeowners insurance in the same way that earthquakes are not. If you hire a contractor to do work on your home and they cause damages, you will not be covered for losses. If you store expensive jewelry or art in your home, there will be limits on your homeowners insurance, making it likely that you will not be covered for these losses unless you had a rider or endorsement on expensive items and equipment. Termites are not covered by homeowners insurance. It’s always a good idea to have a pest control company inspect your home every couple of years before major damage is done. If you store large quantities of cash in the house and you have, say, a fire, there is no way of proving you had a pile of cash that turned to ashes. Keep your money in a safe place. The liability portion of a homeowners insurance policy often covers dog attacks unless your dog is of an “aggressive breed.” Restrictions are usually explicitly detailed in a policy. Keep in mind that even though all of these events are covered, you’d have to pay a deductible first to have your claim paid. Your deductible may be as much if not more than what it would cost to take care of the repair yourself. Also, insurers frown upon multiple claims made by a single insured so you’ll be jeopardizing your coverage if you file too many claims. You may even get dropped by the insurer. Homeowners insurance does not cover earthquakes, landslides and floods but if there is a fire in your home after an earthquake, you’ll likely be covered by your homeowners insurance.

  1. What Is Another Name for Homeowners Insurance?

Home insurance, HOI, dwelling coverage and hazard insurance are names for homeowners insurance. 

  1. What Is the Average Cost of Homeowners Insurance?

The average home in the U.S. costs about $1,500 a year, but there are great variations based on location, size and other factors like state laws and how much it would cost to rebuild your home. 

  1. Does Homeowners Insurance Cover Foundation Repair?

Faulty plumbing is covered by home insurance. If your foundation needs repair because of faulty plumbing, you may be covered. Repairing your plumbing system may not be covered. 

  1. Does Homeowners Insurance Cover Pipe Replacement?

You may not be covered if the pipe is rusted but you may be covered for water damage if your pipe suddenly burst.

  1. Does Homeowners Insurance Cover Tree Removal?

There are various reasons why a homeowner may want to remove a tree. Sometimes, trees removal is covered by home insurance and sometimes it is not. Even when it’s a covered claim, you will have to first pay your deductible. Your deductible costs anywhere between $250 and $1,000 so it may make sense for you to pay for the tree removal out-of-pocket. Also, your rate may go up if you file a claim. Is it worth it? Here’s a more thorough article on tree removal and home insurance

  1. How Much Homeowners Insurance Do I Need?

This is a good question to ask instead of purchasing home insurance blindly. What you need is how much it will cost to rebuild your home. Do not insure yourself for the value of the house, only what it will take to rebuild it to its current condition if there is a disaster. Compare homeowners insurance rates here

  1. How Much Is Homeowners Insurance a Month?

Expect to pay roughly $35 a month per $100,000 of the home’s value for homeowners insurance. Of course state and city taxes vary. 

  1. How to Get Homeowners Insurance with a Bad Roof

Roof damage is sometimes covered by homeowners insurance. However, if your roof is poorly maintained, you may not be fully covered. For more on roof damage insurance claims visit here

  1. Is Homeowners Insurance Included in a mortgage?

You may be paying your homeowners insurance and mortgage in one payment to your lender but the two have nothing to do with one another. One goes straight to the lender, the other is paid to an insurance company. Speak with your lender and find out how much of your payment goes towards home insurance. You may be able to save on homeowners insurance when you compare rates

  1. Does Homeowners Insurance Cover an AC Unit?

If your AC broke down because of a covered peril, the damage may be covered. However, consider the fact that you still have to pay a deductible for the coverage. See your homeowners insurance to see what covered perils you bought coverage for. Usually, they include fire, theft, smoke, windstorms, lightning strikes, hail, explosions, vandalism and theft.

  1. Does Homeowners Insurance Cover Broken Pipes Under Slab?

In order to be covered, there must be damage, your policy must cover water damage and the damage must be sudden, not due to neglect.

  1. Does Homeowners Insurance Cover Fire?

Yes, fire is a covered peril in standard homeowners insurance policies.

  1. Does Homeowners Insurance Cover Flood?

No, flood insurance is a separate policy.

  1. Does Homeowners Insurance Cover Earthquakes?

No, earthquake insurance is a separate policy.

  1. Does Homeowners Insurance Cover HVAC?

Yes, a standard homeowners insurance policy covers HVAC systems. Make sure you’re not paying too much for your policy by comparing rates available to you.

