Standard homeowners insurance typically does not cover flooding. After the floods in Alberta, many people now realize this. There are still a lot of people that are not aware of the types of situations that their home insurance will not cover. Here, we will go over some of the excluded personal property loss or damages that are in standard homeowners insurance policies:
Structures used for business aren't covered by standard homeowners insurance. Keep in mind that all claims for business on your property will likely be denied by your insurance adjustor. 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. 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 this mean? If you have a fire and don't call firefighters, don't count on being reimbursed for your losses. If a tree damages your roof and you don't to protect your stuff from rain damage afterward, you might not get help, either.
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.
Standard policies also do not protect against damage due to rising waters, which most people simply call flooding. But you're also not covered for water backup. If your sewer or drain backs up or your basement's sump pump fails, this is not included. Unless you've purchased specific coverage for this, you could face thousands in damage.
If you lease space in your home or even just have a boarder who isn't related to you, his or her property is not covered by your homeowners insurance. If the property of a renter or boarder is damaged by an insured peril like fire, they will not be covered unless they have taken out their own separate insurance policy.
Standard homeowners insurance does not cover earthquakes. That means if you live in an area prone to earthquakes, you need earthquake insurance. Standard homeowners insurance does not cover mudslides or sinkholes.
Ask your agent about the exclusions in each policy you consider. Preparations can be more easily made if you know what you are covered for, and what you are not.
Structures used for business aren't covered by standard homeowners insurance. Keep in mind that all claims for business on your property will likely be denied by your insurance adjustor. 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. 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 this mean? If you have a fire and don't call firefighters, don't count on being reimbursed for your losses. If a tree damages your roof and you don't to protect your stuff from rain damage afterward, you might not get help, either.
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.
Standard policies also do not protect against damage due to rising waters, which most people simply call flooding. But you're also not covered for water backup. If your sewer or drain backs up or your basement's sump pump fails, this is not included. Unless you've purchased specific coverage for this, you could face thousands in damage.
If you lease space in your home or even just have a boarder who isn't related to you, his or her property is not covered by your homeowners insurance. If the property of a renter or boarder is damaged by an insured peril like fire, they will not be covered unless they have taken out their own separate insurance policy.
Standard homeowners insurance does not cover earthquakes. That means if you live in an area prone to earthquakes, you need earthquake insurance. Standard homeowners insurance does not cover mudslides or sinkholes.
Ask your agent about the exclusions in each policy you consider. Preparations can be more easily made if you know what you are covered for, and what you are not.
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