Do you have the right home coverage?
As a homeowner, you want to ensure your home is protected in case the unexpected happens.
While you likely have a standard homeowners insurance policy to protect your property, there may be gaps in your coverage. Depending on your region and other factors, there could be things that your current insurance policy won’t foot the bill for.
Read about some common insurance gaps that you may have overlooked so you can cover your bases.
- Weather Events: Your basic home insurance policy will cover damages from hail, wind, lightning, freezing and fire. But you’ll probably need extra coverage for certain catastrophic weather events. Flooding and earthquakes, for example, are specifically excluded from traditional policies and require their own separate coverage.
- Valuables: Your policy covers your belongings — but only to a certain extent. If you own items that are high value, one-of-a-kind or collectible, your current policy is unlikely to cover the full cost if they’re damaged or stolen. Look into getting a separate endorsement or rider to get those belongings covered.
- Pests and Infestations: Most homeowners insurance doesn’t cover damage done by rodents and other pests, as this is considered preventable. While there aren’t really any additional coverages you can buy to make up for this, you can schedule regular pest control appointments to keep potential infestations at bay.
- Wear and Tear or Negligence: If you have issues that stem from regular wear and tear or negligence, you shouldn’t expect your insurance to cover it. Your best bet is to create a regular maintenance schedule and stick to it. Homeowners should also aim to have an emergency fund for unexpected repairs.
If you have questions about homebuying or homeownership, don’t hesitate to reach out.