Do You Really Know What’s In Your Homeowners Insurance Policy?

Most home owning Americans have a homeowner’s insurance policy to cover their backs in case something were to happen.  Many home owner’s, unfortunately, don’t know exactly what is covered and what is not in their policies.  Do you know what you’d be covered for if disaster or accidents were to strike?

Flood Insurance Coverage

Most new homeowner’s do not realize that a basic homeowner’s insurance policy typically does not cover flood damage.  Flood coverage should be purchased along with a good homeowner’s policy, especially if you live in Washington or Oregon.  With most basic home insurance (aka Hazard Insurance) policies, you can claim damages from a leak in your roof, or a broken pipe, but any damage caused by rising water is typically not covered.  This includes flash flooding damage, hurricane flood damage, or rivers backing up and overflowing.  Make sure you get your home covered from any of these wet damaging situations.

Liability Coverage

A typical home owner’s insurance policy has some liability coverage.  The coverage will pay for medical bills and court fees in the case of someone pressing charges for an injury that occurred on your property.  What many home owner’s don’t realize is that the coverage in many policies isn’t adequate for their needs.   Many people require more liability coverage because of some of the features that come along with their house.  If you own a swimming pool, have a trampoline, live on a lake or river, or even if you own certain types of dogs, more coverage may be needed due to the higher risks.  It is important to speak with a trusted and experienced insurance agent to figure out how much coverage you may need to protect yourself in the future.

These are only a few examples of common things most home owner’s do not realize when it comes to home insurance.  It’s important to know what you are paying for in your homeowner’s insurance (HOI Insurance) policy.  Educate yourself on what coverages you may need and if you’ll need to purchase more to protect you in the future.