Will Your Homeowners Insurance Policy Protect You?

Posted on: 19 November 2019

When you own a home, you need homeowners insurance with a company like Ronald H. Krupa Insurance Agency. Unfortunately, homeowners insurance might not cover everything that you thought that it would when you opened the policy. If you're not sure of what your policy covers, it's imperative that you take the time to read through and discuss the policy with your agent. Here, you'll learn a bit about what might not be covered if you were to file a claim for losses or repairs.

Exterior Flood Damage

Water damage is covered on most policies, but the water must have come from within the home. If the water main up the road from your home bursts and floods your basement, the policy will likely not cover the cost of repairs – in this situation, you'd be left filing a claim with the water department to recoup your losses.

Basically, if the water that's damaged your home has come from within the home, the damages will be covered – if the water comes from outside the home, it will not be covered unless you add a flood insurance policy to your homeowners' policy.

Existing Damage

If you have a tree on your property that is obviously diseased, it's important to have someone come out to cut it down before it falls into your home. If a storm was to blow through and a healthy tree was to fall into the house, the damage would likely be covered – if the tree was obviously unhealthy and a risk to your property, the insurance company may deny the claim.

Existing damage is not typically covered under any homeowner's insurance policy. Only damage caused by a covered event will be reimbursed.

Valuables and Collectibles

If you have valuable collectibles, you will need to add riders to your insurance policy. Coin collections, firearms, and jewelry all have limitations on how much can be paid out on a claim. Unless you add a rider to the policy to increase the level of protection, you could end up taking a substantial loss if it was to be stolen or damage during a fire.

Talk with your insurance agent to learn what your policy actually covers. Adding riders won't cost a whole lot more than you pay now, but they will help to protect you from financial losses if anything should happen. Hopefully you'll now have a better understanding of how homeowners insurance works so that you can make the appropriate adjustments to ensure optimum protection.