Compare homeowners insurance on price and protection

A standard policy commonly separates coverage for the dwelling, other structures, personal property, loss of use, personal liability, and medical payments. Each part has its own limit, conditions, and exclusions. Read the declarations and policy forms rather than assuming the house, belongings, and temporary living costs share one limit.

Replacement-cost coverage generally pays the cost to repair or replace covered property with similar materials or items, subject to policy terms and limits. Actual cash value generally subtracts depreciation. Ask whether the dwelling and belongings use different settlement methods and when the insurer releases any recoverable-depreciation payment.

Higher deductibles can reduce premiums, but you must be able to cover the amount after a loss. Check whether the policy has separate wind, hail, hurricane, earthquake, or other catastrophe deductibles; some are percentages of the insured dwelling amount, which can be much larger than a flat-dollar deductible.

Most homeowners policies do not cover flood damage. Separate flood insurance may be available through the National Flood Insurance Program or private insurers, and some properties or prior disaster-aid recipients face coverage requirements. Check the waiting period, building and contents limits, exclusions, and your property's risk before a storm threatens.

Give each insurer the same property details and request matching dwelling, personal-property, liability, loss-of-use, valuation, endorsements, and deductibles. Compare exclusions, claim settlement, discounts, complaint information, and financial condition along with price. Update insurers about renovations and keep a home inventory so the coverage estimate reflects what you own.