Most people buy homeowners insurance and just take the standard coverage. And for many people that’s all they need. However, there may be some gaps on your coverage that you’re not aware of and may want to do something about.
Mold. Many homeowners insurance policies don’t cover the damage done by mold. If mold is bad enough in your home, it may become uninhabitable. Other policies will limit coverage of damage due to mold. Some policies do allow for coverage if the mold is due to a covered event such as a burst pipe leading to mold. If you’re not sure about your coverage for mold, talk to your agent and look into the possibility of adding a rider to your homeowners insurance.
Pests. Standard homeowners insurance policies don’t cover damage caused by pests. You have to buy separate coverage for termites, for example. Keep your eyes out for damage caused by pests but be sure to schedule regular inspections by reputable pest control companies.
Sewage back-up. Few things cause more smelly problems than backed up sewage. Most of the time, standard homeowners insurance won’t cover this problem. Agents will typically bring up the possibility of this happening when they’re discussing your homeowners insurance with you, but most people dismiss it. Coverage is relatively cheap.
Floods. The standard homeowners insurance policy won’t cover floods. This kind of coverage must be purchased separately. Many mortgage lenders will require flood insurance before lending the money to buy a house, but this is not always the case. Before you dismiss the idea of flood insurance, keep in mind 25 percent of all National Flood Insurance Program claims have come from people who thought they lived outside a mapped high-risk flood area.
Earthquakes. Homeowners insurance policies do not cover earthquakes. You should talk to your agent and find out if the area in which you live is prone to earthquakes. If it is, purchase a rider to be sure you’re covered.
Sinkholes. Once again, homeowners insurance does not cover sinkholes. They fall into the same category as earthquakes since they occur when the earth moves. You’ll have to purchase earthquake insurance to be covered.
Your standard homeowners insurance will cover other things that you may not be aware of. For example, outbuildings, landscaping, and hardscaping on your property are all likely to be covered.
Damage of loss of personal property is often also covered by homeowners insurance. If you have extra valuable property, such as antiques, you may to consider a rider to extend coverage.
Temporary living expenses are often covered by homeowners insurance if your home is not habitable for a short period of time.
Injuries or accidents that occur at home may also be covered. This will cover other people who are injured on your property, also.
If you’re in need of homeowners insurance or any other kind of insurance, contact Corriveau Insurance Agency. We’re an independent insurance agency in Nashua, NH. We’re a family owned business since 1912. Call us for a review of your insurance needs. Call 603-883-5528 today!