Homeowner Insurance Coverage Thread

[TeenieTina]

This is a thread for homeowners insurance coverage discussions.

Property typically covered by homeowners/renters insurance:
* Stereo systems, VCRs, and television sets
* CDs, DVDs, videos, and tapes
* Cameras and other photography equipment
* Movable appliances, including microwave oven
* Furniture
* Sports equipment
* China and glassware
* Clothing
* Books
* Miscellaneous

Property typically covered with limitations by homeowners/renters insurance:
* Home computers
* Cash, including coin collections
* Checks, traveler's checks, and securities
* Jewelry and watches
* Precious and semi-precious stones
* Comic books, trading cards, and stamps, including collections
* Antiques and fine art
* Goldware and silverware (theft)
* Rugs, wall hangings, and tapestries
* Firearms (theft)
* Furs or clothing trimmed in fur
* Boats or other watercraft, and related equipment

Insurance companies will typically cover losses caused by these natural hazards:
* Vandalism
* Water damage from failure of plumbing or appliances
* Theft
* Frozen water pipes
* Ice and Snow
* Hail
* Windstorm
* Fire and lightening
* Smoke
* Explosion
* Vehicles or aircraft

Coverage for these hazards are available for a higher premium:
* Earthquake, landslide, or other damage caused by movement of the earth
* Water damage cause by an underground source or flooding
* Nuclear-hazard damages

Coverage varies by insurance carrier. Here are some questions you should ask your insurance carrier:
* Will your insurance cover any property shared by your roommates?
* Which items should you take photographs or videotapes of?
* What are the limits on specific categories of personal possessions?
* What optional coverage is available, including for satellite dish and portable cellular communication systems?
* What is the price and protection difference between "replacement cost coverage" and "depreciated cost coverage"?
* How should you value fine-art objects?
* What circumstances are covered in your personal liability?
* What circumstances are covered in the medical coverage for others?
* Will you be notified before any rate increases because of policy changes or inflation?
* If your building were damaged or destroyed, would you be compensated for interim housing?
* How much protection would you have if your home were damaged or destroyed because of an action by yourself or a guest?
* Will your personal liability include defense costs in the case of a lawsuit filed against you?
* What will your off-premises coverage include, for both personal property and medical liability?
* If you're planning to be married, is protection provided or available to cover the value of gifts?


Source: http://realestate.msn.com/rentals/insurance.aspx