Homeowners Insurance is a Simple Concept with Complex Characteristics
A good homeowners policy (HO3 policy type) will cover all sudden and accidental losses and damages unless it is specifically excluded. Some of the things that are covered are:
- Damage caused by hurricanes, tornados and other wind storms
- Damage caused by fire, lightning, hail, smoke, falling objects, and freezing
- Loss or damage by theft or vandalism
- Liability protection
- Compliance with mortgage lenders’ requirements
- Water damage
- Damage caused by vehicles
- Damage by earthquakes and floods. These must be bought as separate policies
- Damage caused by poor maintenance
- Security systems (burglar alarms)
- Termites, insects and vermin
- Nuclear damage
- Intentional damage by the owner
- Animal liability
- Construction defects – you’ll need to contact an attorney on sites like https://constructiondefect.com/ to go over your next steps on this issue.
Homeowners insurance is meant to protect you in the event of unexpected damage. It will not cover you for issues related to routine maintenance.
The above lists are not complete. You may have a “Named Perils” policy, and you may not. If you need someone to go over your policy and clarify what is specifically covered and what is not, please contact us. We can help make sure that you have all of your intended coverage.
Investing in safety features for your home is a smart move to protect your home, but it can also help earn you discounts on your homeowners insurance.
- Monitored fire alarm
- Monitored burglar alarm
- Bundled home and auto insurance
- Fire sprinkler systems
- Wind Mitigation Certificate