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Uploaded on Nov 29, 2009
http://www.koolik.com In this episode of Real Estate Today with Elliot Koolik of Koolik Group Realty, we will join Lisa Pacillo, President of All Risk Insurance Group and licensed insurance broker, in answering the question "What does homeowners insurance cover?" Lisa will break down typical homeowners insurance coverage including how much coverage is required and what is insured under that coverage. Lisa explains that every homeowner must cover their mortgage amount based on the rebuild cost of replacing 100% of the structure in the event of a hurricane, fire, etc. Coverage B covers any structures other than the house itself. This may include a swingset, shed or other unattached structures and is included in the insurance premium. Coverage C covers personal property including kitchen cabinets, flooring, bathroom vanities, toilet, etc. Coverage C offers two methods of insuring this personal property. One method is full replacement cost which is more expensive but will cover the cost of a replacement. Option two is more affordable but only insures personal items at their purchase value minus depreciation. Flood insurance is covered under National Flood Policy and is typically under $500 annually.