Homeowners Insurance Falls Short

WASHINGTON, DC (WUSA) -- Hurricane-force winds, fire, flooding, diasters for when you truly need reliable home insurance.

But a national Consumer Reports Research survey finds many of us don't have enough coverage on our homes.

"The problems include delayed payments, payouts that were smaller than expected, and some claims that were denied entirely," says Tobie Stanger.

Policy holder who reported the most problems with claims were with Farmer's Insurance, Allstate and Traveler's, all major insurance carriers.

And many insurance companies are cutting back coverage.

Tobie says, "Some are imposing high deductions for windstorm damage. you might not be covered any longer for mold or dog bites. So, you better check your policy to see what's covered."

The key is to check what coverage you'll have if your house is destroyed.

"Insurers are cutting back here, too. Guaranteed replacement cost coverage, which pays the total bill to rebuild regardless of the price, is very hard to get, and where it's available it's very expensive," says Tobie Stanger.

Consumer experts recommend you comparison shop for insurance every five years. netquote.com and insweb.com are good sites.

And check that the policy includes adjustments for inflation.

Be aware thatflood damage is never covered by private homeowners insurance.

But you can get flood coverage through the federal government. Click here to learn more.