Most people know that homeowners’ insurance is essential when making a home purchase. Even so, many do not know what the homeowners’ insurance actually covers. The policy may not cover some events and can leave you vulnerable if additional coverage isn’t purchased. For your protection, make sure you are familiar with the covered incidents so you can obtain additional types of insurance for items not covered.
What Is Covered
Most homeowners’ insurance policies cover fire, theft, certain types of storm damage, and unexpected damage caused by others’ actions or property. Always know the terms and conditions of each policy, and if you feel you need additional coverage you should ask your provider if there are gap policies available to help you gain full protection. Homeowners need insurance to help them either regain the actual value or cost to replace the home. The insurance normally covers the dwelling only, rather than the value of the property too.
What Isn’t Covered
Many homeowners assume the homeowners’ insurance covers flooding, but that is not the case. You need a separate policy to cover floods which is purchased through the government. This policy covers things like natural disasters and bursting pipes. Don’t make the mistake of assuming you are covered by the homeowners’ insurance policy when it comes to water damage. There are some instances where precipitation, which damages the home, or wind-driven water, as well as wind damage, requires a separate policy. For more information regarding what is and isn’t covered in your homeowners’ policy, contact Longwood, FL, Blanchard Insurance.
Know what your home insurance covers so you aren’t left vulnerable from a lack of coverage. Contact Longwood, FL, Blanchard Insurance for home insurance and for more information on covered incidents.