Homeowners Insurance Explained
KEITH: So some of the things that homeowner's insurance would cover you for is fire, lightning, windstorm, hail, vehicle, in case a vehicle comes and crashes - you see in the news where they'll come into your yard, somebody comes through the house - pipes breaking, theft, vandalism, malicious mischief.
KEITH: And then there's the liability component to it and that's in the event that anybody slips and falls, maybe somebody gets hurt in your pool, you have a dog that bites somebody.
KEITH: So some things that your homeowner's insurance may not cover, depending upon the endorsements that you might take under your policy, are: flood, flood is the big one; earthquake, that's typically if you live out on the West Coast; vermin, vermin is a big one where maybe squirrels get into the attic, do some damage, insects, so you have termite damage, wear and tear; mechanical breakdown. So these are some of the things that may not be covered that you want to speak to your agent about. Maybe you can add those on under a separate endorsement.
KEITH: One of the biggest things that goes overlooked is your jewelry or your fine arts and a lot of people, after the loss occurs - maybe it was that pipe break and it's coming down the walls and you had some Renoirs on the wall and people say I have the coverage, right, it's covered under my contents coverage or my personal property insurance? And that's not always the case.
KEITH: So make sure you do your insurance research when you're selecting an insurance carrier, an agent. There is many, many coverages that you need and some agencies don't provide and/or some insurance companies don't provide. And I always like to say just because you have insurance, doesn't mean you're properly insured.
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