• About Us
  • Privacy Policy
  • Contact
Mortgage Insurance Center
  • Home
  • Mortgages
  • Health Insurance
  • Home Insurance
  • Life insuranace
  • Finance Laws
    • Banking Laws
    • Assets
    • Interest Rate
    • Loans
No Result
View All Result
  • Home
  • Mortgages
  • Health Insurance
  • Home Insurance
  • Life insuranace
  • Finance Laws
    • Banking Laws
    • Assets
    • Interest Rate
    • Loans
No Result
View All Result
Mortgage Insurance Center
No Result
View All Result
Home Home Insurance

4 Surprising Things Home Insurance May Not Cover

by Matthew Upton
May 27, 2022
in Home Insurance
0
4 Surprising Things Home Insurance May Not Cover
0
SHARES
3
VIEWS
Share on FacebookShare on Twitter

[ad_1]

Woman stands outside house with a clipboard

Image source: Getty Images

Don’t get caught off guard when insurance doesn’t provide the expected coverage.


Key points

  • Property owners buy homeowners insurance to protect their valuable assets.
  • Home insurance provides broad coverage for many things that can go wrong in a home.
  • There are certain events and types of damage home insurance won’t cover.

Property owners should have home insurance coverage both to protect their assets and to comply with lender requirements to get covered. Homeowners insurance usually pays for repairing or rebuilding a home, and also pays for damage to property that occurs for a covered reason.

There are, however, some exclusions to most homeowners insurance policies that could come as a surprise if property owners aren’t aware of them. To avoid being caught off guard, homeowners should know about these four things that their policy may not pay for.

1. Flood damage

If a home floods as a result of a weather event, its owners will likely have no coverage for any resulting losses. That’s because standard home insurance policies exclude flood damage. This isn’t to be confused with water damage, which could occur because of a burst pipe or a leaky refrigerator line. The exclusion specifically refers to flood waters that come into the home.

Property owners who want to make sure they are covered if a flood occurs should buy a separate flood insurance policy. Most lenders require this of people who live in designated flood zones, but even when it’s not required, buying flood insurance is a good idea if there’s a potential for waters to rise near the property.

2. Wildfire damage

When homes are located in areas where there is a high potential for wildfires to occur, damage from the fires is typically excluded from standard insurance policies as well. This means that separate coverage for fires needs to be bought in order for a home or the property within it to be protected by insurance.

3. Sewer backups

Standard homeowners insurance policies also exclude sewer backups, which can occur when sewage and dirty water enter into the home instead of flowing out of it. Unsurprisingly, sewage entering a property can cause catastrophic damage that is extremely expensive to remediate. So without home insurance to cover it, property owners could find themselves facing huge bills.

The good news is, sewer backup coverage can be purchased separately just as flood insurance and wildfire insurance can. Insurers may sell this type of protection as an add-on to an existing home insurance policy or as a separate type of insurance.

Depending on the policy, it may include repairs or rebuilding and replacing the home and its property, as well as the cost of repairing the sewer line. Those purchasing this type of insurance should understand coverage limits, as well as what their policy will pay for.

4. Damage to certain expensive items

Many standard home insurance policies cap the amount of coverage provided for certain kinds of property. For example, a homeowner may have $100,000 in personal property coverage that pays for the replacement of their belongings in the event of covered damage — but their policy may limit coverage for jewelry, art, or antique furniture to just $2,500.

Understanding these coverage limits is important for people with expensive collections or costly personal items, as it may be important to get separate add-on coverage for them.

Ultimately, it is the responsibility of every homeowner to understand what their insurance does — and does not — pay for so they don’t end up with out-of-pocket losses that do serious damage to their finances in the long term.

[ad_2]

Source link

Previous Post

United States Health Insurance Markets Report 2022: Hospital at Home a Major Growth Avenue for Care at Home Services, Payers, Healthcare Facilities, and Physician Groups | News

Next Post

How to secure better life insurance faster

Next Post
How to secure better life insurance faster

How to secure better life insurance faster

Popular Posts

Ajanta Pharma : Newspaper Advertisements
Life insuranace

Taiming Assurance Broker : Announcement on behalf of the major subsidiary Link-Aim Life Insurance Broker Co.,LTD. to distribute dividends.

by Matthew Upton
July 28, 2022
0

Close Provided by: TAIMING ASSURANCE BROKER CO.,LTD. SEQ_NO 4 Date of...

Read more

Taiming Assurance Broker : Announcement on behalf of the major subsidiary Link-Aim Life Insurance Broker Co.,LTD. to distribute dividends.

20% interest rate on credit cards! Here’s how to avoid paying those high rates :: WRAL.com

Sens. Murphy, Blumenthal, Colleagues Reintroduce the Behavioral Health Coverage Transparency Act – InsuranceNewsNet

$1 billion in loans still available for agricultural funding in Ohio

How Long Do Car Accidents Stay on Your Record?

Rocket Mortgage Classic Wagers: Pick To Finish Top-10

Load More

Popular Posts

Hingham DPW Workers Deserve Respect, Decent Wages and Affordable Health Insurance

Hingham DPW Workers Deserve Respect, Decent Wages and Affordable Health Insurance

by Matthew Upton
July 5, 2022
0

Propy introduces blockchain title and escrow service

Propy introduces blockchain title and escrow service

by Matthew Upton
May 26, 2022
0

Biden administration sued after fertility awareness methods cut from health coverage

by Matthew Upton
June 15, 2022
0

Ajanta Pharma : Newspaper Advertisements

Taiming Assurance Broker : Announcement on behalf of the major subsidiary Link-Aim Life Insurance Broker Co.,LTD. to distribute dividends.

July 28, 2022

20% interest rate on credit cards! Here’s how to avoid paying those high rates :: WRAL.com

July 28, 2022
Edelweiss General Insurance launches India’s first on-demand, mobile telematics-based comprehensive motor insurance – SWITCH

Sens. Murphy, Blumenthal, Colleagues Reintroduce the Behavioral Health Coverage Transparency Act – InsuranceNewsNet

July 28, 2022

Categories

  • Assets
  • Banking Laws
  • Finance Laws
  • Health Insurance
  • Home Insurance
  • Interest Rate
  • Life insuranace
  • Loans
  • Mortgages

Tags

home loans mortgage personal loan
  • Privacy Policy
  • contact us

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • About Us
  • contact us
  • Home
  • Home 2
  • Home 3
  • Privacy Policy

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.