Homeowner’s insurance can be very beneficial when it is needed. In the event that damage occurs to your property, insurance can help to repair or replace your personal property, furnishings, and your home.
Exclusions You May Not Know About
When you purchase a homeowner’s insurance policy, you may think that it covers anything that happens. However, this is not true. Most homeowner’s policies do not cover earthquakes or floods. This must be bought in addition to a regular policy. If you live in an area that is prone to hurricanes, you probably know that they can cause both wind and water damage. Unless you have extra coverage, you will not be covered for both.
Homeowner’s policies generally do not cover damage from termites. Most do not cover damage caused by the backup of sewage. If you have a certain breed of dog that insurance companies consider “high risk”, they will not cover injuries if the dog bites someone. If you live in a climate that gets very cold and your water pipes freeze and burst causing water damage, your policy may cover the damage, but not the repairs to the pipes.
Read the Policy Before the Purchase
Many people just purchase a homeowner’s policy because it is required. They do not bother to read it over to see what is covered and what is not. Then when something happens, they are surprised to find out it is not covered by their policy. It is very important that you read the entire policy including the fine print. If there is something you do not understand, ask the insurance agent to explain. One example of a company that offers homeowners insurance in Bonita Springs, FL is East & Greenwell.
If you are not aware of what your policy covers, you will not know that you need an extra policy for certain types of damage. When the unexpected happens, you are not prepared and repairs will cost you out of pocket. Another thing that you should check is the amount of coverage of your policy. If your home is destroyed, the insurer will only pay this amount.
It is a good idea to review your policy on a regular basis. Circumstances change and you will need to make certain everything that needs to be is covered.