As a homeowner, you breathe a sigh of relief when you know that your homeowners insurance is current and paid in full. It gives you a certain peace of mind that if anything were to happen, your policy would cover your loss. Unfortunately, that is not always the case. There are certain things that can easily occur in, and around, your property that just may not be covered. The good news is, that there are riders, as well as supplemental policies that you can purchase that will cover these and more.
What Does Your Insurance Not Cover?
Flooding - If you do not live in a flood zone, you may have never considered the extensive damage that water in your home can cause. While your insurance policy may, or may not cover busted pipes, it probably does not cover rising flood waters.
Recent weather changes have caused massive amounts of rain to be deposited in areas that have never seen this type of rain before. In the past five years, all fifty states have experienced some type of flash flood or flooding. Huge amounts of rain, overbuilding, and poor drainage systems have caused entire neighborhoods to find themselves underwater, although they do not have a water source nearby. Coastal areas have also seen an increase in tidal flooding, and it is also estimated that this will get worse for years to come.
While you may have flood insurance if you live on the coast, or within sight of a major waterway, but you may have never considered it if you live inland and away from water. The sad part for the homeowners who did not have a supplemental policy, or a rider for flooding, is that if you do not live in a flood prone area, coverage is very inexpensive.
Mold - One of the most common side effects of any type of moisture coming into your home is the presence of toxic types of mold. With thousands of various species of mold, mold is a common presence in most homes. If you do not believe this, just leave a piece of fruit on the counter for a couple of days.
Unlike the types of mold that will show up on your rotting fruit, Stachybotrys mold, or black mold, is a toxic mold that will grow in any damp location that is cellulose rich. In many cases following an exposure to water, this will include the insulation in the walls of your home.
If not removed from your home it can have a wide range of health effects on you and your family. While many of the symptoms produced by mold are respiratory in nature, the symptoms can very serious for asthmatics, or others who have weakened immune systems.
Unfortunately, the removal of mold from your home is probably not covered by your average homeowner's policy. Depending on where the mold is located, and the size of the outbreak, you can spend thousands of dollars to rid your home of this health risk.
Termites - Another silent threat that many homeowners have to face are the termites who are doing damage to their homes. These too are attracted to moisture prone areas, that have a readily available food source, which is often your home. If not quickly found, and removed, they can cause extensive damage to your home's foundation, and structure.
When you get the bill for this structural repair, you will find that this is damage that is usually not covered by your homeowner's insurance. While there are some riders that will cover this damage up to a certain amount, your best bet to avoid a termite infestation is to ensure that you are having your home inspected and treated at least annually.
These are just three of the most common things that many homeowners will have to face during their lifetime that may not be covered by their insurance. There are many others. Speak to your insurance agent; ask about supplemental coverage to ensure that common things are covered. It may be cheaper than you think.Share