Homeowners Insurance Quiz: Know If You Are Covered
Your homeowners policy probably doesn't rank among your nightly reads. But, if you haven't looked at it lately, you should review it soon. What you don't know can hurt you.
A standard homeowners insurance policy covers flood damage.
Standard homeowners insurance doesn't cover flood damage. The National Flood Insurance Program and a few private insurers offer separate coverage.
What do you call the amount you must pay out-of-pocket before your insurer pays on a claim?
Higher deductibles mean lower premiums, and lower deductibles reduce out-of-pocket expenses.
Do you need homeowners insurance to cover the purchase price, market value or replacement cost of your home?
The amount of insurance you buy should cover the replacement costs in the event of a total loss.
How do projects that increase curb appeal - like painting and landscaping - affect homeowner's insurance?
Even cosmetic changes can increase your property's value, so you should reevaluate the total amount of insurance coverage you need.
You return to your car and see your laptop has been stolen. If the laptop is uninsured, is the loss still covered?
Most homeowners policies cover the loss of personal property, even if it's not in the house. Auto insurance policies typically only cover damage to the vehicle, not the property inside it.
Does a standard homeowners insurance policy cover damage to external structures, such as garages or tool sheds?
The section of the policy that describes "other structures" usually specifies coverage of structures such as a tool shed or garage, whether either is attached to the home.
A guest at your pool party slips and injures himself. Does the standard homeowners policy cover his medical expenses?
The medical expenses section covers medical expenses guests incur if they're injured while visiting your home.
Which of these disasters is covered under standard property damage insurance?
Most homeowners policies cover damage from fire and smoke. However, standard policies either limit or exclude coverage for other events.
Your dog bites a guest in your home. Does a standard homeowners policy cover your legal liability?
Most policies provide at least $100,000, and up to $300,000, in liability coverage. However, certain aggressive breeds might not qualify for coverage.
Most homeowners' policies cover damage for up to 17 "perils." Which of these perils is not included in a standard policy?
Volcanic eruption and meteor showers are covered, along with events like fire, hail, falling objects and vandalism.
You got correct!
We detect some gaps in your homeowners insurance knowledge, which means there may be some in your policy, too. Cozy up with your insurance agent ASAP and find out whether you need more coverage or, better yet, can receive more discounts.
You got correct!
You're comfortable with the basic language of insurance, but you haven't acquired fluency. In other words, you know enough key phrases to ask for directions, but discussing anything beyond that is out. A quick review of your policies and a Q&A session with your agent should have you chatting like a native speaker in no time.
You got correct!
You’ve got homeowners insurance down pat! You understand what the typical policy should cover and you know how much (or how little) damage your wallet will absorb when that natural disaster strikes. You're also smart enough to know what you don't know, so you'll regularly check in with your agent to ensure you have all the coverage you need.
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