so we've provided this section to simplify it.
Whether you're considering an employer-based plan or applying for individual insurance, already have coverage or just lost coverage, we'll clarify those all-important choices. Here's help for making the right decisions for you and your family.
Don't have insurance...
Don't be intimidated if you find yourself shopping for health insurance in the individual market. We can help you understand how the individual market works and how to apply. It's easier than ever to get a tax break on your health care expenses. But you can only establish the newest type of tax-preferred account called a Health Savings Account if you have a certain kind of high-deductible health plan. So think about how you will pay for health expenses when you pick a plan.
Already have insurance...
You can avoid financial surprises if you know how to use your plan wisely. And if you run into trouble with your insurance company, we can help you understand your rights and how to exercise them. We can also help you understand your right to keep your personal medical information private.
Tuesday, March 10, 2009
Medicare
Medicare at a Glance
Date updated: October 10, 2007
Centers for Medicare & Medicaid Services
Who runs the Medicare Program?
The Centers for Medicare & Medicaid Services (CMS) is the Federal agency that runs Medicare. CMS is part of the U.S. Department of Health and Human Services.
What is Medicare?
Medicare is health insurance for people age 65 or older, under age 65 with certain disabilities, and any age with permanent kidney failure (called “End-Stage Renal Disease”).
Medicare has
* Part A (Hospital),
* Part B (Medical),
* Part C (Medicare Advantage Plans, like HMOs and PPOs), and
* Part D (Medicare prescription drug coverage).
What is Medicare Part A?
Medicare Part A helps cover inpatient care in hospitals. This includes critical access hospitals and skilled nursing facilities (not custodial or long-term care). It also helps cover hospice care and home health care. You must meet certain conditions to get these benefits.
Cost: Most people automatically get Medicare Part A coverage without having to pay a monthly payment, called a premium. This is because they or a spouse paid Medicare taxes while working. If you don’t automatically get premium-free Part A, you may be able to buy it.
What is Medicare Part B?
Medicare Part B helps cover medical services like doctors’ services, outpatient care, and other medical services that Part A doesn’t cover. Part B is optional. Part B helps pay for covered medical services and items when they are medically necessary. Part B also covers some preventive services. These include a one-time “Welcome to Medicare” physical exam, bone mass measurements, flu and pneumococcal shots, cardiovascular screenings, cancer screenings, diabetes screenings, and more.
Cost: Most people pay the standard Part B premium ($93.50 in 2007). Some people may pay a higher premium, based on their income. Your monthly premium will be higher than the standard premium if you are single (file an individual tax return), and your annual income is more than $80,000, or if you are married (file a joint tax return) and your annual income is more than $160,000. These amounts change each year.
What isn't covered by Medicare Part A and Part B?
Medicare doesn’t cover everything. For example, Medicare doesn’t cover cosmetic surgery, health care you get while traveling outside of the United States (except in limited cases), hearing aids, most hearing exams, long-term care (like care in a nursing home), most eyeglasses, and more. Some of these services may be covered under Medicare Advantage Plans.
What are Medicare Advantage Plans (like HMOs and PPOs)?
Medicare Advantage Plans are health plan options that are approved by Medicare but run by private companies. They are part of the Medicare Program, and sometimes called “Part C.” They provide all your Part A and Part B coverage and must cover medically-necessary services. They generally offer extra benefits, and many include Part D drug coverage. You may have to see doctors who belong to the plan or go to certain hospitals to get covered services.
Cost: Some Medicare Advantage Plans charge a monthly premium in addition to your Part B premium. Costs vary by plan and the services you use.
What is Medicare prescription drug coverage?
Medicare offers prescription drug coverage for everyone with Medicare. This is called “Part D.” This coverage may help lower prescription drug costs and help protect against higher costs in the future. It can give you greater access to drugs that you can use to prevent complications of diseases and stay well. These plans are run by insurance companies and other private companies approved by Medicare. Part D is optional.
