Have Home Insurance and think you are covered?
You might want to read those policies. There are several things that could damage your home or cost you money that are probably not in your policy. Sometimes you can add in extra insurance for an added fee, others are never covered.
So it’s always a good idea to have backup savings.
Also read: 7 Budgeting Mistakes and How to Avoid Them
- Mold– Mold is gross and can make you sick, but it doesn’t mean that your homeowner’s insurance covers it if you get it. Check to see if your policy limits or excludes mold damage. The best advice? Make sure to have leaks fixed right away.
- Dog bites– If your pup bites someone it mike be unlikely that this injury will be covered, especially with particular breeds. Check your policy to see if you fur-baby is covered and if not you might want to add him on.
- A Back up in the Sewer– This is mostly a problem in older homes and standard policies do not cover its damage. If you have an older home, especially one over 100 years, you may consider adding coverage to your policy.
- Earthquake damage and Sinkholes– If you have damage from one of these natural disasters, it’s mostly like not to be covered under your policy. Florida, Texas, Alabama, Missouri, Kentucky, Tennessee and Pennsylvania are the most likely states in the US to suffer from sinkhole damage and in some of them; you can add coverage to your insurance to protect from it. You can also add earthquake protection.
- Termites– These little bugs are NEVER covered in Homeowners Insurance. So if you have a high incidence of termites in your area (like I do), these are one of those things that you may have to put your own savings away if there is a problem
- All Flood and Water Damage- Make sure to read up on your policy’s terms on flood and water damage, because it may not cover as much as you think. There can be exclusions you want to be aware of.
Have you ever had to make a claim on your homeowner’s insurance? Was it easy or did you have problems?
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