What kind of home insurance should I get?
A standard homeowners policy protects against fire, lightning, wind, storms, hail, explosions, riots, aircraft wrecks, vehicle crashes, smoke, vandalism, theft, breaking glass, falling objects, weight of snow or sleet, collapsing buildings, freezing of plumbing fixtures, electrical damage and water damage from plumbing, heating or air conditioning systems, according to the Insurance Information Institute, a Washington, D.C.-based nonprofit group for the insurance industry.
Such policies are "all-risk" policies, which cover everything except earthquakes, floods, war and nuclear accidents.
A basic policy can be expanded to include additional coverage, such as
for floods and earthquakes and even workers' compensation for servants
or contractors. Home-based business-coverage, an increasingly popular
rider, does not cover liability associated with the business.
Insurance experts recommend that homeowners obtain insurance equal to
the full replacement value of the home. On a 2,000-square-foot home,for
example, if the replacement cost is $80 per square foot, the house
should be insured for at least $160,000.
For personal items, homeowners can increase their coverage beyond the
depreciated value of items such as televisions or furniture by
purchasing a "replacement-cost endorsement" on personal property.
Some experts recommend an inflation rider, which increases coverage as the home increases in value.
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