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HOMEOWNERS INSURANCE

Who decides on the type of insurance, the mortgage company or me?
You do. The mortgage company collects a set amount from you each month in order to
protect their investment. This money is put in escrow and covers your insurance and taxes. However, the policy is still yours and you might select the insurance you feel offers the best coverage at the best rates.

What exactly does a Homeowners policy cover?
“Exact” coverage is impossible to define because there are different policies and about 900 insurance companies writing Property/Casualty business in the United States. However, 80% of Homeowners policies are based on a standard form. All Homeowners policies cover two important areas: Property and Liability.

Property insurance covers your structures and possessions. Personal Liability, as its name implies, means you're legally obligated to pay money to another person for actions caused by you, your family, or your property. That liability extends to medical payments to others for injuries caused by you or your family.

Are floods, earthquakes, and other natural disasters covered?
Most catastrophes are covered. Flood and earthquake damage, however, are not covered
by a standard policy and both perils are more common than many people realize. We can
advise you on such normally excluded conditions as floods and earthquakes.

Are there exclusions I should know about?
Exclusions listed and defined in your policy might include neglect,
intentional loss, “earth movement,” general power failure, and
even damage caused by war. If you fail to take care of your
property (e.g., a leaky roof), you might not be
covered. Obviously, if you intend to lose an
object or damage your property,
there's no coverage.