Triple-I: Spring Is Good Time to Review Home Insurance Coverage

For immediate release

Michael Barry, 917-923-8245, michaelb@iii.org

NEW YORK, March 16, 2023—Spring is the right time to review a residence’s homeowners insurance policy given the unpredictable weather the season usually brings, according to the Insurance Information Institute (Triple-I).

“The best place to start the homeowners insurance review process is by reading the declarations page of your policy,” said Sean Kevelighan, CEO, Triple-I.  “The declarations page offers details on how much coverage you have, lists your deductibles, and tells you your annual premium.  A flood insurance policy, which is sold separately from a homeowners insurance policy, is offered through FEMA’s National Flood Insurance Program (NFIP) and several private insurers. Unlike a standard homeowners insurance policy, it provides coverage for flood-caused damage to a home’s structure and its personal property.”

The National Oceanic and Atmospheric Administration (NOAA) is releasing today its U.S. Spring Outlook.  NOAA’s Outlook will discuss how the significant rain and snow this winter in the Western U.S. has the potential to cause spring flooding while also offering temperature and precipitation forecasts for the upcoming season. Spring begins on Monday, March 20.

Policyholders should ask themselves three questions when reading their homeowners insurance policy:

1. Is my home covered for its full rebuilding cost?

Standard homeowners insurance policies include dwelling coverage which allows a policyholder to rebuild his or her home at its current location, in the event of a partial or total covered loss. Policyholders who have made major improvements to their home, such as adding a new room, enclosing a porch, or expanding a kitchen or bathroom, should adjust their homeowners insurance dwelling coverage limits to reflect these changes.

2. Does my home insurance policy cover expensive items?

Standard homeowners insurance policies place dollar limits for the theft of certain types of expensive personal property, like jewelry, furs and silverware. To cover expensive personal property to their full dollar value, consider adding either a special personal property endorsement or a floater. Endorsements and floaters are priced based on the personal property’s appraised value.

3. Does my home insurance policy’s liability coverage fully protect my assets?

Standard homeowners insurance policies include liability coverage.  For instance, it covers the policyholder against the cost of lawsuits when bodily injury or property damage is caused to other people by either the policyholder or those residing at the policyholder’s home. Liability coverage also pays for damage caused to other people by the policyholder’s pets.

Standard homeowners insurance policies cover a home’s structure if it is damaged due to covered disasters, such as a fire or a windstorm (e.g., tornado, hurricane), as well as the home’s personal property in the event the home’s property is either damaged due to a covered disaster or stolen.

About the Insurance Information Institute

With more than 50 insurance company members — including regional, super-regional, national, and global carriers — the Insurance Information Institute (Triple-I) is the #1 online source for insurance information in the U.S. The organization’s website, blog and social media channels offer a wealth of data-driven research studies, white papers, videos, articles, infographics and other resources solely dedicated to explaining insurance and enhancing knowledge.

Unlike other sources, Triple-I’s sole focus is creating and disseminating information to empower consumers. It neither lobbies nor sells insurance. Triple-I offers objective, fact-based information about insurance – information that is rooted in economic and actuarial soundness. Triple-I is affiliated with The Institutes Risk and Insurance Knowledge Group.