While many homeowner’s insurance policies cover you against the major stuff – like property damage, theft and injury – there are several scenarios in which your policy likely does not cover you. If you don’t live in a flood zone then flood insurance isn’t a big deal for you, but for those that would be affected, it’s important to know that that won’t be covered in your basic plan. Therefore, it’s important to know the most common things your policy won’t cover so you can be prepared to purchase additional coverage where needed.
Flood: Floods and water damage can be one of the more confusing aspects of homeowner’s insurance coverage. Your typical policy wouldn’t cover you if a powerful storm flooded your area and damaged your home, but it most likely would still cover you if your icemaker broke and flooded your home. Water damage from water and sewer line backups may also be excluded. Depending on where you live, you may have the ability to purchase flood insurance. While this type of insurance can be pricey, it can provide valuable financial assistance if your home is ever flooded.
Earthquakes: Fortunately many people don’t need to worry about this, but for those that are most likely affected, it’s invaluable. In addition to earthquakes, many policies won’t cover other types of earth moments. These can include shock waves, sinkholes and mudslides.
Valuables: Your homeowner’s insurance will cover the valuables within your home, but there is a certain limit – for example, $20,000. If you collect expensive jewelry, rare works of art, or priceless paintings or gems, you’ll need a separate insurance policy to fully protect them.
Whether you’re in the market for a new home insurance policy or you just want to be better prepared in case you need to file a claim, it’s best to be properly informed of your policies coverage. For information on home, auto or independent health insurance in Florida, contact Fearnow Insurance, Inc. today.