What doesn’t my home insurance policy cover?
Most home insurance policies do not provide much coverage for expensive jewelry, antiques, collectibles or art. You may have to purchase a “floater” or “endorsement” to achieve adequate protection for your valuable possessions. There may also be a limit on reimbursement for stolen or destroyed computers.
Standard home insurance policies provide coverage for loss or damage due to theft, fire, lightning, hail, and explosions; they do not cover damage from floods or earthquakes, or damage caused by lack of routine maintenance.
Flood insurance is available from the federal government (Visit Federal Emergency Management Agency web site). If you live in a flood zone you should discuss the need for an additional flood insurance policy. Earthquake coverage is available as a separate policy which you will also need to discuss with your agent.
You may have difficulty finding coverage for certain other disasters, such as hurricanes and wildfires.
How do I know if I need federal flood insurance?
If you are located in a flood zone, your lender will most likely require you to carry flood insurance. Both the U.S. Geological Survey and the Federal Emergency Management Agency (FEMA) offer maps showing earthquake and flood risks. To find out how much flood insurance costs in your area, click here to obtain a free flood insurance quote.
How can I reduce my home insurance premium?
There are numerous ways to reduce your home insurance premium:
- install smoke detectors
- install and give proof of an alarm system
- install fire extinguishers
- increase your deductible
Keep in mind when you increase your deductible you will pay more of the amount of any claim out of your own pocket. For instance, if you have a $500 deductible, you would have to pay the first $500 of damages. Your insurance coverage would not kick in unless your loss was greater than $500.
If you currently have a low deductible of $100 or $250, and you increase it to, say, $500, $1,000, or $2,500, be sure you can handle the increased risk. In other words, only increase your deductible if you set aside that amount of money so it will be available if you need it. If you want to know how much you’ll have to pay for home insurance, fill out one of our Louisville Home Insurance Quotes online.
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