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Test your homeowner smarts
Do you have enough coverage to rebuild your house in case of a catastrophe, or know the difference between actual cash value and replacement cost? Find out what you don't know.
1.
You have valuable paintings and jewelry. These items are fully covered by:
Your regular homeowners insurance policy.
An endorsement you add to your standard insurance policy.
A separate policy you have to purchase.
None of the above. No coverage is available for your valuables.
2.
Your home is damaged by fire or some other disaster. You should immediately:
Have the damage repaired and send a bill to your insurance company.
Call your insurance company, photograph or videotape the damage, and then make temporary repairs to make sure no further damage occurs.
Get three bids to make repairs, then submit them to the insurance company.
Do nothing until you hear from the insurance company.
3.
Flood damage is
Covered by your regular homeowners policy.
Covered by an extra policy that you can purchase from any insurance company.
Covered by a policy purchased through the National Flood Insurance Program.
Not covered by insurance. The federal government will compensate homeowners for any damage.
4.
An umbrella policy is:
Coverage that protects your home from flood damage.
A special rider that protects your home from storm damage.
Personal liability coverage that supplements the liability coverage provided by your homeowners and vehicle policies.
Extra coverage to make sure your home is rebuilt as it was after a disaster, even if construction costs have increased.
5.
'Actual cash value' means your insurance company will:
Give you enough money to replace damaged items with new items, minus your deductible.
Give you a check for the value of your home if it is destroyed.
Give you money equal to the value of your possessions when they were damaged or destroyed, minus your deductible.
Data providers
Copyright © 2009
Thomson Reuters
.
Click for Restrictions.
Quotes supplied by
Interactive Data Real-Time Services
.
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