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As a homeowner, you know a homeowner’s insurance policy is a must. It protects you if your home is damaged or destroyed and even provides coverage if someone is injured on your property. But insurance doesn’t cover everything, and you might be surprised by what is not covered in your current home insurance policy.
Here are three big-ticket gotchas that thousands of homeowners deal with every year—and they are not usually covered by standard home insurance policies.
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Sewer Backup: A backed-up sewer can ruin your walls, floors and electrical systems and leave you with ruined furniture and an uninhabitable home. Even a fully funded emergency fund could fall short in the face of such a smelly mess. Your policy may help pay for lodging while your home is repaired, but it won’t cover the repair itself. For less than $100 per year, you can transfer this risk to the insurance company—it might be worth it.
Mold: Mold can be super sneaky, hiding behind your walls or in your ceilings and floors. It may grow for months or years before you discover it. Whether or not your insurance policy covers the damage can depend on the source of the water that caused the mold. Even policies that cover mold often limit the payout to $10,000. Just ask anyone who’s had to rip out and replace a kitchen due to a leaky pipe if $10,000 is enough! You can purchase a rider to add or extend coverage for mold issues in your home.
Your Dog: Even man’s best friend isn’t immune to the insurance company’s discrimination. Many companies refuse to include certain dog breeds in their standard home insurance coverage. And if your dog bites someone, the insurance company may charge a higher premium or exclude your dog from coverage, no matter the breed. Check your policy to see if Fido is included in your policy. If not, you may need to purchase additional coverage.
Buy What’s Right for You
Don’t wait until you have to file a claim to find out what’s covered in your homeowners’ insurance. Review your policy now and consider adding coverage to fill the gaps.
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It’s also a good idea to shop around and compare policies and prices from several companies. Brent T. from Jackson, LA, worked with an independent insurance agent to find his home insurance. “They explained everything to us in detail, in a way no one ever has,” Brent said. “Did I mention that we will save thousands of dollars in the years ahead and be totally debt-free a lot sooner because of their help?”
We can put you in touch with an independent insurance agent with the heart of a teacher who will make it their job to find the right insurance coverage at the right price for your family.