Homeowners Insurance Won’t Cover

When you buy a house, you’ll want to insure it. If you take out a mortgage to pay for your home, the lender will likely require you to buy homeowners insurance as part of the agreement.

Even if it isn’t required, getting your home insured against damage or loss is a good idea. But what many homeowners don’t realize is that their insurance policy may not cover everything they think it does.

It’s important to understand what your homeowner’s insurance policy covers so you’re not caught off guard if something happens to your home. Knowing what it doesn’t cover will allow you to purchase additional coverage if necessary. With that in mind, the following are four things that your home insurance policy probably won’t cover:

1. Flooding

Standard home insurance policies exclude coverage for flood damage, so if your home is inundated with water from a storm or other flooding event, you will likely have to foot the bill for repairs and replacements yourself. If you live in an area prone to flooding, purchasing separate flood insurance is a good idea.

2. Earthquake damage

Homeowners insurance also typically excludes coverage for earthquake damage. If an earthquake hits and your home sustains damage, you will likely have to pay for repairs and replacements out of pocket. If you live in an area that’s susceptible to earthquakes, you may want to purchase separate earthquake insurance.

3. Mold

Mold is a type of fungus that can grow in homes and other buildings. It can cause property damage and pose health risks. Mold typically develops and spreads from moisture, so it’s often found in bathrooms, kitchens, laundry rooms, and basements. Because mold growth is so common, most standard homeowner’s insurance policies exclude coverage for mold damage.

4. Pest infestations

Pests like rodents and insects can damage your home and pose health risks. If your home becomes infested with pests, you will likely have to pay for pest control. You might not be bothered about paying for pest control; however, some pests, such as termites, can cause significant damage to your home.

A standard homeowners insurance policy will provide coverage against things like fire, wind, and snow damage, as well as vandalism, theft, and personal liability. However, it’s important to know what it doesn’t cover so you can plan accordingly. Contact us at Randy Lindsay today for more advice about the home-buying process.

MY BIO

Randy has enjoyed over 32 wonderful years in the Real Estate industry making dreams come true for homeowners.

Superior customer service is #1 to Randy and he provides this to all of his clients using knowledge, professionalism, integrity and persistence.

Randy is a successful and experienced real estate agent who expertly represents both buyers and sellers. Scores of Charlotte area residents have trusted Randy in the process of listing their homes to sell.

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