Having home and automobile insurance are essentially inevitable parts of life for most people. When it comes to your home, you want the best coverage for possible incidents such as fires, flooding and roof damage. Auto insurance covers accidents and possible weather damage or stolen vehicles. While these are usually covered by a good comprehensive policy, there are other things included in most policies that you may not be aware of. It is extremely important to know everything, about your Homeowners Insurance.
When you sat down with your agent to go over the different scenarios covered in the policies available to you, it’s likely he or she mentioned the major incidents that would be covered. Auto accident liability, uninsured driver, being the victim of a hit-and-run, etc. Home insurance typically includes structural damage from external forces, be they man made or otherwise, and damage or loss of personal possessions, amoungst others. It’s very likely that they didn’t mention the more obscure events that your insurance policies may very well cover.
Outlined below are some of the “usual” and “unusual” occurrences that your insurance policies could very well cover. While some of them may be unlikely it certainly doesn’t hurt to know you’re covered. In most cases, fire, plane or other unforeseen disasters, you are likely covered for housing (aka hotels) and food costs while you’re searching for a new abode.
Fire damage is one of the most devastating things that can happen to you and your home. What’s worse is finding out that you aren’t adequately covered for your losses. And a fire can be caused by just about anything- as long as it emits heat. It can be kitchen appliances being left on, a gas leak, or even a lightning strike. No one plans for these things to happen- they just do. All you can do is put all the measures in pace to prevent the fire accidents from happening, and ensuring that your home is covered in case they do. So when looking over your policy, make sure you have a thorough knowledge of your home fire coverage insurance.
Flooding and earthquakes
This is one that baffles more many home owners. Homeowners are reminded time and again that they need a separate rider on their home insurance for floods and earthquakes. So how does it make sense that this can often be found in standard auto insurance policies? Obviously, it is because Homes are much more expensive.
Comprehensive Homeowners insurance coverage is required by state law, however, it may be a good idea to check what isn’t covered for cases of fire, flood, earthquakes, vandalism or theft. If you live in an area given to floods and earthquakes, it might be worth considering comprehensive insurance should you find yourself in this position. Of course, as with most any insurance, a big, greedy hand, also known as the deductible, will reveal itself, expecting you to pay up before it will. Look carefully at the deductibles included in the insurance policies you’re considering. Flood Insurance is really one of the most important types of coverage you can have!
Luckily for most people in the US – Earthquakes are not something to worry about. But if you do live in an area where it may happen -adequate insurance is your best friend! Earthquake coverage is not included in a standard homeowner’s policy. There are many exclusions for what you cannot be reimbursed for. The best information on this topic was by CBS NEWS, which wrote – Earthquake insurance: 8 things you need to know .
Roof damage can occur from several incidences; storms, hail, a fallen tree … so again, this is an area you need to really look into. Many factors are considered when an insurance adjuster looks at a claim for roof damage, the age of the roof, being the most important factor. Still, there are other tips to filing an insurance claim, which you should know about.
Of Course, the best way to avoid having to file for an insurance claim which may not be covered is preventive maintenance. Knowing when your roof may need some work, especially new shingles, is much less expensive than after damage has occurred and is visible inside the house. How do you know if you need maintenance on your roof or a new roof?
Wendy Weir Relocation – Real Estate Agent, Relocation Specialist, Birmingham, MI
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