When it comes to homeowners insurance the coverages are typically reflective of the area you live and specifically where your home is. Homeowners insurance is designed to protect you in the event of damage to your home, loss of property, and accidents that may occur on your property. However, if you are not familiar with all of the coverages in your homeowner’s insurance policy be sure to contact your insurance agency. They should be able to provide you with a full list of coverages and amounts.
4 Things You Should Know:
1. Your homeowners insurance may not cover water damage
Water damage can seriously damage your home, especially during the spring when frequent storms can lead to flooding. In most cases, homeowners’ insurance policies cover certain types of water damage. However, there is specific coverage for flooding that covers your home in the event of a flood.
Water damage that originates inside of your home such as a burst pipe or an overflowing washing machine is often covered under your regular coverages for your homeowner’s insurance. However, any water damage that originates from the outside of the house such as flood water, a broken water main, or water that enters your home through manmade openings may not be covered. Be sure to ask your insurance agency about water damage protections when you renew your policy.
2. If your insurance claim is denied you may qualify for government assistance, like FEMA
In the event that your town is declared a federal disaster area, the Federal Emergency Management Agency (FEMA) may provide assistance in the event that your insurance does not cover the damages.
Qualifying For FEMA:
- The first step in qualifying for FEMA assistance is to file an insurance claim. If your claim is approved then your insurance company will cover the damages, not FEMA.
- If your insurance does not cover the damages and denies your claim FEMA is the next option.
- You will need to submit paperwork to FEMA and documentation of the damages which you can complete online. You will also need a formal denial from your insurance company.
- Your insurance agent should be able to provide you with the information you need
- FEMA may provide coverage for most of your damages if your insurance will not cover it
3. You can save money with a common loss deductible
If you experience a severe storm then there is a chance your home may have become damaged leaving you with a few questions. What about your car? How about the storage items in my basement? Different insurance policies cover these items and in the past, you may have been required to pay multiple deductibles. Now some insurance companies offer a common loss deductible that covers multiple damages under one deductible.
4. If someone else’s property damages your house during a storm, you are often still responsible for the damages
During a strong storm it is possible that a tree or other foreign debris may damage your house from a neighboring property. In general however for insurance reasons your property is your responsibility. In most cases, your homeowner’s insurance will cover any damages that happen. However, if the tree or item that damages your property was already noted as being damaged or dying then there is a possibility that the owner of the damaging object may be responsible for your damages.
Contact Our Team To Learn More About Homeowners Insurance
Our team of experts at Stanley Insurance Agency can answer any and all questions you may have about your homeowner’s insurance policy. Contact our experts today to learn more.