What Homeowners Insurance Does Not Cover

What was a simple matter to take out an insurance policy and it’s now time to make a claim. That’s not the right time to figure out that your homeowner’s insurance policy doesn’t cover some specific situations.

One of the most common exclusions is flood. Many insurance policies don’t cover a flood in any situation. Typically, a homeowner must take out a separate policy designed specifically to pay off in the event of a flood.

Before you even begin the negotiations for flood insurance, check the status of your home in relation to the flood plain. Most emergency coordinators or area building inspectors will have a map outlining the area flood plain and you can easily determine whether your property lies within a designated flood plain. It’s a good idea to check out the flood plain status and talk to an insurance agent for a quote on a homeowners insurance policy that includes flood insurance before you purchase property.

While running water is one of the more common problems, the frozen kind may also be an issue. Some homeowners policies don’t include damage caused by “weight of ice or snow.” That means your home that was blown down during an ice storm could be tied up while adjusters and attorneys try to figure out which of the elements caused the damage - the wind or the ice.

In some areas, an additional policy may be necessary for earthquake or hurricane insurance. A basic insurance policy may satisfy your lender, but the added security of specific policies can help protect the biggest investment of your life - your home. The best way to determine if you’re covered is to take time to carefully read your policy, then ask questions until you’re completely satisfied.