Cost: If you join a Medicare drug plan, you usually pay a monthly premium. If you decide not to enroll in a Medicare drug plan when you are first eligible, you may pay a penalty if you choose to join later. If you have limited income and resources, you might qualify for extra help paying your Part D costs. For more information on who can get extra help with prescription drug costs and how to apply, visit www.socialsecurity.gov on the web or call Social Security at 1-800-772-1213. TTY users should call 1-800-325-0778.
What are my Medicare Health Plan choices?
Most people get their Medicare health care coverage in one of two ways. Your costs vary depending on your coverage and the services you use.
Original Medicare Plan. The Original Medicare Plan, which provides Medicare Part A and Part B coverage, is a fee-for-service plan managed by the Federal Government. This means you are usually charged a fee for each health care service or supply you get. For some services, you will pay an amount called a deductible before Medicare pays its part. Then, when you get a Medicare-covered medical supply or service, Medicare pays its share, and you pay your share, called the coinsurance or a copayment. You can also choose to get Part D coverage.
Medicare Advantage Plans. Medicare Advantage Plans provide all of your Medicare Part A and Part B coverage and must cover medically-necessary services. They generally offer extra benefits, and many include Part D drug coverage.
Medicare Advantage Plans include:
* Medicare Preferred Provider Organization (PPOs) Plans,
* Medicare Health Maintenance Organization (HMOs) Plans,
* Medicare Private Fee-for-Service (PFFS) Plans,
* Medicare Special Needs Plans, and
* Medicare Medical Savings Account (MSA) Plans.
For help comparing your plan choices, visit www.medicare.gov on the web. Select “Compare Health Plans and Medigap Policies in Your Area.” Or, call 1-800-MEDICARE (1-800-633-4227). TTY users should call 1-877-486-2048.
When can I make changes to my health care coverage?
You can make changes to your Medicare health care coverage from November 15 – December 31 each year. If you are eligible for a Medicare Advantage Plan, you can also join a Medicare Advantage Plan from January 1– March 31 each year. If you are in the Original Medicare Plan, you will have a limited opportunity in 2007 and 2008 to join a Medicare Advantage Plan that doesn’t include Medicare prescription drug coverage (except Medicare Medical Savings Account Plans) at any time during the year.
Can I have other types of health insurance?
Yes. You may already have health care coverage such as employer or retiree coverage or another type of health insurance. There are times when your other coverage or health insurance must pay before Medicare pays. Talk to your benefits administrator to see how your other coverage or health insurance works with Medicare.
If you have the Original Medicare Plan, you might also want to buy a Medigap (sometimes called “Medicare Supplement Insurance”) policy. A Medigap policy is a health insurance policy sold by private insurance companies to fill “gaps” in the Original Medicare Plan coverage.
How can I get help to pay health care and prescription costs?
There are programs that help millions of people with Medicare save money each year. If you have limited income and resources, your State may help pay Medicare premiums and, in some cases, may also pay Medicare deductibles and coinsurance. Help is also available paying prescription drug costs. Call 1-800-MEDICARE (1-800-633-4227). TTY users should call 1-877-486-2048.
Date updated: October 10, 2007
Centers for Medicare & Medicaid Services
Who runs the Medicare Program?
The Centers for Medicare & Medicaid Services (CMS) is the Federal agency that runs Medicare. CMS is part of the U.S. Department of Health and Human Services.
What is Medicare?
Medicare is health insurance for people age 65 or older, under age 65 with certain disabilities, and any age with permanent kidney failure (called “End-Stage Renal Disease”).
Medicare has
* Part A (Hospital),
* Part B (Medical),
* Part C (Medicare Advantage Plans, like HMOs and PPOs), and
* Part D (Medicare prescription drug coverage).
What is Medicare Part A?
Medicare Part A helps cover inpatient care in hospitals. This includes critical access hospitals and skilled nursing facilities (not custodial or long-term care). It also helps cover hospice care and home health care. You must meet certain conditions to get these benefits.
Cost: Most people automatically get Medicare Part A coverage without having to pay a monthly payment, called a premium. This is because they or a spouse paid Medicare taxes while working. If you don’t automatically get premium-free Part A, you may be able to buy it.
