Home Insurance FAQs

Q: What Is Homeowners Insurance?

Answer:     Homeowners insurance provides financial protection against disasters. A standard policy insures the home itself and the things you keep in it.
           
Q: Are There Different Types of Policies?

Answer:    Yes. A person who owns his or her home would have a different policy from someone who rents. Policies also differ on the amount of insurance coverage provided.

Q: Does My Homeowners Insurance Cover Flooding?

Answer:     Standard homeowners policies do NOT cover flooding. You can purchase flood coverage directly through your homeowners insurance agent. However, the policy is provided by the Federal Flood Insurance Program ( 888-379-9531, http://www.floodsmart.gov ).

Q: How Do I file a Homeowners Insurance Claim?

Answer:     If someone has become injured on your property or if a violent storm destroys your home, you will need to file a claim with your insurance company. Remember, a homeowners policy is a contract between you and your insurance company. And there are rules and procedures that you and your insurer must follow. Read your insurance policy to see what your responsibilities are.

Q: How Does the Payment Process Work?

Answer:    An adjuster will inspect the damage to your home and offer you a certain sum of money for repairs. The first check you get from your insurance company is often an advance against the total settlement amount. It is not the final payment.

    If you're offered an on-the-spot settlement, you can accept the check right away. Later on, if you find other damage, you can "reopen" the claim and file for an additional amount. Most policies require claims to be filed within one year from the date of disaster.

Informaton Provided By The Insurance Information Institute
http://www.iii.org