What is Not Covered By Homeowners Insurance?

Generally, homeowners insurance covers your home’s physical structures and its contents from covered events, which include things such as fire, theft, and certain natural disasters. There are many incidents that are not always or are typically not covered by a homeowners policy. If you have any questions about what is covered, our team of experts can help you review your policy.

Sometimes Covered by Homeowners Insurance

Here are some circumstances that are sometimes but not always covered by homeowners insurance:

• Mold damage
• Roof leaks
• Water damage
• Plumbing issues
• Dog bites
• Tree removal
• Air conditioning units
• Foundation repair
• Roof replacement
• Fences

Rarely or Never Covered by Homeowners Insurance

These are some items not covered by homeowners insurance:

• Mold
• Flooding
• Earthquakes

What Is Covered by Homeowners Insurance

Here are some things that are usually covered by homeowners insurance:

• Theft
• Vandalism
• Fire
• Certain natural disasters
• Physical structures
• Personal property (purchase extra coverage for valuables)

What Coverage Gets You

Your homeowners insurance will reimburse you for either the replacement cost or the cash value of the covered item or structure. Homeowners insurance policies with replacement cost coverage will pay for the actual cost to repair or replace your home or personal property at current prices when damaged by a covered event (theft, vandalism, natural disaster, etc.), up to the limit of your policy. A cash value insurance policy will place a cap on the amount you can be reimbursed for your home and its contents, less depreciation.

When you file a claim after a covered event happens, you must provide documentation. If you need to rebuild your home after a total loss, if you have a dispute with your insurer, or if your claim is complicated in some other way, it could take a long time until you get reimbursed. For example, some natural disasters bring water and wind damage, and those coverage areas may be covered by different insurance companies. That could lead to a conversation about which source led to the damage and how much each company owes you.

If you want coverage for things like mold, you can purchase an endorsement, which adds to your policy. You can also add riders for flood insurance and the like. If you live in a designated flood plain, this may be required by your mortgage lender. 

As with any insurance, you want the most out of your coverage. And as a homeowner, you want to protect your investment from potential disasters. Comparing policies comes down to examining the level of coverage offered and selecting a plan in your price range.

Contact the licensed agents at Insured for Life for assistance in finding your next homeowners policy. Our team is dedicated to matching clients to their optimal policies. Contact us today to schedule an appointment.