Homeowner’s Policy Coverage and Non-Coverage
As if 2020 hasn’t been trying enough for everyone – can you believe the weather we are experiencing? Earlier this year it was an earthquake; fires have been problematic in many western states; hurricanes have been savage to many states, and now there are high-velocity winds and a severe cold snap. In fact, the winds were so high some schools were forced to close and Trax was shut down.
As your home will most likely be the largest investment of your lifetime, be sure to safeguard it as much as you can. A careful review of your homeowner’s policy will outline areas of coverage – as well as items that are not covered. If you have questions you can meet with your insurance agent or even have your policy reviewed by a professional such as your attorney.
Homeowner’s Insurance Policy
In proactively addressing issues, thoroughly review your homeowner’s policy to confirm what specific types of damage are covered. Often, you have to include additional riders, or a separate insurance policy, to safeguard against possible damage and destruction to your home. A standard insurance policy typically does not cover damage to your home from an earthquake, flood, smoke, or general wear and tear. Homeowner’s policies also may not cover damage from rodents, pests, or insects such as termites. Believe it or not, termites do exist in Utah
A typical home insurance policy will include the dwelling, loss of use of the dwelling, other structures (such as a shed or separate parking structure), personal liability, and personal property coverages. Most policies will also cover some common dangers such a burglary, explosion, fire, hailstorms, vandalism, and windstorms. If you do have a separate structure on your property, be sure to let your insurance agent know ahead of time that you have a shed, gazebo, or even a luxury doghouse so it can be addressed by your policy.
Other Liability Concerns
In discussing what your homeowner’s policy may not cover, you may be surprised to learn that your homeowner’s policy will most likely cover some things you would not expect. This includes a dog bite as well as a lawsuit if someone is injured at your home or on your premises. Your insurance policy may also provide for a hotel or lodging if you have to relocate while repairs are being made to your dwelling. Another extremely important area of coverage that is probably provided is identity theft. In today’s environment, this is invaluable as all of us could be subject to this scary notion.
The declaration page of your homeowner’s policy will highlight what is covered and what is not, as well as the limits and deductibles. Understand though, this is not a substitute for a comprehensive read of your policy.