What is Medicare Part B?
Medicare Part B helps cover medical services like doctors’ services, outpatient care, and other medical services that Part A doesn’t cover. Part B is optional. Part B helps pay for covered medical services and items when they are medically necessary. Part B also covers some preventive services. These include a one-time “Welcome to Medicare” physical exam, bone mass measurements, flu and pneumococcal shots, cardiovascular screenings, cancer screenings, diabetes screenings, and more.
Cost: Most people pay the standard Part B premium ($93.50 in 2007). Some people may pay a higher premium, based on their income. Your monthly premium will be higher than the standard premium if you are single (file an individual tax return), and your annual income is more than $80,000, or if you are married (file a joint tax return) and your annual income is more than $160,000. These amounts change each year.
What isn't covered by Medicare Part A and Part B?
Medicare doesn’t cover everything. For example, Medicare doesn’t cover cosmetic surgery, health care you get while traveling outside of the United States (except in limited cases), hearing aids, most hearing exams, long-term care (like care in a nursing home), most eyeglasses, and more. Some of these services may be covered under Medicare Advantage Plans.
What are Medicare Advantage Plans (like HMOs and PPOs)?
Medicare Advantage Plans are health plan options that are approved by Medicare but run by private companies. They are part of the Medicare Program, and sometimes called “Part C.” They provide all your Part A and Part B coverage and must cover medically-necessary services. They generally offer extra benefits, and many include Part D drug coverage. You may have to see doctors who belong to the plan or go to certain hospitals to get covered services.
Cost: Some Medicare Advantage Plans charge a monthly premium in addition to your Part B premium. Costs vary by plan and the services you use.
What is Medicare prescription drug coverage?
Medicare offers prescription drug coverage for everyone with Medicare. This is called “Part D.” This coverage may help lower prescription drug costs and help protect against higher costs in the future. It can give you greater access to drugs that you can use to prevent complications of diseases and stay well. These plans are run by insurance companies and other private companies approved by Medicare. Part D is optional.
Cost: If you join a Medicare drug plan, you usually pay a monthly premium. If you decide not to enroll in a Medicare drug plan when you are first eligible, you may pay a penalty if you choose to join later. If you have limited income and resources, you might qualify for extra help paying your Part D costs. For more information on who can get extra help with prescription drug costs and how to apply, visit www.socialsecurity.gov on the web or call Social Security at 1-800-772-1213. TTY users should call 1-800-325-0778.
What are my Medicare Health Plan choices?
Most people get their Medicare health care coverage in one of two ways. Your costs vary depending on your coverage and the services you use.
Original Medicare Plan. The Original Medicare Plan, which provides Medicare Part A and Part B coverage, is a fee-for-service plan managed by the Federal Government. This means you are usually charged a fee for each health care service or supply you get. For some services, you will pay an amount called a deductible before Medicare pays its part. Then, when you get a Medicare-covered medical supply or service, Medicare pays its share, and you pay your share, called the coinsurance or a copayment. You can also choose to get Part D coverage.
Medicare Advantage Plans. Medicare Advantage Plans provide all of your Medicare Part A and Part B coverage and must cover medically-necessary services. They generally offer extra benefits, and many include Part D drug coverage.
Medicare Advantage Plans include:
* Medicare Preferred Provider Organization (PPOs) Plans,
* Medicare Health Maintenance Organization (HMOs) Plans,
* Medicare Private Fee-for-Service (PFFS) Plans,
* Medicare Special Needs Plans, and
* Medicare Medical Savings Account (MSA) Plans.
For help comparing your plan choices, visit www.medicare.gov on the web. Select “Compare Health Plans and Medigap Policies in Your Area.” Or, call 1-800-MEDICARE (1-800-633-4227). TTY users should call 1-877-486-2048.
When can I make changes to my health care coverage?
