Homeowner's True/False Quiz

  • 1) The Medical payments coverage on my homeowner's policy covers injuries to me & my family.

  • Answer: False
    - Medical payments, a common feature on a standard homeowner's policy, is there to protect you in the event that someone other than you or your family (ie: a neighbor, friend, etc) gets hurt on your property and they do not want to sue you.

  • 2) If my home is ever destroyed by a covered loss, my insurance company will reimburse me for whatever I tell them I owned at the time of the loss.

  • Answer: False
    - In the event of a covered loss you insurance company will ask you to make a list of everything you own and include specific details (such as purchase price, date of purchase, serial numbers, etc). The best way to do this is create an inventory checklist, photos or videos. Make sure to keep your inventory in a fire proof safe or at a friends house so it is still around when you need it.

  • 3) All of my valuables - like jewelry - will be covered in the event of a burglary.

  • Answer: False
    - There are limits on the amount of coverage you can receive for valuables such as jewelry, furs, etc. For example, most companies put a cap of $1500 on total jewelry lost during a burglary of your home. If you find that your jewelry values over $1500 you should talk to a home insurance agent and schedule an endorsement on your policy giving you additional coverage.

  • 4) When determining my coverage, I should use the purchase price for my home as my dwelling coverage amount.

  • Answer: False
    - Your dwelling coverage should always reflect the replacement cost of your home - or how much it would cost to rebuild your home in the event of a total loss.

  • 5) Identity theft coverage is included on a standard Homeowner insurance policy.

  • Answer: False
    - Most insurance companies offer an endorsement to add Identity Theft coverage to your homeowner's policy. The amount of coverage and extent of what is covered varies by company. Identity Theft is one of the fastest growing crimes in New York State. Over 800,000 New Yorkers or 1 in nine households were victimized in a single year alone.
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