When purchasing home owners insurance it is wise to understand exactly what it covers and what it does not. There are actually some very odd things that your insurance will cover and some things you may expect it to cover and it does not. Here are a few things that may surprise you.
What Your Home Insurance Covers
Traditionally, your insurance covers your dwelling and any physical damage that occurs to it. This includes things such as your roof, windows, flooring and even your chimney. Additional items such as your appliances and electronics are also covered. Some of your smaller appliances like toasters and items like your silverware would not be covered. But your oven, microwave and dishwasher would not be covered.
If a tree falls on your house, someone drives into your living room or your house burns down, after inspection, it most likely will covered. If you happened to get a higher rate of coverage items like your fence, deck and ‘other structures’ are under coverage. This is often the area that covers structures that are not attached to your home. If you have a detached garage, you would need class b coverage if something were to go wrong.
The last set of coverage, often referred to as coverage c covers things such as your personal belongings. Jewelry and documents fall under this set of coverage. traditional home insurance does not cover this, but if you purchase a premium package you should speak with your insurance agent to see if you are covered.
In some cases, your insurance company will also provide you with rent money if the home you were living in was damaged enough where you can no longer live within it. How much you receive from your insurance provider is related to the value of your home and how high of a monthly premium you were paying. Your insurance also can pay for medical expenses if you happen to be injured while your house is damaged.
What Your Home Insurance Does Not Cover
There are quite a few things that your home insurance does not cover. For example, flooding is one tragedy that is not covered by traditional home owners insurance. You actually need to purchase flood insurance for flood coverage. Mold is also not something that is traditionally covered by your home insurance. Some insurance providers will cover you for a limited amount of mold damage, usually up to $10,000. After that you may end up paying out of your own pocket.
Wear and tear of your home is also not covered. As your home ages, the elements will most likely wear down your roof as well as wear away the paint of your deck. Items like this are not covered by your insurance.
If someone breaks into your home, the level of your coverage can really dictate what is and what is not covered. If someone breaks into your home and steals your jewels, you would have to have had them appraised previously.