Does Your Homeowners Insurance Really Cover The Damages?
When you pay homeowners insurance premiums each month, you expect for things to be covered when you file a claim with the company. Unfortunately, there are so many things that you might think would be covered, but aren't. So, what happens if the soil around your home erodes and causes damage to the house? What happens if someone breaks in and steals your hunting rifles? Will these things be covered? Here, you'll find a little bit of information that can help you determine if you need to contact your insurance agent to add some more coverage to your policy.
Items of Value
Items of great value should always be appraised and have a rider written and included in the homeowners insurance policy. One example could be your gun collection. If your guns were to be destroyed or stolen, the insurance policy that you currently have may only cover them to a certain dollar amount. Many homeowners policies only cover firearms to a set dollar amount – if your collection is worth more than that amount, contact your insurance agent to add a rider to your policy.
Streams and Tributaries
If you have any streams or tributaries running through your property, you may need to consider adding a ground movement policy to your homeowners. In many cases, ground movement damage will not be covered unless you have the right type of insurance. So, if the water slowly causes the soil to erode and your home becomes damaged, you will not be covered – get the added insurance if there is any threat against your house.
Most people know by now that homeowners insurance doesn't cover damages caused by flooding. There is a completely separate insurance policy for flood coverage. So, if your home is damaged by water or moisture, will the insurance cover it?
If the water that caused the damage came from within the home, the insurance should cover the damage – if a pipe bursts and fills your basement with water – you should be covered. If the water comes from outside your home, the damage is likely not going to be covered.
The time to contact personal insurance agents about adding coverage to your policy is now. Don't wait until it's too late to find out that you aren't covered for the things that you had originally thought you'd have protected with a standard homeowners insurance policy. You might be surprised at how little it will cost you to add the insurance you need to protect your home and your belongings fully.