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Homeowners insurance
Knowing what a standard homeowner’s insurance policy covers or doesn’t is key to protecting yourself, your family and your pocketbook.
Typically covered
Disasters: Hurricanes, windstorms, tornadoes and lightning strikes are typically covered. So are man-made disasters from riots or civil unrest.Fire: Losses from house fires, wildfires and water damage from firefighting are covered by standard policies.Property: Loss of the contents of your home, from both disasters and burglary, are covered by standard policies, up to certain amounts (usually a percentage of your structural replacement cost coverage.)Accidents: Most standard policies cover accidents like a car running into your home or a falling tree damaging your roof.Liability: Standard policies cover accidents and injuries occurring to others on your property — whether they bill your insurance company or sue you. Standard policies also cover damage or loss you, your family or pets cause to someone else’s property.
Typically not covered
Floods: Except for the National Flood Insurance Program, standard policies exclude coverage for losses from flooding and mudflows.Earthquakes: In California, standard policies do not cover earthquake damage or loss of property. A separate earthquake policy is expensive, but may be a sound investment.Earth movement: Standard homeowners insurance coverage doesn’t cover losses from ground settlement, liquefaction, slope slippage, erosion or rockslide.Wear and tear: Typical use, mechanical or electrical failure, sewage or plumbing backups and termite damage are not covered under standard policies.War: It’s not fun to consider but your homeowners insurance policy won’t cover losses stemming from a war or a nuclear event.
Are you thinking about selling, or just curious about the value of your home? Call me today for a free home price opinion.
