There’s no doubt that homeowners insurance is indeed a necessity. In fact, if you have a mortgage, it’s probably a requirement. However, homeowners insurance will not cover any and everything that could affect your home. As a homeowner, it’s a good idea to familiarize yourself with situations and circumstances where your homeowners’ insurance may not provide coverage.
What Does Homeowners Insurance Typically Cover?
Homeowner’s insurance usually covers destruction to the inside and outside of your home. It also covers theft and the loss of your possessions, as well as personal liability for injury to others when they are on your property. Homeowner’s insurance coverage usually includes cash value, replacement cost, and the extended replacement cost to replace or repair something.
Homeowners Insurance Typically Won’t Cover
As a homeowner, your insurance won’t usually cover termite damage or damage caused by bird or rodent damage. It doesn’t cover the normal wear and tear of your home or damage caused by smoke or other agricultural operations or situations. Homeowner’s insurance doesn’t always cover flood damage or flooding. In some cases, it may be necessary to purchase flood insurance separately. Also, poorly made or defective items aren’t covered as well. Typically, homeowners shouldn’t expect their insurance policy to cover damage caused by combined stormwater or raw sewage pipelines. Damage caused by expansive tree roots and outdated sewer systems isn’t usually covered either. Our team of agents at Higgins & Halloran of Columbia SC are committed to helping homeowners understand what their homeowner’s insurance will and won’t cover. We understand that under some circumstances, additional insurance coverage may be needed. However, we are committed to helping homeowners develop a fundamental understanding of homeowners insurance. Give us a call. We’re standing by.