Flooding is not generally covered by a standard home insurance policy. The Alberta floods made the majority of residents there aware of this. Many people are not familiar with the other exceptions in their policies that they are not protected against. Following are some of the personal property exclusions, but not necessarily all of them, from standard homeowners insurance:
A structure that is part of a business is not protected by a standard home insurance policy. Actually, your claims for anything on your property that is related to your business could be rejected by the insurance company. Keep this in mind if you have a home business of any kind, no matter if it's a simple mail-order business or a larger catering company.
Injuries to or theft of pets is not covered in standard policies. If your pet causes an injury, this will be covered. If your dog bites someone, for example, and the injured person decides to sue, your personal liability insurance would cover you. However, you might need extra coverage for certain dog breeds, so let your agent know what kind of dog you own.
If you have neglected to properly protect your property in order to minimize further damage, this will not be included in your coverage. What does that mean exactly? Losses will not be covered if you have a fire in your home or on your property and you do not call the fire department. If your roof is damaged by a tree that falls and you neglect to protect your things from the rain that comes in after, coverage for those things will not be provided.
A power outage that causes losses is not covered, like if your food is ruined because of a lack of refrigeration during this time.
You know you're not covered for floods - technically called damage due to rising waters. A standard policy will not cover water backup damage. Say a drain or a sewer backs up or a sump pump in your basement fails. Specific coverage for these things must be purchased if you want to avoid paying for these costly damages yourself.
If you lease space in your home or even just have a boarder who isn't related to you, his or her property is not covered by your homeowners insurance. The renter or boarder will need separate coverage in the event your home is affected by fire or another covered peril and their possessions are damaged.
Standard homeowners insurance does not cover earthquakes. Earthquake insurance must be purchased for people who live in areas that are more likely to have earthquakes. Standard homeowners insurance does not cover mudslides or sinkholes.
Ask your agent about the exclusions in each policy you consider. Only by knowing what you have can you know what you might need.
A structure that is part of a business is not protected by a standard home insurance policy. Actually, your claims for anything on your property that is related to your business could be rejected by the insurance company. Keep this in mind if you have a home business of any kind, no matter if it's a simple mail-order business or a larger catering company.
Injuries to or theft of pets is not covered in standard policies. If your pet causes an injury, this will be covered. If your dog bites someone, for example, and the injured person decides to sue, your personal liability insurance would cover you. However, you might need extra coverage for certain dog breeds, so let your agent know what kind of dog you own.
If you have neglected to properly protect your property in order to minimize further damage, this will not be included in your coverage. What does that mean exactly? Losses will not be covered if you have a fire in your home or on your property and you do not call the fire department. If your roof is damaged by a tree that falls and you neglect to protect your things from the rain that comes in after, coverage for those things will not be provided.
A power outage that causes losses is not covered, like if your food is ruined because of a lack of refrigeration during this time.
You know you're not covered for floods - technically called damage due to rising waters. A standard policy will not cover water backup damage. Say a drain or a sewer backs up or a sump pump in your basement fails. Specific coverage for these things must be purchased if you want to avoid paying for these costly damages yourself.
If you lease space in your home or even just have a boarder who isn't related to you, his or her property is not covered by your homeowners insurance. The renter or boarder will need separate coverage in the event your home is affected by fire or another covered peril and their possessions are damaged.
Standard homeowners insurance does not cover earthquakes. Earthquake insurance must be purchased for people who live in areas that are more likely to have earthquakes. Standard homeowners insurance does not cover mudslides or sinkholes.
Ask your agent about the exclusions in each policy you consider. Only by knowing what you have can you know what you might need.
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