Purchasing a home is an exciting investment in your future and deserves the most protection you can provide. For this reason, it pays to invest in a home insurance plan that covers potential damage to the structure and your property. However, while it provides added security, a standard policy doesn’t cover everything. Taking care of these possible exclusions will prepare you to protect your more vulnerable property.
What Isn’t Covered by Home Insurance?
1. Damage Resulting From Negligence
Home insurance is made to protect you from unavoidable or unforeseeable damage; thus, problems resulting from failure to perform regular maintenance on your home won’t be covered. For example, if you don’t deal with a termite infestation and it ultimately leads to structural damage in your home, most insurance policies won’t cover this. Other examples of negligence might include water damage and sewage issues resulting from owner negligence.
Coverage is typically determined by the source of the problem; for example, if water damage is caused by burst pipes that were out of your control, you might be eligible for coverage.
2. Certain Natural Disasters
Depending on where you live and your home insurance plan, you likely won't be covered for certain natural disasters. For example, if you live in a coastal town, wind damage may be considered too prevalent to be a part of most policies. Standard coverage won’t include floods or earthquakes, either. In most cases, though, if damage resulting from a natural disaster is covered by your policy, the company will pay for repairs.
Additionally, if you live in a particularly disaster-prone area, you can purchase coverage for specific disasters like floods or earthquakes. To qualify for a mortgage in these areas, you may be required by your lender to buy certain types of insurance.
3. Luxury & High-Risk Items
If you have a precious collection of jewels, antiques, or other valuables at home, keep in mind that these are luxury items and likely won't be fully covered by your insurance. A standard policy will put a dollar limit on how much they’ll cover in the event of theft or other misfortunes.
If you store a large number of valuable items at home, you might consider relocating them or investing in an add-on to your insurance policy; in some cases, you might need to buy a separate policy for valuables.
High-risk property, such as trampolines or treehouses, will not only increase your insurance rate but will also likely be excluded from coverage. You might come to an agreement with your insurer that your liability coverage won't apply to these dangerous features.
Ensure the safety of your investment and loved ones with home insurance from Seeman Holtz. Based in Boca Raton, FL, and serving customers nationwide, the firm offers thorough risk management services as well as financial advice to keep your quality of life not only secure but also ready for future changes. They also offer their commercial clients workers’ compensation and professional liability solutions with consistent advice and guidance through regularly scheduled meetings. For support in paving a responsible and exciting future, call (800) 991-3592. Read what their customers have to say online.