Purchasing homeowners insurance should give you peace of mind that you have backup in case of a disaster, like theft or a lightning strike. But it won’t protect you from all mishaps. The following are events that standard homeowners insurance won’t cover. If you feel that you’re at risk for one of these things happening to your home, purchase a supplemental policy.
Mold isn’t something you want to live with because it can cause all sorts of health problems for you and your family. Your insurance company could cover mold if it grows as the result of a coverable event, like a burst pipe, but it won’t always. If you live in a damp climate and worry about mold growth, purchase separate coverage.
Often, lenders will require homeowners purchasing a house in a zone at high risk for flooding to buy flood insurance. However, if you are purchasing a home in a low-risk zone, doing so might not be a requirement. Keep in mind, though, that a quarter of claims made to the National Flood Insurance Program are from homeowners who live in low-risk zones.
Earth movement is not covered by standard homeowners insurance. If you live in an area that sees a lot of earthquakes, it’s best to purchase a separate policy.
If termites eat a hole in your roof or if a family of rats chews up your electrical system, a standard homeowners policy won’t cover you. The best way to handle a pest problem is to not let it become a problem in the first place. If you see pests hanging around, call in the experts right away. And if termites are in your area, schedule frequent inspections. By the time you notice termite damage, you can be sure you’re already dealing with a lot of unseen damage.
It doesn’t happen often, but if sewage backs up into your home, it can cause big problems. A supplemental sewage policy doesn’t cost much, and it’s a good idea to have this added protection.
Sinkholes fall into the same category that earthquakes do -- earth movement. And earth movement is not covered by standard insurance policies. Some states are more susceptible to sinkholes than others, so if you live in one of those states, purchase a separate policy. Even if most sinkholes don’t dramatically devour houses, they can cause cracks in walls and floors.
As always, if you have any questions about what’s covered under your homeowners insurance policy, please contact us. We’re always happy to help!