How to Insure Your Home: A Step by Step Guide to Buying the by Merritt Editors

By Merritt Editors

This wonderful book...is full of precious information...fascinating reading.-- Robert Bruss, Tribune Media providers

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Additional info for How to Insure Your Home: A Step by Step Guide to Buying the Coverage You Need at Prices You Can Afford

Example text

This coverage would apply if you, as a volunteer officer of the association, were sued individually. Most homeowners policies cover business equipment and furniture in your home for up to $2,500. But they provide no coverage for business liabilitywhich you might need if, for instance, a messenger slipped on your steps while delivering a business package. If you have a home office, you should consider buying additional business coverage. For about $20 to $30 a gear, you can buy $5,000 in coverage for business equipment and furniture, plus $100,000 in liability coverage.

In some cases, these costs are simply determined; in other cases, the facts may be unclearand the insured person may or may not be legally liable. In these cases, the insurance company will often pay medical costs as a goodwill gesture to avoid any legal action. Page 51 A visitor to Mack's home slips and falls on the front steps. These injuries result in medical expenses to the visitor in the amount of $275. Later, the visitor sues Mack for $10,000, claiming damages for negligence. An insurance company will pay the $275 quickly, in hopes of preventing the larger lawsuit.

These technical definitions and exclusions are a major reason that you need homeowners insuranceand that you need to be careful about what kind of insurance you buy. One individual peril that is generally accompanied by restrictions or exclusions is fire and lightning. There is no definition of fire in the policy, but fire is generally defined as a product of combustion which produces flame, light, and heat. Page 8 Fire is a major point of dispute between insurance companies and policy owners. It's defined in insurance terms as either friendly or hostile.

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