You can make changes to your Medicare health care coverage from November 15 – December 31 each year. If you are eligible for a Medicare Advantage Plan, you can also join a Medicare Advantage Plan from January 1– March 31 each year. If you are in the Original Medicare Plan, you will have a limited opportunity in 2007 and 2008 to join a Medicare Advantage Plan that doesn’t include Medicare prescription drug coverage (except Medicare Medical Savings Account Plans) at any time during the year.
Can I have other types of health insurance?
Yes. You may already have health care coverage such as employer or retiree coverage or another type of health insurance. There are times when your other coverage or health insurance must pay before Medicare pays. Talk to your benefits administrator to see how your other coverage or health insurance works with Medicare.
If you have the Original Medicare Plan, you might also want to buy a Medigap (sometimes called “Medicare Supplement Insurance”) policy. A Medigap policy is a health insurance policy sold by private insurance companies to fill “gaps” in the Original Medicare Plan coverage.
How can I get help to pay health care and prescription costs?
There are programs that help millions of people with Medicare save money each year. If you have limited income and resources, your State may help pay Medicare premiums and, in some cases, may also pay Medicare deductibles and coinsurance. Help is also available paying prescription drug costs. Call 1-800-MEDICARE (1-800-633-4227). TTY users should call 1-877-486-2048.
Information Of Health Insurance
What can I do if I am having trouble settling my claim?
If you are unsatisfied with how your insurance company is handling your claim, you have several options:
* Talk to the agent or company representative who sold you the policy
Let the agent know that you are dissatisfied and explain the specifics of your problem.
* Contact the claims manager of the company
Provide a written explanation of your problem with copies of supporting documentation. Remember to send only a copy and not any original documentation. If you are insured with a smaller company, consider writing directly to the president. Going to the top can sometimes speed the process.
* Contact your state insurance department
Insurance is a regulated industry and your state department of insurance should be able to help you resolve your problem.
* Consult an attorney
If you have tried all four of the above tips and still cannot resolve the claim, you have the option of talking to an attorney. You may have to pay a consultation fee for your initial visit, so make sure you know how much this will cost. Meet with an attorney who has solid references or get the name of someone from your local bar association. Prepare for the visit by bringing a copy of your insurance policy and other relevant documents. Get the fee structure in writing before you decide to pursue the case.
If you are unsatisfied with how your insurance company is handling your claim, you have several options:
* Talk to the agent or company representative who sold you the policy
Let the agent know that you are dissatisfied and explain the specifics of your problem.
* Contact the claims manager of the company
Provide a written explanation of your problem with copies of supporting documentation. Remember to send only a copy and not any original documentation. If you are insured with a smaller company, consider writing directly to the president. Going to the top can sometimes speed the process.
* Contact your state insurance department
Insurance is a regulated industry and your state department of insurance should be able to help you resolve your problem.
* Consult an attorney
If you have tried all four of the above tips and still cannot resolve the claim, you have the option of talking to an attorney. You may have to pay a consultation fee for your initial visit, so make sure you know how much this will cost. Meet with an attorney who has solid references or get the name of someone from your local bar association. Prepare for the visit by bringing a copy of your insurance policy and other relevant documents. Get the fee structure in writing before you decide to pursue the case.
Health Insurance Rates
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THE BEST PRICE ON INSURANCE.
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Madeleine P. | Savannah, GA
I obtained a comparison quote and saved $150/yr. I was pleased with the ease-of-use of the online system. I navigated the screens quickly and easily. The help screens and functions available greatly aided my ability to fill-in the requested information in a timely and orderly fashion. Overall, I was very pleased with my experience and will highly recommend it to my friends and family.
William F. | Willoughby, OH
Excellent service. Fast and to the point. The rates received are very good. You will eventually eliminate the competition. Good Job!
Angel P. | Miramar, FL
Your website helped me to save over $500 and a 75% better policy. My sincere thanks.
Mary P. | Norcross, GA
Just wanted to let you know that the web-site was a breeze to move through and made the experience of getting a quote so much easier than I expected!
Nancy A. | Sarasota, FL
I would like to take a moment and thank you for what you have done for me! You saved me over $300.00 a year. Thank you so much. I am a very PLEASED customer.
