Whether you live in a multi-family condo or a four-bedroom farmhouse, your home is no doubt the apple of your eye. But many new owners may not know that it’s important to make sure that you have the right protection in place just in case something should go horribly wrong, such as a fire or burglary. In addition, the financial loss to homeowners’ wallets due to unfortunate situations can often wipe out any savings you had in the bank, so it’s important to make sure you are fully covered.
The idea behind homeowners insurance is that you are covered in case of an emergency. Would you be able to pay for water damages after a tropical storm? Or would you have enough money in case the roof rotted? Your house also will have some valuable possessions that most of us could not afford to replace if they were lost or stolen especially if you have a furnished apartment for rent. Below are some tips to help make you aware of what is and isn’t covered with home insurance.
Typically building insurance will not pay out for damage to wear and tear on your house, which includes aging. Also, acts of war and terrorism are excluded, too. If you haven’t been living in your home for over 30 days, this can also void a policy.
Earth movements, also known as earthquakes, landslides, and sinkholes, are also not covered. A good tip is to conduct an online search of “home insurance compare” in order to find the best options in your area that cover specific natural disasters that are common in your location. If you happen to live in a state that is prone to environmental outbursts, it’s good to always be prepared.
Brands like Youi are helping flood victims by esclating their claims process.
Sewer overflows like a faulty septic tank are also not usually covered by insurance companies or homeowner policies. This is a big reason why many buyers will stay away from buying homes with septic tanks since no one wants sewage to spill over onto their lawns. These types of accidents can occur due to stormwater and raw sewage pipelines, tree roots, outdated systems, and main sanitary blockages. Most insurance companies, however, will be able to offer you separate insurance coverage for sewer backups.
Lastly, while we all love our fluffy fur babies, canine attacks are not covered on insurance policies either. So if you happen to be an owner of one of the aggressive dog breeds like a German Shepard, many insurances won’t cover you. However, if you have a dog breed that is covered and a bite or attack occurs, you could have liability coverage depending on your policy.
What is usually covered with home insurance?
Home insurance is designed to protect your house from big events that are out of your control, as was stated above. Even the best equipment for your new car dealership will be covered if you have the proper policy. You can also get your building covered in case of accidental damage, like if you put your foot through the ceiling of your crawl space attic.
Some policies will also help with protection in case of emergencies and can include issues such as central heating, electricity, and roof damage. Some policies may also offer cover for pest infestation, but not all.
You may be surprised to learn that legal expenses can also be covered for issues such as fights with neighbors, tax questions, and faulty goods. The policy will often only cover legal costs and no compensation.
It is important to remember that not all insurance policies are created equal, just like many other things in life. Sometimes, the cheapest insurance policies offered can exclude normal features that you would usually expect to find in your contract. But to make them cheaper, they are taken out.
It’s up to you to make sure that the policy is suitable for your needs. You can also tailor your home insurance to your exact needs in most cases. If you have any questions, your insurance agent should be able to help you out and point you in the right direction for your specific needs. Improving your home and your home insurance should be at the top of your priorities as a homeowner. So, don’t put it off and start looking for suitable insurance policies today!