  1. How Can I Get Homeowners Insurance After Non Renewal?

First, try comparing homeowners insurance rates for free. After you fill out some questions, an agent will tell you what your options are with various insurance companies. 

  1. How Much Is the Average Homeowners Insurance?

The average homeowners insurance in the U.S. is $1500 a year, but the range is wide and depends not just on the value of the home but its location and how much it would cost to rebuild it.

  1. How to Shop for Homeowners Insurance

Make sure you’re not paying too much for your policy by comparing rates available to you.

  1. When Do You Pay the Deductible for Homeowners Insurance?

If your claim is accepted, you pay the deductible before getting paid out.

  1. Does Homeowners Insurance Cover Fences?

Unless it’s excluded in your policy, fences are usually covered. 

  1. Does Homeowners Insurance Give You Both Property and Liability Protection?

Yes, a standard policy gives you both. Make sure your limits are sufficient. Consider an umbrella policy if you want to be extra secure. Regardless of what you buy, compare homeowners insurance rates before you buy

  1. How Does a Homeowners Insurance Claim Work?

After you file a homeowners insurance claim, you will have to pay a deductible before you are sent a check for repairs. Usually you will get at least two checks. If you have a mortgage, the check(s) may be sent to the lender, so you’ll have to work that out as repairs are being made.

  1. How to Choose Homeowners Insurance

The best way to choose homeowners insurance is to shop and compare home insurance quotes to see what insurance companies are offering you at the lowest rates. 

  1. How to Estimate Homeowners Insurance

It’s roughly $35 per month per $100,000 of the value of your home.

  1. How to Get Homeowners After Getting Dropped

Compare homeowners insurance here

  1. What Is the Standard Deductible for Homeowners Insurance?

The standard homeowners insurance deductible ranges from $500 to $2,000.

  1. When to Get Homeowners Insurance When Buying a House

Most lenders require that you buy homeowners insurance before you close on the house.

  1. Do I Need Homeowners Insurance for a Rental Property?

If you are the landlord, you’ll need a landlord insurance policy, which is a type of commercial insurance. If you’re the renter, you’ll need renters insurance

  1. Does Homeowners Insurance Cover Bed Bugs?

Most homeowners insurance policies do not cover bed bugs and other infestations. 

  1. Does Homeowners Insurance Cover a Diseased Tree?

Generally speaking, most homeowners insurance policies cover tree removal only when it damages a structure or an attached structure of the home, but visit here are some other ways tree removal is covered and not covered. 

  1. Does Homeowners Insurance Cover the Furnace?

If your furnace needs to be replaced, homeowners insurance won’t pay to replace it but will cover the cost of damages your old one caused.

  1. Does Homeowners Insurance Cover Sewer Line Replacement?

Some standard homeowners insurance covers the cost of tearing out and replacing the damaged sewer line but the pipe must be damaged. However, when the sewer line backs up in your home, or when it is physically damaged from preventable means, insurance will not pay for its repair or replacement.

  1. Does Homeowners Insurance Cover Theft Outside the Home?

Your contents are your contents, whether they are stolen from your home or your car. Hopefully, you have a home inventory in place where you set a value to the stolen items. If so, you can file a homeowners insurance claim. Keep in mind that there is a deductible you need to pay before insurance pays for your loss. Also, filing a claim raises rates, and an insurance company may drop you for filing too many claims, so you’ll want to choose your battles wisely. 

  1. Does Homeowners Insurance Cover Tornado Damage?

Tornado damage is generally covered under homeowners insurance.

  1. How Long Do Homeowners Insurance Claims Stay on Your Record?

Between 5 and 7 years.

  1. How to Change Homeowners Insurance

Just compare home insurance rates here by typing in your zipcode and answering some questions.

  1. Is Homeowners Insurance Paid in Advance?

Typically, one full year of homeowner's insurance is collected and prepaid to your insurance company at closing. After that people usually pay in monthly installments often with escrow payments. 

  1. What to Look for in Homeowners insurance

Read over this list of 100 Most Frequently Asked Questions about homeowners insurance to help you figure out what you need before you comparison shop home insurance for multiple free insurance quotes here.

  1. Does Homeowners Insurance Cover Clogged Pipes?

Most insurance companies will almost refuse to cover property damage caused by overflow from a burst pipe or sewage. They will not cover a clogged drain either.

