Your home is a huge investment, so it only makes sense that you should protect that investment. Homeowners insurance coverage you can count on makes all the difference. It can financially protect you if any damage occurs to your property or the belongings in your home. But, of course, it’s also important to understand that there are certain things that a standard home insurance policy won’t cover. Keep these things in mind when choosing a policy.
1) Maintenance Problems
Homeowners insurance coverage can’t replace the need to properly maintain your home. Taking care of your property can prevent the need for costly repairs that your insurance policy won’t cover. Standard policies exclude any damages caused by a failure to properly maintain your property. This includes termites and other insect infestations, rot or mold, normal wear and tear, bird or rodent damage, mechanical breakdown, and damage caused by smog or smoke.
Structures that are poorly built or have hidden defects are also excluded from coverage. Furthermore, if the home suffers a power outage, issues like food spoilage are not covered.
2) Earthquakes and Water Damage
Natural disasters, such as earthquakes, hurricanes, landslides, and sinkholes, are not covered by a standard policy. If you need earthquake insurance, you’ll have to purchase it for an additional fee. Water damage is also excluded, whether it’s caused by heavy rains, or an overflowing drain.
3) Luxury Belongings
If you own expensive art pieces, luxury jewelry, or designer clothing, standard homeowners insurance coverage may not be sufficient. The standard home insurance policy only covers up to $1,000 worth of jewelry. If your belongings in the home exceed the limit, you should talk with an agent about your options for additional coverage in order to protect your belongings.
4) Pools and Trampolines
The risk of accidents and lawsuits with both objects is so high that insurance companies don’t include them in the standard policy, so you should get separate coverage if you have a pool or trampoline.
5) Certain Dog Breeds
Most injures caused by dogs are covered by the standard home policy, but some policies exclude “high-risk” breeds, such as Pit bulls, so talk with an agent about your dog’s breed and how it might influence your homeowners insurance coverage.
6) Business Property at Home
Your home insurance usually covers up to a $2,500 loss for business property, so if you work from home and keep expensive work equipment, it’s best to purchase a separate business policy.