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Home insurance FAQ

What is home insurance?

Home insurance is a written agreement between you and the insurance company that stipulates a certain amount of money to be paid out in case of an insurance situation to cover your costs in return for a determined premium paid out regularly to the insurance company. In other words home insurance is used for paying for the repair or rebuild of your house in case it gets damaged to a certain degree.

What things are covered with home insurance?

Home insurance policies vary in contents and situations where they applied. Standard home insurance policies are the most common type of home insurance and include coverage against damage resulting from fire, theft, lighting, storms, explosions, technological disasters, social unrest and liability to third parties. Standard policies do not include coverage against earthquakes, flood and tornadoes, so you'll have to buy them separately as weavers.

How much insurance coverage should I purchase?

It's best that your home insurance would be able to cover the cost of rebuilding your house from scratch were it destroyed. So the amount of coverage to start with is the actual value of your house. It' s best determined by taking the house's overall square footage multiplied by current local construction cost per square foot. You can ask around the construction companies to get a clear idea of the figures. The resulting amount is the minimum coverage you should take.

Will the stolen jewelry be paid for?

Yes, stolen items are covered but to a certain extent. Standard home insurance policies usually have a numeric limit to the value of items being covered for theft. Usually it's about $2,000 per item. So if your valuable items (jewelry, furs, collectibles) are worth more than this figure then you should consider purchasing an additional weaver to cover the exact cost of each item or buy separate insurance policies for them.

What if my dog bites someone in my house?

Standard home insurance policies include third party liability coverage that pays for the damage and injuries inflicted to third parties by you, your family members and pets. So if your dog bites a worker in your house you can pay for the injury through your home insurance and even pay out settlements and legal fees in case the person chooses to file a court suit against you. That's why it's recommended to have a rather high coverage amount with your home insurance policy that will be able to settle such payments in full.