  1. Does Homeowners Insurance Cover Septic?

Your septic tank is considered a part of your home, so it’s usually covered by homeowners insurance. 

  1. Does Homeowners Insurance Cover Tree Removal After a Storm?

Usually, tree removal is covered if it does damage to the structure(s) of the home. Some policies may cover it, however. That’s why it’s important to compare coverages

  1. How to File a Claim Against Someone Else’s Homeowners Insurance

You have to prove that the homeowner is responsible so that a claim can be filed with their insurance carrier. Unless the homeowner assumes responsibility, you’ll need to get medical attention and file a police report. Gather evidence of the injury.  

  1. Is Mortgage Insurance the Same as Homeowners Insurance?

No. mortgage insurance protects the lender while homeowners insurance protects you. You pay for both insurance.

  1. Is Wind Damage Covered by Homeowners Insurance?

Yes, wind damage is usually covered by homeowners insurance.

  1. What Is the Best Homeowners Insurance?

Different homeowners insurance policies have different benefits. To find the best homeowners insurance policy to suit your needs, it’s important to compare your homeowners insurance options to get the best rate for the best coverage. 

  1. Why Is My Homeowners Insurance So High?

If you have filed a claim in the past, it may have raised your rates. You may also live in a high-crime area. There are various reasons your insurance may have gone up. You can compare other homeowners insurance options to see if you can pay less. 

  1. Are Tools Covered Under Homeowners Insurance?

Your homeowners or renters insurance will most likely cover your tools if they're stolen or damaged in certain covered situations. However, tools over $1,000 may need additional coverage, perhaps a rider.

  1. Are Trampolines Covered Under Homeowners Insurance?

Trampolines are covered by some homeowners insurance companies and not others. Some insurers will not allow you to renew if you add a trampoline to your home. 

  1. Are Vehicles Covered Under Homeowners Insurance?

No, your vehicles are not covered under homeowners insurance but if items inside your car are stolen, they would be covered by homeowners insurance.

  1. Can an Insurance Company Cancel Your Homeowners Policy?

Yes, an insurance company can cancel or refuse to renew your homeowners policy. If you are not paying your premiums or have filed too many claims, your insurer may refuse to insure your home.

  1. Can I Change Homeowners Insurance Any Time?

Yes, you should compare homeowners insurance rates once a year to see if you can get a better rate. It’s ideal to switch insurers at renewal time, but you can switch any time. 

  1. Do You Get Homeowners Insurance Before Closing?

Yes, you need to have homeowners insurance before or at closing. 

  1. Does Homeowners Insurance Cover Accidental Death?

Most homeowners insurance policies cover the death benefits of someone who died as a result of an injury on your property. 

  1. Does Homeowners Insurance Cover Broken TV Screen?

If your home was vandalised or if severe weather caused damage to your tv, you may be covered. However, homeowners insurance will not cover an accidentally damaged tv.

  1. Does Homeowners Insurance Cover French Drains?

Homeowners insurance will not cover flooding. You’ll need a flood insurance policy, which is sold separately. A common problem with french drains is that they flood basements with water when working improperly. If you have french drains, it’s a good idea to buy a flood policy and take preventive measures (good maintenance) to prevent flooding.

  1. Does Homeowners Insurance Cover a Handyman?

Maintenance needs are not covered by homeowners insurance. If your handyman is doing repairs that have been approved in a claim, that work is covered. If your handyman has an accident in repairing your home, he should have his own insurance to cover whatever damage he may have done to your home. 

  1. Does Homeowners Insurance Cover Homeowner Injury?

Homeowners insurance covers injuries to people injured in your home if they are not a part of the household.

  1. Does Homeowners Insurance Cover Storage Units?

Yes, the contents portion of your homeowners insurance covers your belongings, even if they are in a storage unit. The same coverage, limits and covered perils apply.

  1. Does Homeowners Insurance Cover Tree Roots in a Sewer Line?

Not all homeowners insurance policies cover tree roots in a sewer line. In fact, most sewer line insurance policies exclude any damage caused by tree roots growing in your sewer line. You'll need to clean up damage to/in the house caused by the roots growing into the pipe, and fix pipes damaged by the roots.

