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Colorado Insurance Blog

Home Insurance FAQs

Common Home Insurance Questions

Does my home insurance cover flooding?

Simply put, probably not.

Most homeowners policies exclude coverage for flooding. That can include a flash flood, water accumulating in a window well and seeping into the home, or anything between.

 A select few carriers now offer an optional endorsement to add flood coverage. But, with most carriers the only way to get coverage for flooding is to buy a separate flood policy.

What is a deductible?

Your deductible is the amount you have to pay before your insurance company will payout for a claim.

If you had a $1,000 deductible and your home had $3,500 of damage, you’d pay $1,000 and your insurance company would pay $2,500.

In home and auto insurance, a deductible is per occurrence. That means you have to pay your deductible each time a claim is paid out. It’s not like health insurance where you just have to meet your annual deductible.

Does my home insurance cover my car when it’s parked in the garage?

The majority of home policies exclude any vehicles from coverage, even if it’s your garage. Coverage for your car comes from your auto policy, not your home insurance.

However, your home insurance might cover the belongings in your car, even when it’s not in your garage.

Is my jewelry covered by my home policy?

Many policies have a specific “sub-limit” for jewelry. So there may be coverage but there’s a limit to the amount of coverage for any individual piece of jewelry.

If you have valuable jewelry, it’s best to “schedule” it on your policy. When you schedule jewelry, you and the insurance company agree on a value for the piece. Then if there is a loss, the insurance company pays out that agreed value.

If jewelry is scheduled on the policy, it’s also covered for “mysterious disappearance.” One example of that is if you took your ring off at the gym and accidentally left it behind. That wouldn’t normally be a covered loss, but it’s covered when you schedule the jewelry on your policy.

Why do insurance companies care what breed my dog is?

Many insurance carriers have an “ineligible breed list.” If your dog is on that list, your home isn’t eligible for coverage with that carrier. Your dog may be the friendliest pup around, but some breeds pose a greater risk.

Sometimes a dog makes the list because of how much damage they would cause if they were to bite someone. They might not be more likely to bite, but their strength could cause more severe injuries. That is a risk some insurance carriers elect to avoid.

There are some carriers that don’t have an ineligible breed list. As long as your dog doesn’t have a history of aggression, you should still be able to find coverage for your home.

Do I need to insure my home according to the current market value?

Not necessarily!

You need to insure your home for what it would cost to rebuild your home if there was a total loss. Market values can fluctuate, so the cost to rebuild your home and the amount it would sell for often differ.

Luckily, most insurance companies have a Replacement Cost Estimator. That’s a tool they use to determine what it would cost to rebuild your home. We ask the questions and do the research to make sure your home is insured correctly, so give us a call today!

Does my home insurance cover my home business?

That will depend on both your insurance provider as well as the type of business. Every insurance carrier has their own specific guidelines. It’s easier to find insurance for home businesses if there’s not a lot of foot traffic involved.

If your home insurance won’t cover your home business, you can get a commercial policy to cover that risk.

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