Before taking a homeowner’s insurance cover, it’s advisable to familiarize yourself with things covered under this policy. Similarly, you should know the things that are not covered by a homeowner’s insurance policy. Here are the top things not covered by a homeowner’s insurance policy.
The Basics
A standard homeowner insurance policy generally offers protection against things such as fire, wind, lightning, and hail. Plus, it covers you’re the structure of your home, as well as, your personal belongings. It also provides liability coverage for injury or damage experienced by guests on your property. However, there are certain things that aren’t covered by HO-3 policies. These include:
Earthquakes, Floods, and Other Natural Calamities
Earthquakes, floods, and hurricanes aren’t usually covered by standard home insurance policies. If you need protection against such perils, you’ll have to invest in special earthquake insurance. You can either purchase this type of coverage as an add-on or as a separate policy. Damage from mudslides and floods is also excluded.
Insect Invasions
Insect infestations, equipment failure, and mold aren’t also covered by standard home insurance. Loss from power outages, like spoiled food in a refrigerator is excluded too. It’s also important to note that damage from the war as well as nuclear hazards aren’t covered.
Governmental Actions
Most homeowner insurance policies don’t cover government actions, like changes required to bring wiring. Most policies provide coverage for the actual cash value of damage, but not the cost of replacement. So, if you want coverage for replacement costs, you may want to consider purchasing additional coverage.
Maintenance Related Damages
According to experts, maintenance-related damages cannot be covered by any insurance company. Thus, if you don’t carry out routine maintenance and your home is infected by things like termites, insects, etc., your insurance company won’t cover these costs.
Backyard Trampolines, Pools, Etc.
Of course, backyard trampolines as well as pools make homes comfortable and fun to live in. However, most companies consider trampolines and pools to be very dangerous. Thus, if you have these features in your home, your insurance company may refuse to cover your home. Worse still, if you don’t disclose that you have them, your cover may be canceled.
Aggressive Dog Attacks
Of course, home insurance policies cover dog bite (when your dog bites a visitor). However, this cover comes with a liability limit. Normally, the limit is around $100,000. On average, a dog bite should cost not more than $39,000. This is within the limit. But if your dog belongs to a breed that’s notorious for aggression, no insurance company will cover you.
Extremely Expensive Jewelry
No insurance company will want to cover a really expensive piece of jewelry. Homeowners’ insurance come with limits. In most cases, these limits are set at $1,500. If the value of your piece of jewelry exceeds this limit, no home insurance policy will cover it. So, if you possess numerous costly rings, necklaces, etc., consider going for a floater policy. With a floater policy, you have a coverage that can cover any loss.
The Bottom-Line
Taking insurance is good. However, understanding how home insurance works will help you get it right when taking your policy. Among other things, you will understand what’s covered and not covered under a homeowner’s insurance policy. The above are common things not covered under home insurance coverage.
