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Frequently Asked Questions About Buying a Home Insurance Policy

Q: The bathtub in my condo overflowed and damaged the ceiling in the condo below. Will my home insurance policy cover this?

A: If you’re lucky, you may not even have to file a claim with your own insurer. Your neighbor’s home insurance policy may cover the damage or it may be covered under your condo association’s policy. However, if these other insurers insist that you were negligent and should be held liable for the damage, you may need to turn to your own insurance.

Q: If my home were to be destroyed by a hurricane, would my insurance company pay my living expenses until I could rebuild?

A: Your home insurance policy may cover additional living expenses (e.g., food, lodging, moving, storage) that you incur while your home is being rebuilt. Most policies limit the length of coverage for living expenses as well as the amount of such expenses.

Insuring a Home under Construction:

Q: I’m building a new home. Do I need to insure it while it’s under construction?

A: It’s highly recommended. If you don’t, you may be exposing yourself to a great deal of risk if a fire, theft, or other event damages or destroys the partially completed structure. A standard home insurance policy will cover you for any damage to the house as it’s being built.

Q: How much of the exterior of my property – fencing, driveway, etc .- is covered by my homeowners insurance?

A: A standard home insurance policy provides broad protection for personal property and other structures in and around your home. Several different types of coverage are included.

Q: There’s a creek in the back yard of the home I’m buying. Do I need flood insurance?

A: Flooding doesn’t happen only along the banks of rivers, creeks, or other bodies of water. It can also occur in low-lying areas or result from heavy rains, melting snow, inadequate drainage, and hurricanes. For this reason, you should seriously consider adding flood insurance to your home insurance policy.

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