With homeowners insurance (or any insurance for that
matter), you’re really paying for peace of mind – comfort in knowing that
life’s curve balls won’t become insurmountable problems.
However, those curve balls come in many shapes and sizes, and
sometime they can exceed the limits of a standard homeowners policy.
Here are nine things that a standard policy may not cover.
If you’re worried about any of these issues (or live in an at-risk area) it may
be worth updating your coverage.
Note: Every
insurance policy is different, so this list is by no means the final word.
Check with your provider to confirm where your coverage stacks up before you
begin making any changes.
Earthquakes
Earthquake insurance almost always requires a separate policy.
And while only a handful of U.S. states actually face a
substantial earthquake threat, the potential damage caused by quakes is usually
reason enough for at-risk homeowners to seek protection.
Those who (wrongly) assume they’re covered by their homeowner
policy are setting themselves up for a messy situation should disaster strike!
Trampolines and Tree Houses
Despite the good times they can bring, trampolines and tree
houses also present safety risks (trampolines alone send over 80,000 people to
emergency rooms each year), and you can be held liable for any personal or
property damage these items cause.
The extent to which insurance policies will cover
trampolines and tree houses varies, ranging from no coverage at all to
unlimited coverage. If you have a trampoline or tree house (or are considering
either one), check your policy to see what’s covered.
Simultaneous Events
Should a storm cause hail damage and flooding
at your house, your policy may not cover the damage of either one.
This is due to an insurance term known as “anti-concurrent
causation,” which basically means that a combination of losses can declare your
policy void.
So, it’s best to scan your policy’s fine print and make sure
dual catastrophes won’t jeopardize your coverage.
Pools
Homeowners insurance covers you on three fronts: damage or
theft of your things, damage to your home and related structures (like a pool)
and liability protection if someone sues you (which, when it comes to swimming
pools, often presents the greatest danger).
If you have a pool, you’ll probably need to increase your
policy’s coverage, tailoring each of these “fronts” to best support your unique
swimming situation.
Aggressive Dogs
While an attack by man’s best friend may seem unlikely, keep
in mind that insurance companies pay over $300 million per year to cover
dog-related injuries.
As a result, they’ve become more cautious and outline very
specific limitations (if your homeowner policy even covers dogs). If you have a
dog, be clear on your pup’s protection.
Vandalism When Vacant
If you abandon your property for 30 days or more, any
vandalism or “malicious mischief” that occurs is then considered the result of
negligence and is no longer covered.
If you need to leave your house empty for an extended period
of time, it’s worth looking into add-on coverage to make sure you’re fully
protected.
Floods
Standard home insurance policies do not cover flooding that
is an “act of nature.”
To protect your home from Mother Nature’s wrath, you need to
purchase standalone flood coverage through the federal government’s National
Flood Insurance Program.
Remember, anywhere it rains, it can flood (around 20 percent
of flood insurance claims occur in moderate-to-low-risk zones) so it’s best to
be prepared!
To get an estimate for the cost of flood insurance in your
area, visit FloodSmart.gov.
Cash
If you keep an emergency cash stash in your home, you could
be at risk of losing it for good if it’s stolen.
Not only is cash a burglar magnet, but most homeowners insurance
policies don’t typically cover more than $200 of cash.
Jewelry, Fine Art or Collectibles
While standard home insurance policies will cover some of
your personal property, there is a limit to the amount your provider will pay.
Basic coverage rarely accounts for items with high price
tags or sentimental value. To be safe, insure your wedding ring and Babe Ruth
baseball collection separately.
Artical From:- mint.com