What Should A Good Home Insurance Policy Cover?

  1. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    A great homeowner’s insurance policy will protect you in the case of a law suit arising from personal injury or property damage.  Companies have a range of limits and I suggest you adopt the highest possible.  The same policy will replace your home and contents completely in the case of a loss from a covered peril.  Since earthquake and flood are not covered, your policy should either have an endorsement or separate policy that covers these contingencies.  There are internal limits on certain types of property.  If you have property in the restricted categories your should increase coverage to maximize recovery at the time of loss.  Homes still have water back-up problems and require additional expenses to meet codes when repairs are required.  These are also coverages that you should take.
    Answered on August 5, 2014
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  2. 21750 POINTS
    Jim Winkler
    CEO/Owner, Winkler Financial Group, Houston, Texas
    That is a great question! The average policy will cover the structures on the property, home, garage, etc. It will protect against the 'normal' dangers of  fire, wind, hail and lightning.  If you live in an area that is prone to flooding, earthquakes, or hurricanes the coverage for these may be included in a rider, or may need to be purchased separately. The policy will also include some coverage against being sued; It is usually pretty specific in what it will cover, and for how much. I hope that helps, thanks for asking!
    Answered on August 6, 2014
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