Reading a homeowners policy may not be on your “Bucket List” but it is important to understand what is covered, what is limited in coverage and what is excluded from coverage. Often the homeowners policy can be modified to add needed coverages for an additional premium. However, here are situations where no coverage can be found,and while that may not be the answer you want, you need to be aware of such issues. This overview is provided as an overview of a typical homeowners policy but you must refer to the provisions found in your policy for the details of your coverage, terms, conditions and exclusions that apply. If you have questions call us for answers or to schedule a review of all of your insurance policies.
A typical homeowners policy covers both dwelling and contents for various perils, including fire and theft. Also included are coverages for glass breakage and liability. A homeowner policy may also include coverage for personal articles and earthquake. There are also similar policies available for tenants and condominium/cooperative unit owners.
Most policies also have limitations on some items including (to name a few): Money, watercraft, trailers, jewelry, furs, silverware, firearms, or items used for business. Please be sure to ask us how to insure these items for the proper limit. Most homeowners policies are made up of the following coverages:
[Read more…]