Is there a homeowners insurance policy that covers every conceivable method of loss to everything?

Question

Im looking for a homeowners insurance policy that will cover everything and with no deductable. We just bought a house, and im looking for a better policy. I live paycheck to paycheck and dont save a dime of money, it all goes to bills or payments. I would never be able to afford a deductable. Im looking for a policy that will cover every method of loss from flood to alien invasion to tornadoes to fire to war. If a storm hits and frys my $50 toaster, i want it completely covered with no out of pocket loss. If a tree hits our roof I want it completely covered with no deductable and no questions about how it happened. I am very tightly stretched with money and my entire lifestyle and state of life is riding on no unexpected emergency events that leave us with a loss. So now that you know what im looking for does anyone have any reccomendations?

Answer 1

Nope, no such horse.  Even the BEST of the best, that I've ever seen (a Chubb policy) has a deductible.  They do NOT want you filing claims for maintenance stuff that you don't want to take care of, and every paperclip that you lose.

Flood is ALWAYS excluded, as is war, and radiation.  Not to mention termite damage, flea infestations, etc.

If you DO want that Chubb cream of the crop policy, they only write it on homes that are worth at least $250,000, and it has a minimum $1,000 deductible.  AND, it's an expensive policy to buy.  

If you want to not be financially responsible for your house, you're better off renting.  

Sorry.

Answer 2

You're dreaming.  There are no policies that don't have exclusions and limitations.  If you're as "tightly stretched" as you say, you need to reexamine your lifestyle.

Answer 3

The problem is that you are going to pay an arm and a leg in premiums for that kind of insurance.  You would be better off to get good coverage and save the difference in premium.  Flood insurance has to be bought separate as it is federally backed.  Most insurance has at least a 1% deductible (based on the value of your home) for roof damage.  Why would you want to pay an extra $50 a month to have a $50 toaster covered?  for example a good basic home owners policy might be $200 a month, with flood and no deductible that could easily be double, why not save the $200 a month to replace that toaster if you need to.

Answer 4

No such policy exists.  There is no such thing as a "no questions asked" policy. If that existed - every person who got behind on their mortgage payment would just burn the house down b/c "no questions asked".

Questions are always asked. That's what a claim investigation is.

And if any insurance company actually decided to offer such a policy - premium would be so expensive Donald Trump and Bill Gates would be the only ones who could afford it.

No insurance policy is going to cover everything. No policy is going to cover maintenance issues/wear and tear. Flood coverage is provided through the federal government. You have to purchase it in addition to a homeowners policy. War is excluded. Mold is usually limited.  However, air craft are usually covered -- so if the aliens crash their space ship into your home - you will probably be ok.

The better the coverage -- the higher the premium. The lower the deductible, the higher the premium. The company I work for does not even offer a no deductible policy.

There are several different types of homeowners policy. Your best bet is to sit down with an agent you trust and determine which product will meet your needs.

It does not matter what type of policy you have-- if you don't make the premium payment -- there is no coverage. And if your budget is so stretched you could not replace a $50.00 toaster -- premium is going to be a concern for you.

Your agent will be able to help you decide what policy can best meet your needs and stay within your budget.

Answer 5

There is no insurance policy that covers absolutely everything including war and terrorist attacks, floods, and asteroids falling on your house...

That being said, if there was it would cost far more than you could afford

All insurance policies have deductible to screen out the tiny claims that are a downright nuisance to the insurance companies.