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Homeowners
policies automatically cover household contents - furniture,
clothes, appliances, etc. - up to 40 percent of the amount your
house is insured for. This means if you insure your house for
$100,000, its contents are insured for up to $40,000. You can get
more coverage by paying a higher premium. This automatic coverage
pays only the actual cash value of damaged, stolen, or destroyed
household goods. Actual cash value is an itemīs replacement cost,
minus depreciation.
Replacement
cost policies give you more protection than actual cash value
coverage. For example, what happens if a burglar steals your
six-year-old television set. With actual cash value coverage, you
get only what you would expect to pay for a six-year-old television
set. With replacement cost coverage, the insurance company pays to
replace your TV with a new set similar to the stolen one.
Do I need to buy
flood insurance?
If you want your belongings covered against damages caused by a
flood, the answer is yes. Basic homeowners insurance policies do not
cover damage from flooding. Because flood damage happens so
infrequently, most insurance companies won't even consider writing
flood coverage. The National Flood Insurance Program (NFIP)
underwrites the overwhelming majority of flood policies in the
United
States.
While most people should at least think about getting flood
insurance, it is true that some people need it more than others.
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