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8 Common Gaps in Homeowners Coverage

8 Common Gaps in Homeowners Coverage – which may or may not be covered in your homeowners’ policy!
5/30/2013

Homeowners’ insurance can be expensive and premiums continue to rise. Rates have climbed 69% over the past decade to an average of $1,000 a year. With the recent weather events this trend will most likely continue.  

Many consumers shop their coverage to find the lowest price, comparing coverage based on cost alone. This may cause future problems, as there are significant coverage differences between companies. When faced with misfortune or a catastrophic event, you get what your pay for in the end. You could have a large unexpected loss!

Before buying a home insurance policy, meet with your independent insurance agent  to analyze your needs, your comfort level, and potential risks involved with your personal situation.

8 Common Gaps in Homeowners Coverage – which may or may not be covered in your homeowners’ policy!

1. Sump Pumps
Most sump failures and consequent water damage are excluded from standard homeowners’ policies.

2. Fire
If a fire destroys your home, will your insurance coverage pay the full cost to rebuild? Examine the replacement vs. actual cash value in your homeowners to discover discrepancies that can leave you in debt.

3. Earthquakes
Standard homeowners insurance rarely covers earthquake damage. If you live in an earthquake prone state, seek additional coverage.

4. Frozen Pipes
Were you home or away when the event occurred? If you were away, what steps did you take to prevent the claim?

5. Condo
Condominium association insurance is not all inclusive. Review your documents to determine what the association insures and what you need to insure.

6. Floods 
Most homeowners think that flood insurance is included in a standard homeowners’ insurance policy. It is not! Water damage can be expensive. To help you visualize the damage and calculate possible financial losses, visit FEMA’s cost of flooding tool at http://www.floodsmart.gov/floodsmart/flash/flood_my_house_external.swf.

7. Trampolines 
Some companies might not insure your property if you have a trampoline, or they might have policy exclusions for any liability related to trampoline injuries or deny coverage or cancel a policy if a trampoline is undisclosed.

8. Recreational Vehicles (RV)
Is your RV a vacation home or a full time residence? Do you rent or finance your RV? Some states laws mandate separate RV liability insurance.

The information on this site is general in nature. Any description of coverage is necessarily simplified. Whether a particular loss is covered depends on the specific facts and the provisions, exclusions and limits of the actual policy. Nothing on this site alters the terms or conditions of any policies, nor does it provide any guarantees. You should read your specific policy for a complete description of coverage.

 

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