The following is some basic information concerning homeowners insurance:
- Homeowner policies have specific coverage dates which expire. You are not insured outside of that time frame unless the policy is renewed.
- Basic homeowner policies DO NOT insure detached buildings. This type of coverage must be purchased separately.
- Insurance companies can assist you in securing flood insurance. However, it is only provided through a federal program called FEMA which has separate regulations and coverage.
- You are responsible to protect your home from further damage in order to be fully compensated. For example: Your roof has been damaged due to a storm. It is your duty to prevent additional destruction by covering it with a tarp, etc., and failure to do so is considered neglect and grounds for inadequate compensation. Insurance companies will usually reimburse for measures taken to prevent additional damage.
- The insurance company is liable to repair your home according to current local building codes following damage.
- Separate insurance is required when a business is operated from your home.
- Homeowner policies cover acts of terrorism but do not include acts of war or damage from nuclear plants.
- Damages caused by the movement of earth are not covered, such as earthquakes, landslides, and sink holes.