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What Homeowner's Insurance May Not Cover
Many homeowners are aware of the need for an adequate home insurance policy, however, some may not be informed of situations and circumstances not be covered by a basic policy. Below is a list of things homeowners should ensure they have protection against should they need to file a claim.
Many homeowners are aware of the need for an adequate home insurance policy, however, some may not be informed of situations and circumstances not covered by a basic policy. Below is a list of things homeowners should ensure they have protection against should they need to file a claim.
Fires can be devastating, and some insurance companies may cap the amount of coverage they provide, as replacing personal items that are protected and paying for major rebuilding or repairs can add up to a lot. Assuming that your home insurance policy will pay for the full cost to recover after a home is damaged by a fire could leave you searching for money to cover upfront expenses without the promise of reimbursement. However, there are numerous ways to better protect your property, such as investing in additional coverage in exchange for a higher monthly premium.
Some situations need specific coverage
If you don't have a separate policy for sewer backups, you may find yourself in a messy situation should they fail due to a lack of proper maintenance. Most standard policies don't include protection for sewer backups, so having this extra coverage may be beneficial.
Some natural disasters are covered by most insurance providers, however, flooding generally requires a separate policy. The need for this type of insurance may be best determined by an insurance agent, who will have detailed information about your property's location and the likeliness of being affected by a natural disaster, such as a flood or an earthquake. Since these events are unpredictable, having some sort of add-on policy could help, should this occur in an area that is typically unaffected.
As a homeowner, insurance providers expect you to take care of your house and won't typically provide you coverage for damage that occurs due to negligence. This means you won't be reimbursed for major issues or necessary repairs if they stem from issues that should have been previously addressed.
Check with insurance company for discounts and limits
Bundling your home and auto insurance can help save money, as most coverage providers offer a discount for loyal customers. However, should both of your assets be damaged by the same event, you will still need to pay both deductibles, not just one. This is why it's important for homeowners to begin building their emergency fund after financially recovering from the initial costs that come along with purchasing a home, including the down payment and closing costs.
Homeowners who have pets may require additional coverage, should someone be harmed on their property. Additional liability coverage is generally less expensive, and provides protection against potential lawsuits and medical costs in the event of an incident. Additionally, home insurance policies don't cover damages caused by pets, even if the item ruined is insured.
If you choose to have fun amenities such as a trampoline or a swimming pool, you may find yourself paying more for home insurance. Failing to inform your provider that these are present on your property could leave you fully responsible for any accidents, while additional policies can be purchased for optimal protection. Having additional safety features, such as a gate or locked fence around your pool or trampoline, may also be required.
Those who buy an older home that isn't up to code or who need to make necessary fixes to update, won't likely be reimbursed by their insurance provider. You will need to pay for these out of pocket, unless you opt to purchase additional coverage that specifically addresses these expenses.
For consumers interested in new homes for sale in Florida, it's important they know how to move through the process. GL Homes can help consumers know what the latest trends are for homes in Florida so they know exactly what they want in their new home.