Brenda C. | Newport, ME
The fact of getting multiple rate quotes so quick and easily was what prompted me into doing it and will, in the end, save me quite a bit of money. A rate from a quality insurer was considerably lower than what I pay now.
Robert Z. | Columbus, OH
Thanks for helping me get insurance. I checked today to see if I could get a better rate and the closest one was $100 more! You have saved me dollars that I will need for retirement. Thanks again.
Tim G. | Los Angeles, CA
Your web site was very easy to use. I did not have enough time this morning to finish my quote, so I really liked how you can save and return to your information. Overall, a great web site and a plus to the consumer!
Rebecca L. | Arlington, VA
I think your comparison program is excellent. I looked up many insurance places before going online and your quote was the most reasonable and what I'm going with. Thank you for having this online comparison and saving me over $100.
Valerie J. | Plainfield, IL
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Ann N. | Cincinnati, OH
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Roslyn W. | San Jacinto, CA
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David C. | Silverton, OR
THE BEST PRICE ON INSURANCE.
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How do I pick a health plan?
Whether your employer gives you a choice of plans or you need to purchase your own coverage, it is crucial that you understand your health insurance choices and pick the insurance that is best for you and your family.
Here are some questions you should ask yourself when choosing a health insurance plan:
How affordable is the cost of care?
* What is the monthly premium I will have to pay?
* Should I try to insure most of my medical expenses or just the large ones?
* What deductibles will I have to pay out-of-pocket before insurance starts to reimburse me?
* After I have met my deductible, what percentage of my medical expenses are reimbursed?
* How much less am I reimbursed if I use doctors outside the insurance company’s network?
Does the insurance plan cover the services I am likely to use?
* Are the doctors, hospitals, laboratories and other medical providers that I use in the insurance company’s network?
* If I want to use a doctor outside the network, will the plan permit it?
* How easily can I change primary-care physicians if I want to?
* Do I need to get permission before I see a medical specialist?
* What are the procedures for getting care and being reimbursed in an emergency situation, both at home or out of town?
* If I have a preexisting medical condition, will the plan cover it?
* If I have a chronic condition such as asthma, cancer, AIDS or alcoholism, how will the plan treat it?
* Are the prescription medicines that I use covered by the plan?
* Does the plan reimburse alternative medical therapies such as acupuncture or chiropractic treatment?
* Does the plan cover the costs of delivering a baby?
Here are some questions you should ask yourself when choosing a health insurance plan:
How affordable is the cost of care?
* What is the monthly premium I will have to pay?
* Should I try to insure most of my medical expenses or just the large ones?
* What deductibles will I have to pay out-of-pocket before insurance starts to reimburse me?
* After I have met my deductible, what percentage of my medical expenses are reimbursed?
* How much less am I reimbursed if I use doctors outside the insurance company’s network?
Does the insurance plan cover the services I am likely to use?
* Are the doctors, hospitals, laboratories and other medical providers that I use in the insurance company’s network?
* If I want to use a doctor outside the network, will the plan permit it?
* How easily can I change primary-care physicians if I want to?
* Do I need to get permission before I see a medical specialist?
* What are the procedures for getting care and being reimbursed in an emergency situation, both at home or out of town?
* If I have a preexisting medical condition, will the plan cover it?
* If I have a chronic condition such as asthma, cancer, AIDS or alcoholism, how will the plan treat it?
* Are the prescription medicines that I use covered by the plan?
* Does the plan reimburse alternative medical therapies such as acupuncture or chiropractic treatment?
* Does the plan cover the costs of delivering a baby?
Health Insurance Program
Should I participate in my employer’s health insurance program?
Yes, employer-sponsored health insurance plan premiums can be considerably lower priced than those for an individual health insurance plan because the plan is group rated and your employer contributes toward the cost. If your employer gives you a choice of plans, you need to understand your choices and pick the plan best suited for you and your family.
Yes, employer-sponsored health insurance plan premiums can be considerably lower priced than those for an individual health insurance plan because the plan is group rated and your employer contributes toward the cost. If your employer gives you a choice of plans, you need to understand your choices and pick the plan best suited for you and your family.
