If you’re like most American home owners, you probably think that you’re fairly well protected if anything happens to your home. In most cases, as long as you have homeowners insurance, that’s true, more or less. Most homeowners insurance policies protect you from things such as fire, lightning, hail, vandalism and theft. But there are some things which most policies do not protect you from, and some of them are not as obvious as you would think. If you’re not sure about what your insurance policy covers, you might want to check with your agent to see if you’re covered for these things (most likely, you’re not):
- Water damage: Believe it or not, most homeowners insurance policies don’t protect homeowners from damage due to flooding. This is especially important if you live in areas where there is a significant water source. Since historically, nearly all civilization has been built around water sources, this probably includes the place where you live. You should especially consider adding flood insurance if you live in a Coastal area. After all, who really wants to stand around arguing with an adjuster about how much of the house was damaged by the wind and how much was damaged by the waves when a hurricane strikes?
- Earthquake damage: We live in Michigan, where you don’t normally think about earthquakes. That changed for us this summer when we felt the tremors of a 5.5 earthquake centered in Ontario, Canada. While most people admittedly don’t deal with earthquakes unless they live in areas prone to them (such as California), you should at least be aware of whether or not your insurance coverage extends to the significant damage an earthquake can cause.
- Termites and other creepy crawlies: These little buggers will devalue your house in a New York minute. If they do destroy your home, are you covered? Probably not. Of course, calling the Orkin man occasionally will ensure that termites and other bugs are dealt with, so this is one problem you can insure yourself against. But do look into whether or not your policy would pay for any damages caused by these irksome pests.
- Goods within your home: We tend to think of our homes as our most valuable possessions, but chances are you have just as much value in the items in your home. Break out the calculator and add it up if you don’t believe me. When you factor in all of the stuff you accumulate over the years, it can add up to a short ton. Check to see if any of it would be covered in case of a disaster.
- Living expenses: If your home was destroyed, where would you go? Wherever it is, you’re going to need to pay for it out of pocket, as likely as not. Most insurance policies don’t include any provisions for your living expenses while your home is unlivable.
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