Homeowner's Policy: Are you sure you're insured?
If you really think you know what you are doing when buying homeowners insurance (chances are you don't), then this quiz should be a breeze.
You should consider the price of your land before buying insurance.
The cost to rebuild your home should be based on the price you paid for it.
The cost per square foot is usually a good indicator of how much insurance you need for your house.
The style of your house does not affect the cost of rebuilding your home.
Floods are covered by homeowners insurance.
A burst water pipe is covered by homeowners insurance.
When figuring out how much insurance you need, you should take into consideration your possessions.
Actual cash value for your stolen or damaged possessions allows you to recoup the amount you expect to get if you sold the items, minus the depreciation.
Most companies provide personal property coverage up to 70 percent of the amount of insurance you have on the structure.
Trampolines do not affect the cost of property insurance.
A major hurricane or tornado can push rebuilding costs more than the policy limits.
If you have to rebuild your house to new building codes, your insurance will cover the added expense.
The best way to figure out the value of your possessions is to conduct a home inventory.
An older home might cost you more money to insure.
If you have a large older home, you might want to insure the structure for less money.
You shouldn’t get special coverage for antiques, jewelry or other valuables.
You have to buy special coverage if you cannot stay in your home after a disaster.
You should buy enough liability coverage to protect your assets.
You can save money by bundling your car and homeowners insurance.
A large deductible can save you money.