Homeowners insurance is a must-have. It protects you and your property from accidents and damage caused by fire, theft, or other hazards that could damage your home or belongings.
But how do you know if you’re getting the best property insurance coverage at an affordable price? This guide will explain some things homeowners insurance doesn’t cover and what you can do about it to protect yourself fully.
Jewelry
If you own valuable jewelry, your current home insurance may not cover it, and you may need to purchase an additional policy to protect these valuables.
Ideally, purchasing a personal property floater or similar product instead of adding another line to your policy would be smart. That’s why you should diligently compare home and contents insurance offers: to ensure you get the best value for your money.
A personal property floater is an insurance policy that covers your valuable personal property against all risks of loss or damage, including jewelry, collectibles, and other high-value items. The policy can also cover mechanical breakdowns on certain things, such as watches, cameras, and computers.
Flood damage
Flood damage is another thing not usually covered by homeowners’ insurance policies. The best way to protect your home against flood damage is to buy flood insurance, which you can purchase anytime during the year.
Suppose you live in a flooding-prone area. In that case, it’s also worth checking if any local rules and regulations may require you to purchase flood insurance.
If you want to ensure that your policy covers all eventualities related to floods, there are a few things worth doing:
- Have an engineer check your house’s structural integrity every five years; this will help determine whether or not replacing parts would be necessary after future floods have occurred.
- Make sure all doors and windows meet local building standards; even if it is not a legal requirement, having your doors fixed correctly could save lives if there’s ever another big storm.
Damage from pests and rodents
Most homeowners’ insurance policies do not cover pests and rodents. If you want to insure your home from pests, you can get a separate policy from an insurer or buy protection through a pest control company.
If you live in a rodent-prone area, it may be worthwhile to look into getting supplemental coverage through your homeowner’s policy. This will allow you to claim losses due to rodents and other damage related to pests like termites or cockroaches.
Earthquake
If you live along fault lines, it’s important to know that homeowners insurance doesn’t cover earthquake damage. This can be frustrating if an earthquake has damaged your home and you need some help getting back on your feet.
Fortunately, some options are available for those who want to purchase earthquake coverage as part of their homeowner’s insurance policy:
- Add-on: You can add a rider or rider package to an existing policy to protect against earthquakes and other natural disasters, including tornadoes, hurricanes, and floods. The cost of this type of rider varies depending on the kind of coverage included.
- Standalone: If you do not want every possible hazard covered under your existing policy, you can buy separate policies from companies that specialize in providing such coverage for those living within areas prone to seismic activity (e.g., California).
Mold and mildew
Mold and mildew are not covered by home insurance. You can, however, get mold and mildew coverage from a separate policy or through an add-on rider to your homeowners’ policy (but be aware that if you do this, it will bump up your monthly premiums).
If this is important to you as a homeowner—and your insurance company doesn’t offer any protections—consider directly negotiating with them to find a workable solution.
What you can do about what’s not covered by homeowners insurance
If your homeowner’s insurance policy does not cover any of the things mentioned above, you can do a few things
● Negotiate with your insurance company
If you feel that coverage is lacking or inaccurate, you can negotiate with your insurance company. Negotiating can help you get a policy with better coverage or pay lower insurance premiums.
● Get a policy with better rates
If you have a high deductible, consider getting an insurance policy with lower deductibles and more comprehensive coverage (in other words, more ‘wiggle room’).
● Get a policy with better benefits
The best way to reduce costs is by determining the benefits offered by your policy and then taking advantage of every coverage possible.
Conclusion
If you’re having trouble getting the correct answers from your insurance company, don’t be afraid to shop for better options. Even though they have their internal policies and procedures, insurance companies don’t know everything about homeowners insurance coverage.
If you feel like something isn’t covered, or there are gaps in your current policy that could leave you vulnerable, try negotiating or start comparing other offers to get the best solutions for you.
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