You rely on your homeowner's insurance policy to protect your greatest investment against damage and destruction. However, some losses or events are simply not covered under most standard policies. Take a look at a few situations where your policy will not help, and what you can do about it.
Losses Resulting From Failure To Protect Property After A Loss
If your home experiences a loss and you do not take steps to protect your property until repairs are made, any resulting losses are not covered. For example, a windstorm tears a portion of the roof off your home, creating a large hole. Later, a rainstorm soaks the interior of your home beneath the hole, or a thief sees an easy opportunity to enter your home to steal items. These losses will not be covered under the policy.
Always take the time to protect your damaged property from further loss. In the case of a damaged roof, spread a tarp over the damaged area to protect it from further damage. If the hole is large enough, nail boards over the entire area temporarily to prevent unwanted visitors from entering. These measures will protect your property from further loss.
Wear And Tear
Your homeowner's policy is for unexpected, often sudden, losses. It is not a maintenance policy. Therefore, don't expect it to pay out for general deterioration, infestations or any natural settling that occurs over time. Also, pavement, foundations and walls may gradually crack, expand, or bulge. These are not covered either.
As a homeowner, maintaining your property is required if you want to protect that investment. Do not sit back and wait for conditions to get really bad in order to make a claim. Not only are you in for a rude awakening when the claim is denied, but your home loses its value if not maintained.
Keep on top of infestations, cracks, plumbing, and heating systems. Your home will continue to serve and shelter you, and you protect your investment.
Earthquakes and Floods
These twin natural disasters end up costing homeowners aggravation and money. Earthquakes and floods are inherently destructive and scary as they damage lives and pocketbooks. Floods cause homeowners over $5 billion annually, and earthquakes around $4 billion dollars each year.
All homeowner's policies exclude loss from flooding and earthquakes, so you need to be proactive. Talk to your agent about adding these coverages to your existing policy. For additional yearly premiums, your home and personal property can be protected from earthquakes and flooding with homeowners insurance quotes.
Share20 November 2014
