When it comes to your homeowner’s insurance policy, how much do you understand? Have you read the policy in full? If not, you might have some questions about the exclusions and limits on your policy. These can prevent you from having damage and other things covered, should the issue fall under specific circumstances.
In addition, the limitations of your policy might fall short of the full replacement value for your home, if you don’t have enough coverage. If you don’t want any unpleasant surprises, it’s crucial to have a solid understanding of these things.
Usually, your homeowner’s insurance covers a number of important things, like the medical bills of someone who slips and falls on your wet living room floor, or repairs should a storm with high winds damage your roof. However, there are some cases where your insurance won’t provide you with the coverage that you need.
Depending on the policy, these exclusions include:
- Pests – Have a problem with mice, roaches, or any other kind of invasive pest? Your homeowner’s insurance more than likely won’t pay for your exterminator. With that said, if you end up with termites and part of your home collapses, your insurance may take care of the damages.
- Specific Dogs – If you have a breed of dog that’s known for its aggression or even a temperamental dog with a history of issues, then you should have a separate rider on your policy for it. Why? Should your dog bite a visitor to your home, you’ll be the one held liable for their medical bills, lost wages, and more. Your homeowner’s insurance may not cover certain dog breeds.
- Earthquakes and Flooding – Living in an earthquake or flood-prone region tends to mean that specific insurance policies are required for both (or one) of those potential issues. Your standard homeowner’s insurance policy won’t cover natural flooding, damage caused by earthquakes, and other related things. You’ll need special flood insurance or earthquake insurance for that.
These are just a few examples of common homeowner’s insurance policy exclusions. There are plenty of others, so please refer to your actual policy to find out what your insurance won’t cover.
Next, there are policy limits that apply to your claims. These limits can include everything from a certain amount of money paid out for medical bills and lost wages should someone get hurt in your home to the repair and replacement costs for your home should it catch fire. In order to ensure that you have enough coverage, check your policy carefully, and if you need to make any adjustments, contact your insurance agency.
It’s important to check your policy limits at least once a year because things like the replacement cost and overall value of your home can change frequently. You need to check with your agent to ensure that you not only fully understand your policy but also that you have the right coverages in place.
Have Questions? Contact Charlotte Insurance
Wondering if your insurance policy has exclusions and limits? Contact Charlotte Insurance. Our agents can explore and explain all available options with you and put together the coverage you need.