What Doesn’t Your Homeowners Insurance Cover?
So you invested in a home which is probably the biggest commitment you will ever make. Of course, you take out a good home policy so your investment will be securely protected, right? The thing is a lot of home owners have no idea what their homeowners insurance really covers. This can be a serious problem if you ever do need to make a claim and your insurer says that your claim is not a covered incident.
What Is Included And What Is Excluded?
Do you even know what your policy covers? Maybe it is more important to ask you if you know what your homeowners insurance policy does not cover. If you have no clue, it is time to pull out your paperwork and get on the phone with your agent. Before you do that, take the time to learn about some commonly excluded risks. You can learn more about these risks here: http://bestratesus.com/what-your-home-policy-does-not-cover/
Some common and alarming examples, depending upon your area, are floods, earthquakes, your teenager mouthing off, and even misbehaving dogs. If you have a house to protect or assets to lose, you could be setting yourself up for a financial disaster.
- If you have other assets to protect, you may choose extra liability insurance in the form of an umbrella policy: http://bestratesus.com/what-does-an-umbrella-insurance-policy-cover/
- If you are worried about property damage – either to your house or the things that you store inside of your house or garage, you might need additional policies or riders for these uncovered threats. i.e. earthquakes, trailers, and most commonly floods.
- People who suffer from many natural disasters do not live in recognized high risk areas. In fact, these people could purchase coverage for low rates because they are not zoned to high risk areas, but never even realize this coverage is available, and then face devastation when their claims are denied.
If You Cannot Get Help Understanding What Your Homeowners Insurance Covers And Does Not Cover, Find Better Insurance!
If your own agent is too busy to take the time to speak with you, it is probably time to find another agent. Many people only speak to the experienced agent when they are buying a new policy, and then they quickly get shuffled off to a phone bank as soon as the policy is purchased. Find out what your home policy excludes a long time before you need to make a claim because you have a property damage or liability claim.
- A Guide to Homeowner’s Insurance (insureyes.com)
- The Dos and Don’ts of Homeowners Insurance (insureyes.com)
- Umbrella Insurance Policies: Why You Might Want That Extra Protection (dailyfinance.com)