am-i-covereda series by Mountain Lakes Insurance

“Am I covered … for the full value of my home?”

Many people think that homeowners’ policies are all the same. The truth is they are not. If you own an above-average-value home, you should probably have a different policy type than the owner of an average- or below-average-value home.

Policies can be ‘special form H03’ or ‘open perils H05.’ There are different policy types: homeowners, renters, condo owner, home rented to others, vacant homes, etc. Some coverage is automatically included, some isn’t. If your home is vacant for more than 30 days, coverage exclusions occur. Certain property, such as jewelry and guns, have limited coverage unless you specifically increase or schedule coverage for these items

Another concern is that many insureds believe their home insurance deductible applies to all losses. The truth is that many companies are mandating much higher deductibles and split deductibles (a separate deductible for wind & hail loss). This includes deductibles based on a percentage of your policy dwelling coverage. The deductible percentage can be 1%, 2%, 5% or more. A 2% deductible on a policy with $250,000 dwelling coverage equals a $5,000 deductible if you file a claim. Can you afford the deductible if a loss occurs? You should be aware of your deductible on all policies and how it applies to different covered perils.

Mountain Lakes Insurance always recommends and encourages our insureds to check with us first when it comes to what is or is not covered.  Our experienced agents can provide answers to most questions right away or we will quickly check with our underwriters or claims partners if we’re not sure. Don’t wait until after the accident to make sure you are covered. Give MLI a call today at 770-926-9444 or contact us here.


Information contained in this article is based primarily on the author’s knowledge and experience and also includes content derived from other expert sources including Insurance Information Institute, IIAG/Trusted Choice, and some of the companies that we represent such as Safeco Insurance Co., The Hartford, Travelers Insurance Co., Auto-Owners Insurance Co., Grange Insurance, Progressive Insurance, Foremost Insurance, American Strategic Insurance (ASI), Encompass Insurance, Hagerty Collector Car Insurance.