For many home insurance policies, certain things are not covered, and a homeowner would be wise to educate themselves about this.
Flood Damage
Home insurance typically covers some water damage, but flood damage is another issue. Water damage is a confusing area for many homeowners, and each policy will determine what areas of damage are covered and which are not. Home insurance policies do not provide coverage from flood damage. Flood is generally described as rising or overflow of a natural body of water. There is sometimes damage from seepage below the surface and run off, this is not covered.
Maintenance Not Kept up
Insurance companies normally cover damages that result from unforeseen circumstances. Your home insurance policy is there to get you back to where you were before a sudden, unexpected occurrence that does damage to your home. Maintenance and problems that occur from wear and tear are not part of this. It's up to homeowners to keep up on all repairs that are needed to the home as a result of age and weather wearing on the house over time.
Damage Due To Mold
Mold is usually a result of water damage, but when it occurs slowly over time due to a leak, whether detected or not, your home insurance won't cover the cleanup. Mold can be very expensive to get rid of, so it's vital to stay on top of any leaks and clean up water damage promptly. When a covered peril is the cause of water damage on your property, be sure that you inform your insurance agent as soon as possible.
Earthquakes
If you live in an area likely to be impacted by earthquakes, you'll need to either purchase a separate earthquake policy or add an earthquake endorsement to your homeowners policy. Be aware these policies can have high premiums, very high deductibles and low limits.
Damage on business property
If you operate a business out of your home or store, don't assume your homeowners insurance covers business property. Your homeowners policy will likely need to be supplemented or you may need a separate business policy. Business property is covered by certain home policies, but the limits are much lower than for items that are of a personal nature. Data loss related to your business is not covered.
Damage Caused by Construction
People enjoy improving their home with renovations. But don't expect your standard home insurance policy to cover you if there is damage to your home while you're doing construction. A builder's risk policy is something that you should consider when considering home renovation. Issues that are covered by this would be damages related to the construction process, theft, and possible damages from rain and wind.
Before beginning a process like this, you should talk to your insurance advisor to be sure you are covered.
When it comes to home insurance, the most common mistake people make is to neglect checking their policies for specific exclusions. Remember, there are certain items in your home that may not be covered by your policy. Check to make sure.
Flood Damage
Home insurance typically covers some water damage, but flood damage is another issue. Water damage is a confusing area for many homeowners, and each policy will determine what areas of damage are covered and which are not. Home insurance policies do not provide coverage from flood damage. Flood is generally described as rising or overflow of a natural body of water. There is sometimes damage from seepage below the surface and run off, this is not covered.
Maintenance Not Kept up
Insurance companies normally cover damages that result from unforeseen circumstances. Your home insurance policy is there to get you back to where you were before a sudden, unexpected occurrence that does damage to your home. Maintenance and problems that occur from wear and tear are not part of this. It's up to homeowners to keep up on all repairs that are needed to the home as a result of age and weather wearing on the house over time.
Damage Due To Mold
Mold is usually a result of water damage, but when it occurs slowly over time due to a leak, whether detected or not, your home insurance won't cover the cleanup. Mold can be very expensive to get rid of, so it's vital to stay on top of any leaks and clean up water damage promptly. When a covered peril is the cause of water damage on your property, be sure that you inform your insurance agent as soon as possible.
Earthquakes
If you live in an area likely to be impacted by earthquakes, you'll need to either purchase a separate earthquake policy or add an earthquake endorsement to your homeowners policy. Be aware these policies can have high premiums, very high deductibles and low limits.
Damage on business property
If you operate a business out of your home or store, don't assume your homeowners insurance covers business property. Your homeowners policy will likely need to be supplemented or you may need a separate business policy. Business property is covered by certain home policies, but the limits are much lower than for items that are of a personal nature. Data loss related to your business is not covered.
Damage Caused by Construction
People enjoy improving their home with renovations. But don't expect your standard home insurance policy to cover you if there is damage to your home while you're doing construction. A builder's risk policy is something that you should consider when considering home renovation. Issues that are covered by this would be damages related to the construction process, theft, and possible damages from rain and wind.
Before beginning a process like this, you should talk to your insurance advisor to be sure you are covered.
When it comes to home insurance, the most common mistake people make is to neglect checking their policies for specific exclusions. Remember, there are certain items in your home that may not be covered by your policy. Check to make sure.
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