When homeowners purchase property insurance, they commonly assume that their coverage would provide benefits for most types of damages that may have been unavoidable. However, some homeowners are shocked to discover that their coverage does not provide the full protection that they thought it did. In some situations, homeowners are not financially prepared to cover repair costs that they assumed would be paid for by their insurance provider. These are a few of the issues that you may run into that may not be covered by a typical home insurance policy and that could potentially cost you tens of thousands of dollars or more in out-of-pocket expenses.
Water Damage
Water damage is not covered under most standard policies. This includes flooding from a severe storm. In order to obtain coverage for this type of damaging event, you generally need to purchase extra coverage that specifically provides these benefits. With water damage and flood insurance, you may receive benefits for residential storm and water remediation. This coverage could pay to repair your home after a flood, and some policies also offer compensation for unsalvageable personal items in the home. It’s always good to know what costs these services carry, so search something like ‘residential storm water remediation in NJ’ for your area to learn more about them.
Mold Growth
Mold growth is commonly associated with water and flood damage, but you should not assume that it is covered by water and flood insurance. Typically, mold coverage must be purchased separately. Keep in mind that mold may also begin growing because of a leaky pipe, AC problems and many other issues. Therefore, this is a concern for all homeowners. Mold coverage often pays for remediation and repair work. That repair work is often handled by cleaning or engineering teams like those at icunj.us, depending on the severity of the situation.
Earthquake Damage
If you live in an area that is prone to earthquakes, your mortgage lender may require you to purchase special earthquake coverage for your home. However, some areas experience very infrequent earthquakes. In addition, some homeowners own their property outright and do not have a lender requirement for earthquake coverage. If there is a chance that your home could be damaged by this type of event, it makes sense to purchase extra coverage for your home.
You can see that these issues may be beyond your control in many cases, and a typical home insurance policy will not provide benefits for them. Consider these and other risks that you may face, and talk to your insurance agent about the need to purchase additional coverage for your home. Without full coverage against these and other perils, you are financially responsible for any damages to your home and personal items inside the home.
