Home Insurance – What’s Not Covered Could Surprise You

If the line supplying water to your home broke, would your home insurance policy cover it?

What about if termites started eating your basement – would the insurance claims adjuster be there tomorrow?  How about mold in the walls?

Surprisingly, the answers to all of these questions is “no.”  None of these items would be repaired through a standard home insurance policy, though over a third of all homeowners think these situations would be covered.

After all the controversy over flood insurance following the hurricanes, most home owners now know whether they live in an area eligible for flood insurance.  But when these or other situations arise, most people face an expensive surprise. 

The best way to avoid these situations is to study your insurance policy, and ask many “what if” questions as you compare quotes on standard home insurance coverage from different insurance companies.  Ask about specific items which concern you, such as mold, if it is a particular issue in your community.  The only way to be covered for everything is to purchase an all-peril policy, which is much more expensive, and could be more coverage than you really need.  That’s something only you can decide.

Just so you know, other perils that aren’t covered include:

• Stolen or damaged cars, boats or motorcycles
• Broken sewer line connecting your property to the municipal sewer system
• Stolen or injured pets
• Earthquakes
• Infestations by vermin (mice, rats, etc) or insects
• Damage due to property neglect

So read your home insurance policy, know what’s covered, and remember, taking good care of your home is your best insurance.