4 Things Your Homeowners Insurance Doesn’t Cover

If you own a home, it is important to know the facts about your homeowners insurance. There are several things that, contrary to popular belief, your insurance may not cover.

1. Flood Damage

A standard homeowners insurance policy covers some forms of water damage, such as a burst pipe, but it does not cover flood damage, such as that caused by a body of water, groundwater or drainage backup. Protect yourself from flood damages by purchasing flood insurance or water backup coverage.

2. Mold and Pests

Most homeowners insurance policies exclude pests and mold. Homeowners insurance is intended to cover sudden, unexpected damages; since pest and mold problems tend to develop gradually, they don’t qualify. Keeping up with routine home maintenance can help you avoid an expensive pest or mold problem.

3. Expensive Possessions

Homeowners insurance covers your possessions, even outside your home; for example, if your laptop is stolen from your car, homeowners insurance should cover it. However, there are limits to this coverage. If you have belongings that exceed the limit, you should consider purchasing additional coverage.

4. Renters’ Belongings

A landlord’s homeowners insurance covers the landlord’s property and possessions, e.g., the home and any furniture or appliances the landlord owns. If you own a rental property, your renters should purchase renters insurance to cover their belongings.

Insurance is essential for all homeowners. It is critical to understand your policy and coverage so you can protect your home and assets in every situation.