Certain types of damage or loss is not typically covered in a home insurance policy, and it's a good idea to know what this includes.
Damage from Flooding
Home insurance typically covers some water damage, but flood damage is another issue. It's not always very clear to a homeowner what is typically covered when it comes to water damage, and what is not included. However, damage from a flood is excluded from home insurance policies. A natural body of water that rises and overflows is the basic definition of a flood. 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. When a home starts to have damage from wear and tear over time, the homeowner has the responsibility to provide the necessary upkeep and make the repairs needed.
Mold Damages
Water damage can result in mold formation, and even if it happened without your knowledge, home insurance policies do not cover cleaning up the damages from mold. Homeowners must be vigilant when looking for water leaks because of the expensive damage that mold from these leaks can cause. Your insurance agent should be told right away when you have water damage that is from a covered peril in your policy.
Damage from Earthquakes
For homeowners that live in a high-risk earthquake zone, they will need to pay extra to have earthquake coverage, in addition to their regular home insurance. Take into account that policies like this have very high deductibles, low limits, and high premiums.
Business property damage
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. Business data won't be covered, though.
Construction Work Damages
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. So if you're planning to remodel your home, you should look into what's called a builder's risk policy. Protection from this kind of coverage will include construction damages, as well as rain or wind storm damage, and theft is an issue during construction as well.
It's also a good idea to let your insurance broker know what type of remodeling that you are planning.
A lot of homeowners don't realize that certain kinds of damage are not typically covered by their home insurance policies. Don't assume everything under your roof is covered. Look into it, so you know what is included and excluded.
Damage from Flooding
Home insurance typically covers some water damage, but flood damage is another issue. It's not always very clear to a homeowner what is typically covered when it comes to water damage, and what is not included. However, damage from a flood is excluded from home insurance policies. A natural body of water that rises and overflows is the basic definition of a flood. 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. When a home starts to have damage from wear and tear over time, the homeowner has the responsibility to provide the necessary upkeep and make the repairs needed.
Mold Damages
Water damage can result in mold formation, and even if it happened without your knowledge, home insurance policies do not cover cleaning up the damages from mold. Homeowners must be vigilant when looking for water leaks because of the expensive damage that mold from these leaks can cause. Your insurance agent should be told right away when you have water damage that is from a covered peril in your policy.
Damage from Earthquakes
For homeowners that live in a high-risk earthquake zone, they will need to pay extra to have earthquake coverage, in addition to their regular home insurance. Take into account that policies like this have very high deductibles, low limits, and high premiums.
Business property damage
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. Business data won't be covered, though.
Construction Work Damages
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. So if you're planning to remodel your home, you should look into what's called a builder's risk policy. Protection from this kind of coverage will include construction damages, as well as rain or wind storm damage, and theft is an issue during construction as well.
It's also a good idea to let your insurance broker know what type of remodeling that you are planning.
A lot of homeowners don't realize that certain kinds of damage are not typically covered by their home insurance policies. Don't assume everything under your roof is covered. Look into it, so you know what is included and excluded.
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