If you own a home, then you know that homeowners insurance is a necessity to protect your home and the contents within it. This type of insurance can help to protect against fire, vehicle damage, or theft. Homeowners insurance also gives you liability protection against legal actions related to property damage or bodily injury at your home.
However, your homeowners insurance policy does not always cover every accident or mishap on your property. Your home could be hit with a natural disaster or experience another calamity. In those cases, your insurance policy might not cover the losses. Here are some things that might not be covered by your homeowners insurance policy.
Floods
If a flood damages your home, your homeowners insurance policy probably will not cover any damage. Flood damage is often excluded under standard homeowners insurance. In most cases, you will need to purchase a separate flood insurance policy from a private insurer or the U.S. government. The National Flood Insurance Program is operated by the Federal Emergency Management Agency (FEMA). There are maximum amounts of coverage that you can purchase. FEMA will only cover $250,000 for the structure of your home and $100,000 for all your belongings.
Movement of the Earth
For most insurance policies, there is no coverage for sinkholes, earthquakes, or landslides. However, there are separate policies that will cover these events. Earthquake coverage can reimburse you for damage to your foundations and walls. A standard homeowners insurance policy will usually cover damage by fires caused by the earthquake. If you live in an earthquake-prone state, then you should think about adding earthquake insurance to your policy. For those in states with sinkholes, you might want to consider purchasing additional protection for your home.
Lack of Maintenance Damage
When you have a home, you need to keep it maintained. Many issues can arise from neglecting your home, including mold or pest infestation. In most cases, this damage will not be covered by your policy. However, there are cases where your policy will cover some damage. For example, a leaking air conditioner or burst pipe can cause water damage throughout your home. Your policy should cover the cost of removing that mold from the structure.
It is still your responsibility to limit any moisture from your home to prevent the growth of mold. You need to keep on the maintenance, including cleaning areas like the bathrooms and basements. In many cases, if you don’t maintain your home, you could even run the risk of voiding your warranty. When you own a home, you should take care of issues like gutter cleanings to avoid any problems down the road.
Sewer Backups
When your sewer backs up, it causes plenty of damage in your home. You might think that your policy will cover it, but you should think again. For most policies, that damage caused by sewer issues is not included. You can have a sewer backup for several reasons, like growing tree roots, outdated sewer systems, combined raw sewage and stormwater, and main sanitary blockages. If you are concerned about sewer issues in your area, you can purchase a separate policy or endorsement from your insurance company.
Canine Attacks
If your family dog bites a visitor, you will be responsible for the injuries. For those owners of aggressive breeds, like a Pit Bull or German Shepherd, your insurance policy might not cover any costs. Even if your dog is not excluded from the policy, your policy will only cover a certain amount of damage. Most liability coverages have limits between $100,000 to $300,000. If the claim exceeds those limits, you will have to pay out the remaining amount. The average dog bite claim is around $39,000. These costs are something that you should know if you have a dog on your property.
Pools and Trampolines
Pools can be fun for your backyard, but they do pose a risk for injuries. For that reason, many of those backyard pools and trampolines might not be insured by your company. In some cases, they can exclude liability for any injuries caused by them. If you have a pool or trampoline in your backyard, you are responsible for contacting the insurance company about it. If you do not inform them, your homeowners insurance could cancel your policy.
Expensive Jewelry
Most homeowners insurance policies do cover jewelry, but it will not be enough to protect you from significant loss. These policies usually have a limit of $1,500. For many people, they have jewelry that will exceed those amounts. If you have a lot of expensive necklaces or rings, then you will need to purchase an endorsement or rider to your policy. However, you will need to pay for appraisal before you can add a rider. When you add a rider to your policy, it will include accidents like dropping your rings down a drain. You might also want to consider raising the limit of your homeowners policy.
Your Belongings in Someone Else’s Basement
If you are storing your possessions in someone else’s basement, you might not be covered in the event of damage. Your friend might have insurance, but that policy will not cover your losses since you are not the homeowner. In most cases, you will have to try to collect from your friend. Before you store stuff in other people’s homes, you should realize that you will not be reimbursed for any damage.
Always Check Your Coverage
You should never assume that your homeowners insurance policy will cover you from all damages. If you are not sure about your policy, you need to review your coverage for its limits and exclusions. You can always update your insurance to keep you protected against unexpected losses. It is better to have adequate coverage than not enough and pay out of pocket.
RGB Construction is ready to help you. We can help work with your insurance company to see if your policy covers any of our repairs. If you want to schedule a consultation, please take a few minutes to fill out the contact form.
