Your homeowners insurance policy is there to protect one of your most important investments should disaster strike. Protecting your home can come in many different forms with a variety of insurance policies that protect in different ways. Understanding how your insurance policy will cover you due to a peril will help you stay covered and avoid gaps in coverage. Take a closer look at some of the things your homeowners insurance policy may not cover.
When it comes to your homeowners insurance you may be able to escape the costs associated with burst pipes, faulty plumbing, mold as a result of water damage, or rain, but many other events related to these will likely not be covered by your policy. For example, while a burst pipe or faulty plumbing may be covered, your will be on the hook should your plumbing fail due to normal wear and tear. Regular rain damage may be covered for the interior of your home but if you are caught without flood insurance and your home were to flood from water outside of your home, you could be caught with a hefty bill to overcome. This includes flooding from swimming pools.
Dog Bites, Trampolines, and Other Injuries
Protecting you as a homeowner from potential medical expenses as the result of an event that occurs on your property is one of the many benefits of having the right homeowners insurance policy. But depending on your policy, you may be left with some of the expenses. For example, did you know that dog bites in certain states and for certain breeds will fall under your financial responsibility? Installing a pool or having a trampoline without the proper safety measures such as a net covering or failing to inform your insurance provider can also disqualify your coverage. Having the right coverage can help you protect more and keeping in touch with a TGS Insurance agent can help you understand your coverage and also keep you from having your policy disqualified for something as simple as a recreational toy.
If you live in Florida or Tennessee, your homeowners insurance will possess some sort of coverage against these types of events, but even then, additional policies may be required. As for the rest of the country, sinkhole coverage is not a requirement by law for homeowners insurance policies to cover and as a result, many of them don’t. With 20% of the country at potential risk for a sinkhole, this is a surprise that may never happen, but should it occur, it will leave catastrophic results to your home and your bank account.
Termites Are Preventable, Therefore, You Aren’t Covered
Pesky termites may seem like the perfect peril to overcome with homeowners insurance but because these bugs can be routinely handled, your policy will most likely not cover it. The good news is that keeping attractive things such as piles of wood away from your home and a routine termite plan for prevention and inspection will help you protect your home with ease.
Tropical Storms, Hurricanes, and Other Windstorms
You may think that a major storm event would be covered by your homeowners insurance and even go as far as enrolling in flood insurance to protect your home even further, but without windstorm insurance, wind damage to your property could leave you hanging with the bills to rebuild. Things like hail and damage that comes from wind can destroy a structure with ease. The Gulf Coast is no stranger to these events and has overcome such destruction too many times to count. Protecting your home with the right windstorm coverage helps fill coverage gaps during some of the most costly events a homeowner may ever face.
Find the Right Homeowners Insurance Policy for Your Home
The bottom line is that while no homeowners insurance policy is the same, there are many common perils that may end up costing you if you are not prepared. The same way different providers may have different stipulations, knowing the difference between the different types of homeowners policies such as an HO2 and HO3 policy, an HO3 and HO5 policy, and an HO2 and HO5 policy will help you get more out of your coverage. TGS Insurance is prepared to help you find the right homeowners insurance policy to fit your coverage needs and budgets all while looking for bundling options to help you gain more coverage for less money. Contact us today to avoid surprises, save money, and stay protected.