THE FAQ'S OF HOME INSURANCE
Are you looking for home insurance and wondering what makes it so beneficial? Here's a few of the most common questions asked. Of course if you still have questions you should reach out to us or your current insurance agent for home insurance and find answers. Ask if it's absolutely necessary to have. How much coverage should you get? What does it cover? What does it NOT cover? There are a lot of things to consider.
Is home insurance required?
Home owners insurance is not required by law in any state, however your lender typically requires that you obtain a home owners policy before purchasing your new home. Even if your home is paid in full, you still want to insure the valuables and most valuable assets within the home and the actual walls and roof.
What is NOT covered in home insurance?
Some of the exclusions found in home owners insurance policies are:
Floods: Your home will not be covered for water damage outside of your home however, there may be specialized flood insurance to purchase.
Earthquakes: Home owners insurance will not cover earthquakes so if you are in an area where there have been earthquakes it's best to purchase a separate policy or endorsement for earthquake coverage.
Mold and Mildew: If you encounter mold and mildew from neglected maintenance or water leaks it is typically not covered. While mold and other bacteria caused by something accidental is typically covered.
Termites: The infestation of termites is seen as preventable and therefore won't be covered under home insurance policies.
What about personal property?
Any type of belonging that isn't attached to your home, including any items in a storage unit will be covered under your home owners, renters or condo policies with certain limits. Check your policy or speak to your Insuremart agent to get details about personal property coverage.
If you still have more questions about coverage please don't hesitate to reach out to one of our agents about home owners insurance, condo insurance, renters insurance, townhome insurance and landlord policies.
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Home & Auto Insurance
February 11th, 2021