Generally, flooding is not included in standard homeowners insurance. After the floods in Alberta, many people now realize this. But most people do not know some of the other situations in which home insurance does not provide coverage. We will go over a few of the property exclusions that are part of standard homeowners insurance:
If there is a structure that is utilized for business purposes, this is not included in standard home insurance coverage. Actually, your claims for anything on your property that is related to your business could be rejected by the insurance company. Keep this in mind if you have a home business of any kind, no matter if it's a simple mail-order business or a larger catering company.
Standard policies do not cover pets, whether they are injured or are the victim of a theft. However, injuries caused by your pet are covered. If you have a dog that causes injury to someone by biting them and a lawsuit is the result, you will be covered by your personal liability insurance. Certain breeds of dogs are not included in standard coverage, so go over this with your insurance agent so you are not left holding the bill.
Losses caused because you failed to protect your property and prevent further damage typically are not covered. What does this mean? If you have a fire and don't call firefighters, don't count on being reimbursed for your losses. In a case where a tree falls on your home and damages the roof and you fail to protect your belongings from the rain damage, you will not be covered.
A power outage that causes losses is not covered, like if your food is ruined because of a lack of refrigeration during this time.
Damage due to rising waters, more commonly called floods are also not covered by standard policies. But you're also not covered for water backup. Say a drain or a sewer backs up or a sump pump in your basement fails. Unless you've purchased specific coverage for this, you could face thousands in damage.
If there are areas of your home or property that are being leased out or rented to an unrelated boarder, their personal property will not be covered by standard policies. The renter or boarder will need separate coverage in the event your home is affected by fire or another covered peril and their possessions are damaged.
Similar to floods, earthquakes aren't covered by standard homeowners insurance. For people living in a zone that has a high chance of earthquakes, special insurance for this needs to be purchased. Standard homeowners insurance does not cover mudslides or sinkholes.
Speak with your insurance agent about what exclusions are listed in the policy. Only by knowing what you have can you know what you might need.
If there is a structure that is utilized for business purposes, this is not included in standard home insurance coverage. Actually, your claims for anything on your property that is related to your business could be rejected by the insurance company. Keep this in mind if you have a home business of any kind, no matter if it's a simple mail-order business or a larger catering company.
Standard policies do not cover pets, whether they are injured or are the victim of a theft. However, injuries caused by your pet are covered. If you have a dog that causes injury to someone by biting them and a lawsuit is the result, you will be covered by your personal liability insurance. Certain breeds of dogs are not included in standard coverage, so go over this with your insurance agent so you are not left holding the bill.
Losses caused because you failed to protect your property and prevent further damage typically are not covered. What does this mean? If you have a fire and don't call firefighters, don't count on being reimbursed for your losses. In a case where a tree falls on your home and damages the roof and you fail to protect your belongings from the rain damage, you will not be covered.
A power outage that causes losses is not covered, like if your food is ruined because of a lack of refrigeration during this time.
Damage due to rising waters, more commonly called floods are also not covered by standard policies. But you're also not covered for water backup. Say a drain or a sewer backs up or a sump pump in your basement fails. Unless you've purchased specific coverage for this, you could face thousands in damage.
If there are areas of your home or property that are being leased out or rented to an unrelated boarder, their personal property will not be covered by standard policies. The renter or boarder will need separate coverage in the event your home is affected by fire or another covered peril and their possessions are damaged.
Similar to floods, earthquakes aren't covered by standard homeowners insurance. For people living in a zone that has a high chance of earthquakes, special insurance for this needs to be purchased. Standard homeowners insurance does not cover mudslides or sinkholes.
Speak with your insurance agent about what exclusions are listed in the policy. Only by knowing what you have can you know what you might need.
About the Author:
To learn more and to receive great savings, we invite you to visit this link : and if you're looking for a quick video summary, click here.
