My name is Eric Bowman, and if you have questions about insurance, this is the blog you need to read. I was always confused when I had to purchase insurance. I would either end up paying for insurance I didn't need or I wouldn't buy the right policy. I finally decided that I was going to learn all I could about insurance policies so that I would understand exactly what I was buying. Now, I am completely satisfied with my insurance and the coverage is just what I need. I realized that there are others who are probably just as confused as I was, so I am writing this blog to help others get the best insurance for their needs and budget. I hope that my blog gives you the information you need to make the right choices when purchasing insurance.
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Learning All About Insurance Policies
Types Of Home Damage A Basic Home Insurance Policy May Not Cover
Anthony Rhodes
It's important to understand what your homeowner's insurance policy covers. You don't want to find out when you file a claim that expensive damage repairs will have to come out of your pocket. While each individual policy varies according to the extras you add and state regulations, most basic home insurance policies won't cover the following things.
Flood Damage
You may be surprised to learn a homeowner's policy won't cover any damage to your home from a flood. That doesn't mean your home has to go unprotected. Instead, you can buy separate flood insurance for your home. There is a national flood insurance program backed by the government that you can buy a policy from through your local agent. If your home is situated in a flood zone, your mortgage lender may require you to buy a flood insurance policy.
Earth Movement
Earth movement includes things like earthquakes and sinkholes. In areas where sinkholes are common, insurance carriers may be required to cover sinkhole damage while in other areas you may not be covered. When it comes to earthquake insurance, you'll probably need to buy a separate policy for it. The price varies according to the degree of earthquake risk in your local area. An earthquake policy in California could be quite costly since earthquakes are more common there.
Mold Damage
It can be expensive to get rid of mold in your home if it is extensive due to the hazardous nature of the removal process. However, mold damage may not be covered under a standard insurance policy. While insurance might pay for mold removal if it happened as a result of a covered peril, it probably won't pay if mold developed as a result of something that could have been prevented through proper home maintenance. This is incentive to stay on top of home water leaks to prevent mold from taking over.
Termites
Termites can destroy the structure of your home and cause expensive damage, yet the damage probably won't be covered under a standard home insurance policy. This is one reason a termite inspection is a good idea before you buy a house. Termites can be treated and prevented, and damage is a slow, ongoing process. So if a home is severely damaged by termites, it indicates a lack of proper home maintenance. However, since the pests can do so much damage, you may want to add a termite policy to your coverage. If your insurer doesn't offer it, you can buy a termite policy from a company that specializes in selling them.
While it's frightening to think that these serious problems are not covered by insurance, it's important to know the fact upfront. This allows you to buy additional policies if you want or to at least be prepared to potentially pay out of pocket for significant repair bills. To learn more, contact a company like Family Insurance Centers.
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