Frequently Asked Questions About Home Insurance

Standard home insurance policies often have coverage limits for valuable items like jewelry and fine art. Typically, jewelry is capped at $6,000 to $10,000 per claim. If you need higher limits, you can often add additional coverage for an extra premium.

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Earthquake coverage can be added as an optional endorsement to many home insurance policies. The cost and deductibles for earthquake coverage depend on your home's location and its susceptibility to earthquake damage.e.

Home insurance policies typically cover several types of water damage, but coverage can vary. Some water damage is included in your standard policy, while others may need to be added as an endorsement. Here are the key types of water coverage:

• Water Damage: Covers burst pipes or sink overflows and is generally included in most policies.
• Sewer (Septic) Backup: Covers damage from an accidental backup of a sewer, septic, or drainage system.
• Overland Water (Flood): Covers water from heavy rainfall or overflow from fresh water rivers, lakes, and streams.
• Ground Water: Protects against water penetrating your home’s foundation or basement.

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Your home is likely your most significant investment. Home insurance protects that investment and the contents inside, helping cover the high cost of rebuilding and replacing belongings in the event of damage. Without insurance, you’d be financially responsible for the cost of repairs or replacement. Plus, most mortgage lenders require home insurance to protect the property they’re financing

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Home insurance premiums vary based on factors such as the age and location of your home, its size and construction type, and the coverage you choose. For a smaller home with basic coverage, premiums might start at $600 per year. Larger or luxury properties, however, can have premiums upwards of $10,000 annually, depending on specific details.