Everyone should understand exactly what their homeowners insurance covers well before any accidents or injuries take place. Whether you have owned a home for years or are just now considering buying your first piece of property, here is a glimpse of a few expenses most basic insurance policies do not cover.
Burst pipes are a common form of damage in many homes, but every single insurance policy is slightly different when it comes to plumbing. Your policy might help you with some of the water damage caused by the leak, but it probably won't cover replacing the pipes themselves. In addition to speaking with your insurance provider to learn more about what is covered, you should also consider having your plumbing system inspected once or twice a year.
The vast majority of basic homeowner’s policies do not cover flooding, and these disasters can cause a tremendous amount of damage in a short amount of time. Sagging roofs, mold, mildew, and soaked carpets almost always require professional restoration work to be done by companies like First General Services that specialize in water damage. That is why all families should research the National Flood Insurance Program database to learn about their flood risk profile.
Insurance policies rarely cover earthquakes because these disasters are not a major risk in most areas. As a general rule, only homes that are located near active fault lines need this type of coverage. Most insurance companies provide their clients with risk assessment tools to determine if their home could be damaged by one of these natural disasters.
It might seem like your trampoline is a harmless toy, but most insurance companies classify them as dangerous pieces of equipment. To realize how dangerous they are, all you have to do is search on YouTube for “trampoline fails”. The videos may be funny, but getting hurt on a trampoline isn’t a laughing matter. In 2009, there were 98,000 trampoline-related injuries involving children. Luckily, your insurance policy could cover trampoline accidents as long as you adhere to certain rules that they can inform you about. These rules typically include adding safety equipment to the trampoline such as pads and safety nets.
Many homeowners think their insurance policies will protect them after any mishap, but that is not always the case. If you believe you have any gaps in your insurance, then you should immediately speak with your current provider about additional coverage.