Homeowners Insurance
has a variety of coverages

Homeowners insurance includes a variety of coverages such as fire insurance, property & casualty and liability. The liability portion of your homeowners insurance policy protects you from any legal claims made against you -- for instance, if someone were injured on your property and filed a lawsuit against you.

The fire insurance portion is actually part of the property & casualty coverage which protects you from physical damage or loss to your home or its contents. Damage can be partial, such as storm damage, or total, as frequently is the case with fire. Flood insurance and earthquake insurance are specialized coverages that can be added to your policy.

Fire insurance, earthquake insurance or flood insurance usually need to be specifically added to your homeowners insurance package. Premiums vary greatly depending on if your home is in a high risk area. Your insurance agent can inform you of the options available in your specific region.

Two aspects of your homeowners policy are critical and require updating as your situation changes:

First, as the value of your home increases either by normal appreciation or because you're adding on or upgrading, you need to increase your policy limits limits, otherwise you could be left with a larger loss than planned, such as the man detailed in our story on fire insurance.

Second, but equally important, is the value of the contents of your home. If you're constantly buying new things for your house such as electronics, furnishings, clothing and artwork, you will want to increase your policy limits to cover the value of all of your new purchases. Being underinsured is no fun.

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