Homeowner’s insurance is something that we all should have. However, it is important to know what insurance companies do and do not cover in case of anything short of a major disaster. There are certain conditions in a home dwelling that are not covered and knowing what these are can save a lot of headache in the long run. Most insurance companies do not cover things like flooding, tornadoes, mold damage, wind damage, nuclear explosions and hurricanes unless you have a rider in place specifically indicating coverage for such disasters. These can cost the homeowner extra money. The risks depending on where you live can play a big part in these disasters. If you live in a dry state, you probably will not need flood insurance. If you live near the coastline, a hurricane rider should definitely be added to your homeowner’s policy. This is very important to consider in your policy.
Your personal belongings are covered in your homeowner’s policy to a specific amount. It is important to determine how much coverage you need for your personal belongings. If you have a home office, for example with several printers and computers, it may be wise to add extra coverage to your policy. If you have very few belongings, it is best to choose a smaller amount. Either way, you will want to keep this updated in your policy as things can change yearly and you may need to adjust your coverage depending on your situation. This can save money as well as headache should disaster strike and you incur property damages.
Take a good look at your home not only inside but outside. If you have outside structures such as a gazebo, free standing garage or anything that is part of your property, you will need to take this into consideration when buying your insurance policy. If you already have a policy in place, you will need to review it to make sure you have the proper coverage for all structures both inside and outside to protect your home.
The most common things that are not covered by homeowner’s insurance are theft and damage to cars, motorcycles and boats on your property. Water lines that break on your property that supply your water are typically not covered. Sewer lines that are severed or broken from a municipal sewer system are also not covered by a homeowner insurance policy. Mold and termites are also non-covered as well as pets being stolen or injured on your property. Again, it is wise to review your policy to find ways to enhance your property coverage.
Your home insurance is very important. Choose and review your policies wisely to be sure you get the best coverage at the best price. You can save money and have peace of mind that your home and belongings are adequately protected.