What is not covered under my Homeowners Insurance Policy?

Answer:
Your homeowner’s insurance policy offers

you a great deal of protection from a variety of damage-causing events but it’s not a magic bullet that covers every possible catastrophe. Many losses are specifically excluded from the typical homeowner’s policy including damage from earthquakes, floods, waterline breaks, mold, termites, and other named perils.

In addition, many homeowners’ policies place limits on how much they will pay for certain types of items. For example, if you have an extensive collection of valuable jewelry, antiques, or art, you should purchase additional floaters or riders to cover them.

Another common oversight with homeowners insurance is the difference between actual cash value and replacement cost of your home’s contents. If you suffer a loss, actual cash value pays based on what your property is worth at the time where as replacement cost coverage pays what it costs to replace those items. This difference can be significant.

When considering homeowner’s insurance, it’s important to find out exactly what’s covered as well as what’s not covered. Flood insurance, earthquake insurance, and additional riders and floaters can cover the gaps in coverage and provide you with peace of mind.


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