Home Buyers Checklist

What Should You Look for in a Good Homeowner’s Policy?

Get an “All-Risk” policy—NOT a “Named Perils” policy.

An all-risk policy covers everything except what is specifically excluded in the policy. Under an all-risk policy, the burden is on the insurance company to prove that the peril causing the damage is not excluded; otherwise, coverage applies.

A Named Perils policy covers only what is specifically noted in the policy. When coverage is written on a named peril basis, the burden is on the insured to prove that one of the named perils caused the loss.

Get all applicable water endorsements, including:

Coverage for slab leak

Water back-up

Seepage, sudden/accidental leaks

Flood—in some cases you may want flood coverage even if you are not in a flood zone

Make sure you have Replacement Cost coverage—NOT ACV coverage

“Actual Cash Value”—a depreciated settlement for coverage that usually gives you around 30 cents on the dollar

Need to protect your business or home? Had a bad experience? First time homeowner?

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