Do you know what is covered under your homeowner’s insurance policy?

Insurance

Your homeowner insurance cover offers protection for a valuable asset, your home. It can be a very valuable coverage to pursue because it will ensure that you do not lose the equity in your home, which can be rather difficult to achieve without financial support. A homeowner’s insurance coverage can be useful against risks that could permanently put you out of a home and leave you in debt. It is important to understand your policy to find out what risks will not be covered. Here are a few basic risks that are not generally included in your homeowner’s policy.

Mold

The best homeowner’s insurance coverage you may be able to access will feature limited coverage as a result of mold damage. The standard policy will even exclude it, leaving any such damage in the hands of the homeowner. It can be an expensive cost to meet, with mold damage impacting significant and costly parts of your home. If it is an antique property, you could face damage that may even require a complete overhaul. The best way to deal with this problem is to be vigilant against its occurrence.

A backed up sewer

A sewer may cause significant and consequential damage to your electrical lines, plumbing, furniture and flooring. It could even cause a stench, which may affect interest in your property if you are considering selling it. This risk is not at all covered by the standard homeowner’s policy. You need to determine a sufficient coverage that provides protection from this threat, or consider excessive insurance to address this risk specifically.

Floods

Coverage against floods by your homeowner’s policy is limited at best, with many insurers refusing to take on this risk.  For people who live in flood prone areas, getting this type of tool will ensure protection even against unexpected calamities. Many homeowners will wait until after the damage is done before finding out that they may not be completely eligible for coverage against floods. If you live in a volatile environment, you should consider special flood insurance.

Pool accidents

As a basic rule, you should research the policy specifications for any new addition to your home before taking up the project. You will be better able to understand the limits of your coverage, which will ensure you are not caught out in the event of any occurrence. A pool is no different from any new addition, such as a car. You will need to consider separate insurance to cover yourself against the risk of injury or harm that could arise from its use.

Stolen and destroyed cash

Unless you can definitively prove the existence of the cash at the time of your home’s damage, and under the presence of a comprehensive insurance package, you will not be reimbursed. You should consider alternative secure storage for all cash and jewelry that is not covered by your policy. Some policies may offer coverage for both the structure and your belongings. While these may be ideal, they could do little for sums of undocumented cash.