One of the greatest sources of pride in a person’s life is home ownership. To help protect this lifestyle, individuals purchase homeowners insurance so they have assistance in the event of a disaster. Homeowner’s policies cover damage due to events such as fires, theft, strong winds, lightening strikes and so on, but there are common events that are not covered.
Holes in Your Homeowners Insurance Policy
Some of the common exclusions in home insurance policy include acts of war, acts of God and nuclear events. Although the chances of these things happening to you are slim to none, there common events that could affect your home this fall and winter, and the cost to repair the damages can break your bank. The following are things your homeowner’s policy may not cover:
- Water damage of any kind. A flood that reminds you of Noah’s ark, water from a firefighter’s hose after putting out flames, leaks from your roof or windows and a leaky or burst pipe: ways water can damage your home. Water damage is not covered by your homeowners insurance unless you also purchase a flood insurance policy.
- Some damage to your roof. If your roof is still under warranty or damage to it was caused by not maintaining it properly, chances are your claim to have it repaired will be denied.
- Damage to materials for your home business. If you operate a small business from your home and there is a disaster, your homeowners insurance will not help cover the expense to replace your lost business items. Unless you have a commercial insurance policy, you will have to pay for a new computer, drying wet documents, a new desk or other business materials out of your own pocket.
If you are not 100% sure about what your homeowners insurance policy covers, talk to your agent before you find out the hard way.
[photo: Daniel Lobo]