Fire, flooding, and more … oh my! When disasters like these strike, a homeowners insurance policy can be your saving grace to cover expensive house repairs.
The trick, however, is to understand what exactly your home insurance covers before you sift through the damages and long road of recovery ahead. Which is why we’re here to explain the general ins and outs of coverage, the exceptions, and what to consider when deciding on what’s best for you.
General Coverage
Typically, a standard home insurance covers most natural disasters, theft, and accidents on your property. But all policies are not the same, of course, so it’s critical to comb through the policy thoroughly to avoid any surprises (and not good ones).
Water Damage Coverage
Did you know that 1 in 50 homeowners files a claim for water damage each year?
Luckily, water damage is normally covered if it was sudden and accidental, like a pipe bursting or a hot water heater exploding. Note: the insurance company will cover the damage caused by the water, not the source of the water damage, like a dishwasher if it floods your kitchen. But sometimes policies will cover plumbing if the water problem was sudden, like a burst pipe.
If the water damage is proven to be gradual, however, because of wear and tear or poor maintenance, homeowners insurance usually will not cover it.
Hurricane Damage Coverage
Since we live in an area prone to hurricanes, it’s especially important to delve into the details of what your homeowners’ insurance policy covers. Flooding caused by hurricanes is typically not covered by a standard insurance policy. Wind damage caused by hurricanes may have a separate, higher deductible. It also depends on what hurricane zone your home is located in.
Roof Damage Coverage
As with water damage, your insurance will cover roof damage caused out of the blue, but not if the roof was damaged because it was older. (Homeowners need to replace their roof around every 30 years or so.)
In other words, your roof is covered if it’s been damaged by wind, hail, or a healthy tree falling on it, but it may not be if the tree was dead or the roof showed wear and tear because it shows that you didn’t perform the necessary maintenance.
Fire Damage Coverage
Homeowners insurance companies pay out nearly $12,000 on average per claim to help in repairing fire damage. That’s because house fires, unfortunately, are common, whether they are caused by a wildfire, lightning, electrical issues, a grease fire, or more. The good thing is that most house fires are covered by home insurance – some may even put you up in a hotel room if needed until the fire damage is remedied and you can move back in.
Theft Coverage
Gratefully, homeowners insurance will usually replace any stolen items if someone breaks into your home. On top of that, the policy will also pay for any damages the thief may have caused during the break-in.
Coverage on Pet Bites & Other Injuries
Most homeowners insurance policies include liability coverage, which helps to pay for any medical expenses or lost wages if someone gets hurt on your property, like if your dog bites someone or if a guest trips and falls down the stairs.
For more information on homeowners insurance, or if you’d like to sit down and discuss your options to buy a home, please call one of us at the Sands Realty Group at 843.839.4878.
