What's Not Covered By Homeowners Insurance
Standard homeowners insurance typically does not cover flooding. After the floods in Alberta, many people now realize this. Many people are not familiar with the other exceptions in their policies that they are not protected against. Here, we will go over some of the excluded personal property loss or damages that are in standard homeowners insurance policies:
Structures used for business aren't covered by standard homeowners insurance. Actually, your claims for anything on your property that is related to your business could be rejected by the insurance company. Remember this if you're running any kind of business out of your home, if it's a day care, catering company, or a mail-order business for examples.
Pets are not generally covered, whether they are stolen or injured. But if there are injuries caused by your pet, this will be included. In a case where a dog bites someone, your personal liability insurance would protect you if the injured person files a lawsuit. However, you might need extra coverage for certain dog breeds, so let your agent know what kind of dog you own.
If there are losses on your property that would not have been incurred if you had taken measures to protect from further damage, these will be excluded. What does that mean exactly? Losses will not be covered if you have a fire in your home or on your property and you do not call the fire department. In a case where a tree falls on your home and damages the roof and you fail to protect your belongings from the rain damage, you will not be covered.
Power outages are also not covered by the policy, for example, if your frozen food is ruined because of a power outage, this will not be covered.
You know you're not covered for floods - technically called damage due to rising waters. Water backup is also not included in typical coverage. Examples of this are when your basement's sump pump malfunctions or if your drain or sewer backs up. If you would like to be covered for these possibilities, you will need to pay for additional coverage, otherwise you will need to pay for the damages on your own.
If there are areas of your home or property that are being leased out or rented to an unrelated boarder, their personal property will not be covered by standard policies. The renter or boarder will need separate coverage in the event your home is affected by fire or another covered peril and their possessions are damaged.
Earthquakes are also not covered by standard insurance policies. That means if you live in an area prone to earthquakes, you need earthquake insurance. And sinkholes and mudslides also typically aren't covered by home insurance.
Go over the exclusions in your home insurance policy with the agent prior to purchasing. When you have this knowledge, you will know how to prepare.
Structures used for business aren't covered by standard homeowners insurance. Actually, your claims for anything on your property that is related to your business could be rejected by the insurance company. Remember this if you're running any kind of business out of your home, if it's a day care, catering company, or a mail-order business for examples.
Pets are not generally covered, whether they are stolen or injured. But if there are injuries caused by your pet, this will be included. In a case where a dog bites someone, your personal liability insurance would protect you if the injured person files a lawsuit. However, you might need extra coverage for certain dog breeds, so let your agent know what kind of dog you own.
If there are losses on your property that would not have been incurred if you had taken measures to protect from further damage, these will be excluded. What does that mean exactly? Losses will not be covered if you have a fire in your home or on your property and you do not call the fire department. In a case where a tree falls on your home and damages the roof and you fail to protect your belongings from the rain damage, you will not be covered.
Power outages are also not covered by the policy, for example, if your frozen food is ruined because of a power outage, this will not be covered.
You know you're not covered for floods - technically called damage due to rising waters. Water backup is also not included in typical coverage. Examples of this are when your basement's sump pump malfunctions or if your drain or sewer backs up. If you would like to be covered for these possibilities, you will need to pay for additional coverage, otherwise you will need to pay for the damages on your own.
If there are areas of your home or property that are being leased out or rented to an unrelated boarder, their personal property will not be covered by standard policies. The renter or boarder will need separate coverage in the event your home is affected by fire or another covered peril and their possessions are damaged.
Earthquakes are also not covered by standard insurance policies. That means if you live in an area prone to earthquakes, you need earthquake insurance. And sinkholes and mudslides also typically aren't covered by home insurance.
Go over the exclusions in your home insurance policy with the agent prior to purchasing. When you have this knowledge, you will know how to prepare.
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New Unique Article!
Title: What's Not Covered By Homeowners Insurance
Author: Allison Mishley
Email: jessomejd@gmail.com
Keywords: home insurance,renters insurance,rental insurance,personal liability,tenant insurance,home finance,home improvement
Word Count: 484
Category: Finance
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