Evenings News.com
Community News and Information
Submit a Story
Search

News Categories  
 
 Auto and Truck
 
 Babies
 
 Back To School
 
 Beauty
 
 Books and Magazines
 
 Bridal Articles and News
 
 Business News
 
 Charity
 
 Children
 
 Cleaning
 
 Community News
 
 Computers and The Internet
 
 Consumer News
 
 Decorating
 
 Education
 
 Employment
 
 Entertainment
 
 Environment
 
 Family
 
 Fashion News
 
 Food and Entertaining
 
 Gadgets and Gizmos
 
 Green Living
 
 Gift Ideas
 
 Health
 
 Healthy Living
 
 Holidays
 
 Home
 
 Home Improvements
 
 Household Hints
 
 How To
 
 Human Interest
 
 Insurance
 
 Lawns and Gardens
 
 Mind, Body and Soul
 
 Outdoor Living and Recreation
 
 Paranormal and Metaphysical
 
 Parenting
 
 Pets
 
 Real Estate
 
 Relationships
 
 Science and Technology
 
 Senior Living
 
 Technology
 
 Teenagers
 
 Toys and Hobbies
 
 Vacations, Travel and Leisure
 
 Weight Loss
 
 Women
 
 Artículos de las Noticias en Español

Insurance Last Updated: Jul 2nd, 2008 - 21:15:22


What Isn't Covered By Your Homeowners Insurance?
By
Jun 23, 2007, 12:52

RSS Feed
Email this article
 Printer friendly page

Article Translations: English German Spanish French Italian Portuguese Japanese Korean Chinese
(NAPSI)-Many U.S. homeowners mistakenly believe that standard homeowners insurance protects them from a wide array of perils, according to the National Association of Insurance Commissioners (NAIC). In fact, typical property and liability policies do not cover home damage from floods, earthquakes, water line breaks, termites, mold and several other disasters.

A high percentage of homeowners incorrectly think flood damages would be covered by a standard property and liability policy, despite extensive media coverage on Hurricane Katrina victims, whose claims were denied because they lacked flood insurance.

According to the NAIC, flood insurance policies are available from the federal government's National Flood Insurance Program (NFIP) and are often sold by agents who sell homeowners policies.

Another common misconception relates to insurance payments based on actual cash value versus replacement cost. Actual cash value is the amount it would take to repair or replace damage to a home and its contents after depreciation. Replacement cost is the amount it would take to replace or rebuild a home or repair damages with materials of similar kind and quality, without deducting for depreciation.

To help homeowners better understand insurance issues, the NAIC provides extensive information on its consumer education Web site, Insure U (www.InsureUonline.org). The site is also available in Spanish (www.InsureUonline.org/espanol).

Insurance Tips

For Homeowners

Consider the following when reviewing your homeowners insurance policy:

• Add insurance coverage as you enhance the value of your home and acquire expensive possessions, such as furniture, computers, stereos and televisions.

• Alert your insurance company when making any major home improvements--usually anything more than $5,000. Also, update your homeowners insurance policy to reflect the new enhancements and prevent being underinsured.

• Backyard items, such as a trampoline or pool, may require you to increase your liability coverage through an umbrella policy that protects you in the event that someone is injured while on your property.

• As you acquire more valuables--jewelry, family heirlooms, antiques, art--consider purchasing an additional "floater" or "rider" to your policy to cover these special items. They're typically not covered by a basic homeowners or renters policy.

• It is a good idea to make an inventory of all of your personal property, along with a photograph or video of each room. Also, save your receipts for major items and keep them in a safe place away from your house or apartment. That will make it easier if you need to file a claim.

For more information about insurance, you can visit www.InsureUonline.org.

© Copyright by Eveningsnews.com

Top of Page

Insurance
Latest Headlines
What Isn't Covered By Your Homeowners Insurance?
Ready To Buy A Home? Don't Forget Title Insurance
Tips to Keep Your Teen's Auto Insurance From "Wrecking" Your Budget
There Is Help For Children Without Health Care Coverage
College-Bound? Do Your Homework on Insurance
Health Insurance 101: A Cheat Sheet for College Graduates and Their Parents