HOMEOWNERS INSURANCE INFORMATION
What is in a standard homeowners insurance policy?
A standard homeowners insurance policy includes four essential types of coverage. They include:
1. Coverage for the structure of your home.
2. Coverage for your personal belongings.
3. Liability protection.
4. Additional living expenses in the event you are temporarily unable to live in your home because of a fire or other insured disaster.
1. The structure of your house
This part of your policy pays to repair or rebuild your home if it is damaged or destroyed by fire, hurricane, hail, lightning or other disaster listed in your policy. It will not pay for damage caused by a flood, earthquake or routine wear and tear. When purchasing coverage for the structure of your home, it is important to buy enough to rebuild your home.
Most standard policies also cover structures that are detached from your home such as a garage, tool shed or gazebo. Generally, these structures are covered for about 10% of the amount of insurance you have on the structure of your home. If you need more coverage, talk to your insurance agent about purchasing more insurance.
2. Your personal belongings
Your furniture, clothes, sports equipment and other personal items are covered if they are stolen or destroyed by fire, hurricane or other insured disaster. Most companies provide coverage for 50% to 70% of the amount of insurance you have on the structure of your home. So if you have $100,000 worth of insurance on the structure of your home, you would have between $50,000 to $70,000 worth of coverage for your belongings. The best way to determine if this is enough coverage is to conduct a home inventory.
This part of your policy includes off-premises coverage. This means that your belongings are covered anywhere in the world, unless you have decided against off-premises coverage. Some companies limit the amount to 10% of the amount of insurance you have for your possessions. You have up to $500 of coverage for unauthorized use of your credit cards.
Expensive items like jewelry, furs and silverware are covered, but there are usually dollar limits if they are stolen. Generally, you are covered for between $1,000 to $2,000 for all of your jewelry and furs. To insure these items to their full value, purchase a special personal property endorsement or floater and insure the item for it's appraised value. Coverage includes “accidental disappearance,” meaning coverage if you simply lose that item. And there is no deductible.
Trees, plants and shrubs are also covered under standard homeowners insurance. Generally you are covered for 5% of the insurance on the house—up to about $500 per item. Perils covered are theft, fire, lightning, explosion, vandalism, riot and even falling aircraft. They are not covered for damage by wind or disease.
Click below to create your personal home inventory with I.I.I.'s easy-to-use tool:
DOWNLOAD: Free Home Inventory Software
Liability protection
Liability covers you against lawsuits for bodily injury or property damage that you or family members cause to other people. It also pays for damage caused by your pets. So, if your son, daughter or dog accidentally ruins your neighbor’s expensive rug, you are covered. However, if they destroy your rug, you are not covered.
The liability portion of your policy pays for both the cost of defending you in court and any court awards—up to the limit of your policy. You are also covered not just in your home, but anywhere in the world.
Liability limits generally start at about $100,000. However, experts recommend that you purchase at least $300,000 worth of protection. Some people feel more comfortable with even more coverage. You can purchase an umbrella or excess liability policy which provides broader coverage, including claims against you for libel and slander, as well as higher liability limits. Generally, umbrella policies cost between $200 to $350 for $1 million of additional liability protection.
Your policy also provides no-fault medical coverage. In the event a friend or neighbor is injured in your home, he or she can simply submit medical bills to your insurance company. This way, expenses are paid without a liability claim being filed against you. You can generally get $1,000 to $5,000 worth of this coverage. It does not, however, pay the medical bills for your family or your pet.
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Additional living expenses
This pays the additional costs of living away from home if you can't live there due to damage from a fire, storm or other insured disaster. It covers hotel bills, restaurant meals and other living expenses incurred while your home is being rebuilt. Coverage for additional living expenses differs from company to company. Many policies provide coverage for about 20% of the insurance on your house. You can increase this coverage, however, for an additional premium. Some companies sell a policy that provides an unlimited amount of loss-of-use coverage, but for a limited amount of time.
