Faq

Do I need special coverage for collectibles?
A typical homeowner’s insurance policy offers little, if any, coverage for collectibles. To get coverage, you usually have to specifically request it and pay an extra premium. Before you insure collectibles, consider getting a written appraisal of each item first. It will help you get the proper amount of coverage and will reduce the chance that the insurer will contest your estimates if you have to file a claim.

Does my homeowner’s insurance policy protect against floods and earthquakes?
Don’t count on it. Standard homeowner’s insurance policies don’t cover earthquakes and floods, If you live in earthquake country, check out earthquake insurance. If floods could threaten your home, get adequate flood insurance; check out the National Flood Insurance Program http://www.fema.gov/about/divisions/mitigation/mitigation.shtm

Do I have to insure the total value of my home?
While you certainly need to have a homeowner’s insurance policy that will rebuild or repair your home if disaster strikes, you don’t need to insure the value of the lot itself because the land cannot be burned up.

What is guaranteed replacement cost insurance?
Guaranteed replacement insurance is a more comprehensive policy than a standard home insurance policy. The premiums are higher, but the company promises to cover the complete costs -- less any deductible -- of replacing a destroyed house. With this type of policies, limits on the policies are not as common because complete coverage is more explicit.