Flooding is not generally covered by a standard home insurance policy. After the floods in Alberta, many people now realize this. Many people are not familiar with the other exceptions in their policies that they are not protected against. Following are some of the personal property exclusions, but not necessarily all of them, from standard homeowners insurance:
Structures used for business aren't covered by standard homeowners insurance. In fact, any claim related to a business on your property could be denied. 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.
Injuries to or theft of pets is not covered in standard policies. However, injuries caused by your pet are covered. In a case where a dog bites someone, your personal liability insurance would protect you if the injured person files a lawsuit. There are some dog breeds that would require additional coverage, so speak to your insurance provider about your dog's breed.
If there are losses on your property that would not have been incurred if you had taken measures to protect from further damage, these will be excluded. What does that mean exactly? Losses will not be covered if you have a fire in your home or on your property and you do not call the fire department. If your roof is damaged by a tree that falls and you neglect to protect your things from the rain that comes in after, coverage for those things will not be provided.
You can't file a claim based on losses caused by an outage of electricity - say, if your frozen food thaws and is ruined because of an outage.
Damage due to rising waters, more commonly called floods are also not covered by standard policies. A standard policy will not cover water backup damage. Examples of this are when your basement's sump pump malfunctions or if your drain or sewer backs up. Unless you've purchased specific coverage for this, you could face thousands in damage.
The property of a boarder in your home, or someone who is leasing space will not be covered by your homeowners insurance policy. 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.
Standard homeowners insurance does not cover earthquakes. Earthquake insurance must be purchased for people who live in areas that are more likely to have earthquakes. 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.
Structures used for business aren't covered by standard homeowners insurance. In fact, any claim related to a business on your property could be denied. 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.
Injuries to or theft of pets is not covered in standard policies. However, injuries caused by your pet are covered. In a case where a dog bites someone, your personal liability insurance would protect you if the injured person files a lawsuit. There are some dog breeds that would require additional coverage, so speak to your insurance provider about your dog's breed.
If there are losses on your property that would not have been incurred if you had taken measures to protect from further damage, these will be excluded. What does that mean exactly? Losses will not be covered if you have a fire in your home or on your property and you do not call the fire department. If your roof is damaged by a tree that falls and you neglect to protect your things from the rain that comes in after, coverage for those things will not be provided.
You can't file a claim based on losses caused by an outage of electricity - say, if your frozen food thaws and is ruined because of an outage.
Damage due to rising waters, more commonly called floods are also not covered by standard policies. A standard policy will not cover water backup damage. Examples of this are when your basement's sump pump malfunctions or if your drain or sewer backs up. Unless you've purchased specific coverage for this, you could face thousands in damage.
The property of a boarder in your home, or someone who is leasing space will not be covered by your homeowners insurance policy. 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.
Standard homeowners insurance does not cover earthquakes. Earthquake insurance must be purchased for people who live in areas that are more likely to have earthquakes. 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:
We offer the only Thunder Bay Home Insurance policy that can be truly tailored to your needs. Get a quote and buy a policy online or by phone. Or Visit our Home Insurance video.
0 التعليقات:
إرسال تعليق