We’ve compiled some guidelines for you to help make the decision process a little easier. You can read the whole, unabridged version here.

Property Damage Coverage

Property damage coverage helps pay for damage to your home and personal property. Other structures such as a detached garage, a tool shed, or any other building on your property are usually covered for 10% of the amount of coverage on your house.

Personal property coverage will pay for personal property including household furniture, clothing, and other personal belongings. The amount of insurance coverage is usually 50% of the policy limit on your dwelling. The coverage is also limited by the types of loss listed in the policy. The coverage only pays the current cash value of the item destroyed, unless you purchase replacement cost coverage. Your homeowner’s policy also provides off-premises coverage. This means that the policy covers your belongings against theft even when they are not inside your home.

Personal Liability Coverage

Homeowner’s policies provide personal liability coverage that applies to non-auto accidents on and off your property if the injury or damage is cased by you, a member of your family, or your pet. The liability coverage in your policy pays both for the cost of defending you and paying for any damages the court rules you must pay. Liability insurance does not have a deductible that you must meet before your insurer begins to pay losses. The basic liability coverage is usually $100,000 for each occurrence. You can request higher limits that are available for an additional cost.

Medical Payments Coverage

Medical payment coverage pays if someone outside your family is injured at your home regardless of fault. This includes payment for reasonable medical expenses incurred within one year from the date of loss for a person who is injured in an accident in your home. The coverage does not apply to you and members of your household.

Additional Living Expenses

If it is necessary for you to move into a motel or apartment temporarily because of damage caused by a peril covered in your policy, your insurance company will pay an amount up to 20% of the policy limit on your dwelling for these expenses.

You can protect your home, property and liability with the proper insurance policy. Take the time to access what you need to ensure you are covered.

* An estimated 32,500 intentionally set structure fires occurred in 2007.
* Intentionally set fires in structures resulted in 295 civilian deaths.
* Intentionally set structure fires also resulted in $733,000,000 in property loss.
* 20,500 intentionally set vehicle fires occurred, no change from 2006, and caused $145,000,000 in property damage, an increase of 8.2% from 2006.

The following table shows the number of fires, deaths, and dollar loss due to intentionally set structure fires that occurred from 1998 to 2007. Note: Injury data for intentionally set structure fires are not reported to NFPA.

Arson Fire Statistics Year Fires Deaths Direct Dollar Loss In Millions
1998 76,000 470 $1,249
1999 72,000 370 $1,281
2000 75,000 505 $1,340
2001¹ 45,500 330 $1,013 (excluding 9/11)
2001² - 2,451 $33,440 (including 9/11)
2002 44,500 350 $919
2003 37,500 305 $692
2004 36,500 320 $714
2005 31,500 315 $664
2006 31,000 305 $755
2007 32,500 295 $733

Have you checked if your current insurance coverage would be adequate to replace your homes? A policy should allow you to completely rebuild your home should a disaster occur. There is little more important than getting your policy updated to match your current property values. If there is a wide gap, it could mean an economic disaster.

Check:

• Determine the limits you want on your homeowners insurance, what you need to insure, get multiple quotes.
• Consider purchasing your homeowner, auto and umbrella insurance with the same company so a multi-coverage discount will apply.
• Having smoke, burglar alarms and a sprinkler system could mean bigger discounts.
• Get a quote for insurance that would pay to replace your belongings, rather than pay you based on their depreciated value.
• Ask your agent what documentation you need to substantiate a claim, in case of theft or fire. Make sure you videotape or digitally record all of you personal properties including what is in the drawers and cabinets and send the tape, CD or DVD to someone you trust for safekeeping.
• Carry enough liability coverage to protect you against a lawsuit if someone gets slips, trips or gets hurt on your property.
• Read the policy when you receive it.
• Ask your agent to carefully explain anything you don’t understand.

Never buy insurance from a company you don’t recognize.

Here’s the link to the software:

There are more than 100,000 species of fungi of which at least 1,000 are common in the United States. According to the Centers for Disease Control and Prevention (CDC), mold
can be found almost everywhere, and will grow indoors where there is moisture. Some of the most commonly found species are Stachybotrys, Cladosporium, Penicillium and
Aspergillus.

While some mold species can damage property if unchecked and some can affect people with allergies and immune deficiencies, exposure to mold only rarely results in health problems. Common health concerns arising from exposure to mold include hay-fever-like allergic symptoms, according to the CDC. Certain individuals with chronic respiratory disease may experience difficulty breathing when exposed to some molds, and people with immune suppression disorders or underlying lung disease are more susceptible to fungal infections.

The Insurance Information Institute has compiled this report on mold and the standard homeowners insurance policy.

Click on the file name below to download the full document:

Download/View File: Mold and Insurance (PDF File) (381 K)