If you rent out part of your house, this coverage also reimburses you for the rent that you would have collected from your tenant if your home had not been destroyed.
A standard homeowners insurance policy includes four essential types of coverage. They include:
1. Coverage for the structure of your home.
2. Coverage for your personal belongings.
3. Liability protection.
4. Additional living expenses in the event you are temporarily unable to live in your home because of a fire or other insured disaster.
1. The structure of your house
This part of your policy pays to repair or rebuild your home if it is damaged or destroyed by fire, hurricane, hail, lightning or other disaster listed in your policy. It will not pay for damage caused by a flood, earthquake or routine wear and tear. When purchasing coverage for the structure of your home, it is important to buy enough to rebuild your home.
Most standard policies also cover structures that are detached from your home such as a garage, tool shed or gazebo. Generally, these structures are covered for about 10% of the amount of insurance you have on the structure of your home. If you need more coverage, talk to your insurance agent about purchasing more insurance.
2. Your personal belongings
Your furniture, clothes, sports equipment and other personal items are covered if they are stolen or destroyed by fire, hurricane or other insured disaster. Most companies provide coverage for 50% to 70% of the amount of insurance you have on the structure of your home. So if you have $100,000 worth of insurance on the structure of your home, you would have between $50,000 to $70,000 worth of coverage for your belongings. The best way to determine if this is enough coverage is to conduct a home inventory.
This part of your policy includes off-premises coverage. This means that your belongings are covered anywhere in the world, unless you have decided against off-premises coverage. Some companies limit the amount to 10% of the amount of insurance you have for your possessions. You have up to $500 of coverage for unauthorized use of your credit cards.
Expensive items like jewelry, furs and silverware are covered, but there are usually dollar limits if they are stolen. Generally, you are covered for between $1,000 to $2,000 for all of your jewelry and furs. To insure these items to their full value, purchase a special personal property endorsement or floater and insure the item for it's appraised value. Coverage includes “accidental disappearance,” meaning coverage if you simply lose that item. And there is no deductible.
Trees, plants and shrubs are also covered under standard homeowners insurance. Generally you are covered for 5% of the insurance on the house—up to about $500 per item. Perils covered are theft, fire, lightning, explosion, vandalism, riot and even falling aircraft. They are not covered for damage by wind or disease.
Click below to create your personal home inventory with I.I.I.'s easy-to-use tool:
DOWNLOAD: Free Home Inventory Software
Liability protection
Liability covers you against lawsuits for bodily injury or property damage that you or family members cause to other people. It also pays for damage caused by your pets. So, if your son, daughter or dog accidentally ruins your neighbor’s expensive rug, you are covered. However, if they destroy your rug, you are not covered.
The liability portion of your policy pays for both the cost of defending you in court and any court awards—up to the limit of your policy. You are also covered not just in your home, but anywhere in the world.
Liability limits generally start at about $100,000. However, experts recommend that you purchase at least $300,000 worth of protection. Some people feel more comfortable with even more coverage. You can purchase an umbrella or excess liability policy which provides broader coverage, including claims against you for libel and slander, as well as higher liability limits. Generally, umbrella policies cost between $200 to $350 for $1 million of additional liability protection.
Your policy also provides no-fault medical coverage. In the event a friend or neighbor is injured in your home, he or she can simply submit medical bills to your insurance company. This way, expenses are paid without a liability claim being filed against you. You can generally get $1,000 to $5,000 worth of this coverage. It does not, however, pay the medical bills for your family or your pet.
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Additional living expenses
This pays the additional costs of living away from home if you can't live there due to damage from a fire, storm or other insured disaster. It covers hotel bills, restaurant meals and other living expenses incurred while your home is being rebuilt. Coverage for additional living expenses differs from company to company. Many policies provide coverage for about 20% of the insurance on your house. You can increase this coverage, however, for an additional premium. Some companies sell a policy that provides an unlimited amount of loss-of-use coverage, but for a limited amount of time.
If you rent out part of your house, this coverage also reimburses you for the rent that you would have collected from your tenant if your home had not been destroyed.
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