Assuring That Your Home Owners’ Policy Does What You Expect it to Do

For most home owners, paying for home owners insurance is something we pay for and forget about until disaster strikes. It is a requirement of mortgage holders and just an all around good thing to have. When home owners purchase the policies, they need to be certain to read all fine print and fully understand what is and is not covered. No one wants to find out that the certain disaster that they are dealing with or the certain item lost, is not covered in their policy. Individuals are wise not to assume anything about home owners insurance coverage! These tips might take a little extra time but save a lot of stress in the event of a disaster.There are six types of homeowners insurance policies that are typically written. They rage in the number of disasters they cover, if the policy covers contents, liability, renters vs. owners coverage etc. These policies also range in price.Some disasters that might not be covered that a home owner has not considered are: falling objects, snow and ice, earthquake, flood, volcanic eruption or damage that is the result of faulty electricity or plumbing. The coverage for such disasters might be available to add on the policy, for an extra charge.Some items the home owner might need to purchase extra coverage for inclusion on the policy include: Antiques, certain jewelry, art or business equipment. Some of these items might have increased in market value since the policy was purchased and so the amount it is insured for should be increased also.A home inventory is an essential thing to have on hand if there is to be a claim made on the policy. Policy holders are strongly advised to take pictures of all major purchases and date the back of the picture (or tape the receipt for the item on back of the picture). It is also wise to write down these purchases in an inventory type of document. It is wise to go through the entire house/garage etc. and photograph any personal property that would be part of a claim, if it were lost or damaged. This can also be done by videotaping these items. Storage of all receipts, photos, tapes and inventory documentation needs to be kept in a place that would be unaffected by any event that might destroy the home/property . A bank box or trusted relatives home are suggestions of such places.Dealing with disaster is stressful enough without needing unpleasant surprises when it comes to rebuilding homes or replacing content. Individuals are wise to know exactly what is covered and be able to prove ownership of items covered.