HOMEOWNER CHECKLIST
• Are there any unrelated residents in your household?
• Do you conduct any business in or from your house?
• Do you own any other property, such as vacant land, a cottage or rental property?
• Do you own any ATV, snowmobile, or other motorized vehicle?
• Do you have large trees that would be expensive to remove if damaged by wind?
• Is your home unoccupied for more than 30 consecutive days?
• Are you a member of a homeowner or condominium association?
• Do you have a finished basement or items in the basement that might be damaged by a sewer or sump pump backup or overflow?
• Do you serve on a board of directors?
• Do you have a waterbed?
• Would you like broader coverage on a computer than is provided by the personal property coverage explained below?
• Do you want earthquake coverage?
• Do you want identity fraud expense coverage?
• Do you own horses or other livestock?
• Is there any wood or pellet stove on the property?
Damage to your home is covered under very broad causes. You have coverage unless the cause of loss is excluded.
Damage to your personal property (furnishings) is limited to fire, lightning, windstorm, hail, explosion, riot or civil commotion, aircraft, vehicles, smoke, sinkhole, volcanic action, vandalism, theft, falling objects, weight of ice, snow or sleet, sudden breaking of or accidental overflow of a plumbing, heating, air conditioning or automatic fire protection sprinkler system or water heater, freezing and sudden and accidental damage from artificially generated electrical current.
• Coverage is available to extend the same broad coverage that applies to your home to your personal property.
Limitations in the basic policy
• Coverage for cash is limited to no more than $250 (be sure to safely store any excess)
• $1,500 for securities, stamps or tickets
• $1,500 for electronics that can be operated from the electrical system of a motorized vehicle or watercraft, including CD’s
• $1,500 for watercraft including motors and equipment
• $1,500 for trailers
• $2,500 on personal property used in business that is on your insured premises,
• $250 on personal property used in business that is away from your insured premises,
Limitations on theft coverage only
• $2,500 on jewelry, watches, precious or semiprecious stones, gems, furs, silverware, goldware, pewterware and gold and silver plated items, and guns. Additional coverage can be purchased.
Certain types of personal property can be scheduled for proper coverage. Scheduled personal property can include jewelry, furs, cameras, musical instruments, silverware, golf equipment, fine arts, stamps, rare coins, and bicycles.
If you have scheduled items on your policy, check the insured value compared to the current value. Scheduled items are not insured for replacement coverage. The values must be adjusted occasionally to reflect the actual cash value.
Flooding can occur even if you are not in a flood plain. If water enters your home through a doorway or window, it will be considered flooding. Flood insurance outside of a flood plain is quite reasonable.
DISCLAIMER
This is to be used as a guide only. Different insurance companies may offer other options and include different coverages in their policy. Read your policy.