  1. Does My Homeowners Insurance Cover College Students?

Most homeowners insurance policies will cover full-time students under the age of 26, as long as they live in a campus dorm room. Otherwise, they should have renters insurance

  1. What Happens if I Change Homeowners Insurance?

Hopefully, you’ll save hundreds of dollars with a new homeowners insurance policy, especially if you bundle with auto. It’s ideal to switch at the end of your policy term but you can change anytime. Just make sure you have an updated home inventory and have updated the value of your home if you’ve made improvements. 

  1. What Is a Special HO 3 Homeowners Insurance Policy?

An HO 3 policy is the most commonly purchased type of homeowners insurance. It meets the minimum requirements for lenders. It is an open perils policy that covers any direct damage to the house or other structures on the property unless it is specifically excluded.

  1. What Is Extended Replacement Cost on Homeowners Insurance?

When you buy homeowners insurance you have the option of buying an actual cash value vs replacement cost policy. Replacement cost (RCV) is how much it would cost to replace your damaged or destroyed home with the same or similar home based on market value. Some but not all policies also cover the replacement cost of contents that were also damaged or destroyed. An actual cash value homeowners insurance policy works differently. The cash value is based on the market value or the initial cost of the home and contents of the home minus depreciation.

  1. What Is a Homeowners Insurance Premium?

A homeowners insurance premium is the payment you make each month to keep your homeowners insurance policy active. If you do not make consistent and on-time payments, you may be dropped by your insurer. Your rates will go up if this happens. 

  1. What’s the Difference Between Mortgage Insurance & Homeowners Insurance?

If you have a mortgage, you are likely required to carry homeowners insurance. Chances are that you’re already paying for homeowners insurance and it got bundled into your mortgage. If that’s the case, you’re probably paying more than you need to. Your home insurance is not tied to your mortgage. It’s just that the lender probably bought it for you to make sure their asset is protected. Find out what you’re paying and shop home insurance rates. You’ll probably save hundreds of dollars a year. 

  1. What Should Homeowners Insurance Include?

A standard insurance policy covers the physical structure of your home as well as other structures on your property (sheds, garages) and personal property. You’ll probably notice that the most expensive part of your home policy is dwelling coverage. Dwelling coverage is also the amount that goes up every year. The dwelling is the main structure of your home, not a detached garage or shed. However, you’re often covered for both in the event of a storm that takes down multiple structures on your property, including fences, decks and built-in appliances like furnaces and water heaters. You’re not always covered for all the aforementioned items. This all depends on your particular coverage and it takes reading the fine-print on inclusions and exclusions to be sure what’s covered and what’s not before catastrophe strikes. You may need to buy a few endorsements but you will have peace of mind with the right insurance. With condo insurance, losses are calculated differently because the dwelling has shared or common spaces as well. If you’re a condo owner, make sure to insure everything in your unit that falls under the category of personal property. Check to make sure everything is on the declaration page too, or else it’s not covered. In short, dwelling coverage is the part that pays for damages to your house if it is damaged or destroyed. It is your rebuilding cost. The value of your land does not figure into the dwelling coverage. There are many other perils covered under home insurance. Flood and earthquake policies are sold separately. You can buy a rider or endorsement for expensive items in the home to ensure that you are covered. People with large assets are highly advised to consider an umbrella policy as well. 

  1. Where Can I Find My Homeowners Insurance Declaration Page?

When you buy a homeowners insurance policy, you are given an invoice, which is called the Declaration Page. It is usually the first page and lists your coverages and limits as well as deductibles.

  1. When Can I Change Homeowners Insurance?

It’s advised that you do it closer to the end of your policy term but you can change homeowners insurance anytime. 

  1. Which Risk Does Your Homeowners Insurance Usually Cover?

Homeowners insurance policies usually offer coverage for damage caused by fires, lightning strikes, windstorms and hail. However, you have coverage for a longer list of perils

  1. Who Is My Homeowners Insurance Company?

If you’re not billed directly by your homeowners insurance company, you may be making the required payments with your mortgage payment. Ask your lender if you’re unsure which company is insuring your home. See what you’re paying and compare home insurance rates to see if you can get a better rate for the equivalent policy. 

  1. Why Did My Homeowners Insurance Premium Increase?

Did you file a claim? This is usually the reason a premium increases, but there are perhaps other reasons why your homeowners insurance premium went up

  1. Can I Keep Extra Homeowners Insurance Claim Money?

The answer to this question depends entirely on your home insurance company. In some cases, they require that you show proof for all the money you received from a claim, but in other cases you can keep the remainder. It’s best to communicate clearly with your insurer so you don’t spend what needs to be returned. 



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