Home buyer’s get insurance to cover themselves in case the unthinkable happens to themselves or their dwelling.
Home owner’s insurance coverage can be a complicated game, though. Buyers need to read the fine print to comprehend what does house insurance cover.
So, what does homeowners insurance not cover, then? Read on. We’re about to lay down five common exclusions from most insurance plans.
1. Luxury Items
You might be sad to learn that your insurance won’t cover the cost of every item if there’s a burglar or if your home succumbs to a fire.
Certain valuables, like jewelry or fine art, generally have limited payouts. If you’re a collector of expensive luxury items, you’ll want to purchase additional coverage to be safe.
2. Trampolines
Trampolines are dangerous. A study claims that nearly 250,000 medically treated trampoline injuries occur every year in the United States. This staggering statistic is the reason that most insurance companies don’t view trampolines as harmless play equipment. Some companies may even withhold coverage entirely if you have a trampoline on your property.
3. Termite Damage
So far we’ve touched on your purchased items that are not covered by your insurance, but you may find yourself wondering, “Does homeowners insurance cover termites and other infestations?”
Termites and other bugs may be relatively small, but they can cause a lot of damage. The devastation caused by rogue termites is unlikely to earn any sympathy from your insurance company.
You need to stay on top of any possible infestations. Doing so will prevent higher costs down the line to rid your home of termites.
4. Dogs
Whether you currently own a dog or plan on getting one shortly, you’re going to want to read the fine print on your homeowner’s insurance first. Your policy may cover damage caused to yourself and your family, including your furry friends. If your dog were to bite someone, your coverage might be partly liable for any costs related to any claims filed against you. In fact, dog bites account for about a third of all homeowner’s liability payouts.
But, depending on which insurer you use, there may be restrictions on certain dog breeds. Some companies may not sell coverage to you at all or will exclude liability for any dog-related injuries that occur on your property. The three most common breeds found on the prohibited breeds list include pit bulls, rottweilers and chowchows.
5. Sinkholes & Earthquakes
Homeowner’s insurance companies won’t cover any damages caused by the result of the earth moving. You’ll need to purchase additional coverage separately if you live in an area where sinkholes or earthquakes are causes for concern.
So, What Home Owner’s Insurance Coverage Will I Have?
With all of these restrictions, you may be asking yourself, “So what does homeowners insurance cover, anyway?” Four areas protected by most homeowners insurance include dwelling, other structures, personal property, and liability. While it may seem like there are a lot of restrictions on coverage, your insurance will come in handy in many situations.
If you are confused about the grey areas of your insurance plan or if you need SR22 insurance for your vehicle, don’t be afraid to ask for help. Insurance professionals exist to help make the process of protecting yourself easier.
Don’t Skimp Out
Your home owner’s insurance coverage will come in handy if you ever need to make a claim. Anything can happen to you or your home and without a back-up plan in place, you’ll risk being on the hook for a lot of money.
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