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Do You Know What Your Home Insurance Covers?

Many things are running through your mind when you purchase a new home. One of the big questions is how I will protect myself, my family, and my house if something happens? Suppose you plan to have a mortgage to close on the property. In that case, your lender will require homeowners insurance to complete the lending process. Homeowner’s insurance can be challenging to navigate as it’s not always as straightforward as many think. 

What on your property is typically covered?

Your policy will typically cover your home, personal property, and personal liability. In addition, some may offer more coverage or protect your property a little more in-depth by offering coverage for: other structures such as a garage, shed, or fence, some additional living expenses (also known as loss of use) in the chance your home becomes unlivable during a covered event, and medical coverage.

All these items can vary depending on the type of insurance plan you sign up for. Knowing what events may be included or excluded from your policy is imperative. 

What types of events are you covered from?

For many homeowner insurances, covered events can vary as you go through the different portions of your policy. What isn’t covered for your dwelling may be covered in your personal property sections and vice versa. For dwelling and other structures, you are most commonly protected from the following:

  • Fire and smoke damage
  • Weather-related damage, such as wind or hail damage
  • Water damage from internal sources, not from weather-related flooding
  • Theft of personal property
  • Vandalism
  • Damage caused by snow or ice on the roof
  • Damage from civil disturbances, such as riots
  • Explosions
  • Damage caused by motor vehicles or aircraft

It is also important to note that most insurance providers will include Hurricane-specific coverage or deductibles when shopping for insurance in Florida. Equally as important to note, although you have added hurricane coverage, that does not mean that you are covered for flooding caused by a hurricane. 

What isn’t covered?

Most homeowner’s insurances specifically state precisely what they will cover. If something happens to your property outside of that scope, they will most likely be unable to assist. It is essential to understand where you live or are moving to and your options for additional insurance if needed. The most common events that are not covered are flooding, earthquakes, land/mudslides, and owner neglect. It is essential to understand your risk for the following and understand what additional insurance you may need to take out before purchasing the home. Locally here in Florida, many of us live at or just above sea level, and as Florida is a state prone to flooding and hurricanes, it is important for you to understand your flood risk and talk to your insurance provider about additional options to protect you. Just because you live in a flood zone doesn’t necessarily mean that your home will flood, and on the opposite, not living in a flood zone doesn’t mean your home can never flood. 

Final Notes:

Even if you are paying cash for your property, it is crucial to ensure you, your loved ones, and your property are protected. No one wants or expects to lose their home in the ways covered, but the unfortunate reality is that many do. Protect yourself and your family. Talk to your realtor today regarding who they recommend as a home insurance agent. If you’re here in Sarasota, I encourage you to contact Dees Insurance for more detailed information and fantastic customer service. 

*This post is not sponsored by Dees Insurance or any participating insurance company.*

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