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 What does a homeowners' policy cover? 

A basic policy covers Personal Property and carries Liability Coverage. Personal property coverage meaning your on-premises personal property (household contents, personal belongings, etc) as well as personal property that you carry with you when traveling. Typically, your personal property is covered for damages resulting from the following:

• Theft or Burglary
• Fire or lightning
• Windstorm or hail
• Explosions
• Riots or civil commotion
• Aircraft and vehicle eruptions
• Sudden or accidental smoke damage
• Vandalism or malicious mischief
• Sudden and accidental discharge of water or steam from plumbing system or appliances
• Building collapses
• Self-damaging occurrences

The following items may require additional specified coverage:

• Falling objects
• Electrical and Water Damage
• Harm caused by Snow

For most homeowner's insurance policies, a $500 deductible is recommended. A higher deductible will lower your premium but you will pay more out of pocket in case of a claim. And vice-versa, the lower the deductible, the higher the premium but the less you will pay for a claim. File claims for large catastrophic losses only. Making claims will affect your rate. Turning in a number of small claims may result in a premium increase, cancellation or possible non-renewal of policy. Additionally, you may then experience difficulty in finding new coverage.