A Closer Look At What May Or May Not Be Included In Your Homeowners Insurance Policy
When it comes to the coverage that their homeowners insurance policy provides, many people either fail to realize that certain perils are excluded or fail to realize they have coverage for specific situations. This can lead to a variety of issues such as a failure to file a claim for covered expenses or worse yet, finding that you do not have coverage for the specific damage done to your home. In this article, you will be able to learn more about some of the coverage that most homeowners insurance policies either include or exclude. Taking the time to review this information can help you to better understand what coverage you have and allow you to add any additional coverage you may need.
Commonly Overlooked Coverage Included In A Homeowners Insurance Policy
- Temporary Lodging Costs - If your home is seriously damaged, you may find yourself in need of a hotel or a short-term rental until the damage to your home can be repaired. While your homeowners insurance may not cover these costs in full, most home insurance policies will provide a set amount per day in order to help pay for temporary lodging and dining costs if you are displaced from your home.
- Replacing Spoiled Food - A power outage that lasts for several hours or longer can cause any food you have in your refrigerator or freezer to spoil. If this happens you should know that your homeowners insurance will likely provide you with coverage to help replace this food.
- Items Stolen Away From Home - While you probably know that your homeowners insurance provides coverage for your personal belongings inside your home, what you may not realize is that these items remain covered even if you have taken them out of the home. Consequently, you may wish to file a homeowners insurance claim if your items are ever stolen or vandalized during the time they were removed from your home.
Commonly Overlooked Coverage Excluded In A Homeowners Insurance Policy
- Flooding - Far too many homeowners just assume that they have coverage in the event of a flood. However, it is standard practice for flood damage to be excluded from the coverage a homeowners insurance policy provides. In order to ensure you are protected in the event of a flood, you will need to purchase a separate flood insurance policy.
- Hurricanes & Earthquakes - While homeowners insurance policies do provide protection against most forms of severe weather, these policies will often exclude damage done by a hurricane or earthquake if you live in an area that is prone to these natural disasters. In many cases, you can add this coverage to your policy for an additional cost.
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