Certain types of damage or loss is not typically covered in a home insurance policy, and it's a good idea to know what this includes.
Damage from Flooding
Some water damage is covered by your homeowner's insurance, but flood damage is not. Water damage is a confusing area for many homeowners, and each policy will determine what areas of damage are covered and which are not. However, damage from a flood is excluded from home insurance policies. The most commonly accepted definition of a flood is a natural body of water that overflows. Run off and seepage below the surface of the ground is also excluded.
When Maintenance is Neglected
Unavoidable situations are generally the types of damage that is covered by an insurance policy. The goal of home insurance is to restore your home to it's former condition if some kind of damage is done to it from a variety of possible causes. Maintenance and problems that occur from wear and tear are not part of this. A homeowner must do the necessary repairs on a home, and make sure that maintenance is done that is required due to problems that happen with ageing homes.
Mold Damages
If mold accumulates in your home because of a leak that has built up over time, it doesn't matter if you didn't know about it, this will not be covered in the policy. Homeowners must be vigilant when looking for water leaks because of the expensive damage that mold from these leaks can cause. If the water damage is from a covered peril, inform your broker or insurer right away.
Earthquakes
If you live in an area likely to be impacted by earthquakes, you'll need to either purchase a separate earthquake policy or add an earthquake endorsement to your homeowners policy. Be aware these policies can have high premiums, very high deductibles and low limits.
Damage on business property
When there is a home business, make sure you don't make the mistake of thinking that your home insurance will protect property related to your business. Your homeowners policy will likely need to be supplemented or you may need a separate business policy. A home insurance policy mostly covers personal property, but at times business property could be included, but the limits will be much lower. Data loss related to your business is not covered.
Damage due to Construction Work
Renovating your home can be a lot of fun. If you choose to do this, make sure you realize that damage that you cause to the home from construction is not covered by your home insurance. So if you're planning to remodel your home, you should look into what's called a builder's risk policy. The coverage generally protects a home from damage during the construction process, including damage from wind and rain, or even theft.
You should also notify your insurance agent of what type of work you are having done.
A lot of homeowners don't realize that certain kinds of damage are not typically covered by their home insurance policies. Remember, there are certain items in your home that may not be covered by your policy. Look into it, so you know what is included and excluded.
Damage from Flooding
Some water damage is covered by your homeowner's insurance, but flood damage is not. Water damage is a confusing area for many homeowners, and each policy will determine what areas of damage are covered and which are not. However, damage from a flood is excluded from home insurance policies. The most commonly accepted definition of a flood is a natural body of water that overflows. Run off and seepage below the surface of the ground is also excluded.
When Maintenance is Neglected
Unavoidable situations are generally the types of damage that is covered by an insurance policy. The goal of home insurance is to restore your home to it's former condition if some kind of damage is done to it from a variety of possible causes. Maintenance and problems that occur from wear and tear are not part of this. A homeowner must do the necessary repairs on a home, and make sure that maintenance is done that is required due to problems that happen with ageing homes.
Mold Damages
If mold accumulates in your home because of a leak that has built up over time, it doesn't matter if you didn't know about it, this will not be covered in the policy. Homeowners must be vigilant when looking for water leaks because of the expensive damage that mold from these leaks can cause. If the water damage is from a covered peril, inform your broker or insurer right away.
Earthquakes
If you live in an area likely to be impacted by earthquakes, you'll need to either purchase a separate earthquake policy or add an earthquake endorsement to your homeowners policy. Be aware these policies can have high premiums, very high deductibles and low limits.
Damage on business property
When there is a home business, make sure you don't make the mistake of thinking that your home insurance will protect property related to your business. Your homeowners policy will likely need to be supplemented or you may need a separate business policy. A home insurance policy mostly covers personal property, but at times business property could be included, but the limits will be much lower. Data loss related to your business is not covered.
Damage due to Construction Work
Renovating your home can be a lot of fun. If you choose to do this, make sure you realize that damage that you cause to the home from construction is not covered by your home insurance. So if you're planning to remodel your home, you should look into what's called a builder's risk policy. The coverage generally protects a home from damage during the construction process, including damage from wind and rain, or even theft.
You should also notify your insurance agent of what type of work you are having done.
A lot of homeowners don't realize that certain kinds of damage are not typically covered by their home insurance policies. Remember, there are certain items in your home that may not be covered by your policy. Look into it, so you know what is included and excluded.
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Looking to learn more, visit insure your Alberta house, or if you're insuring your condo visit www.squareoneinsurance.ca.
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