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If you are as old as I am, you might be able to picture Private Gomer Pyle's smiling face shouting that phrase to Marine Sgt Carter in the old Gomer Pyle, U.S.M.C. TV show.   Usually the surprise wasn't something Sgt Carter was very happy about.

 February 2007 Zogby International poll commissioned by MetLife Auto & Home indicates that many home owners are in for a big "surprise, surprise, surprise" of their own.  

I read an article on the Zogby International website www.zogby.com that stated most Americans with home insurance thought their insurance company would pay the full cost to rebuild from a natural disaster or fire, while 72% said they would be reimbursed the full cost to replace personal belongings.  The truth is that most insurance companies have a cap to their policies unless you purchase additional coverage and they will also depreciate your property when determining replacement value.  Surprise!!!

The poll also found that 69% thought they would be covered if the sewer backed up into their house.  A friend of mine recently discovered that her policy did not cover water damage caused by sewer backup.  This turned out to be a very expensive surprise.

What the survey showed is that many American homeowners don't understand exactly what their policy actually covers.  Did you know for example, that most policies cover damage from lightning strikes.  I didn't until it happened to my inlaws and they were able to get some electronics replaced that were damaged as a result of a lightning strike.

How do you avoid these kind of unpleasant surprises?  Get educated!  As boring as it might sound, read your policy and then talk to your agent regarding any questions you have about gaps in your coverage.   You can also shop around.  Determine the coverage you want and then shop the same coverage around to different companies, but make sure you are comparing apples to apples. 

Too many times we as consumers are looking for the cheapest price we can get.  What we should really be looking for is the best price for the right coverage.   Instead of "surprise, surprise, surprise", we should want value, value, value.  Have any of you been surprised by a lack of understanding of your home owners insurance policy.  Let me know.

Until next time, keep learning.

Joeyd