Your home insurance policy may offer you a wide range of covered events, but it is not a comprehensive policy and, like anything, has its own set of exclusions. In order to understand the specific events that are not considered insurable incidents by your insurer, be sure to take a look at your policy. The following is a general list.
1. Flood damage: Believe it or not, the damage caused by a flood is not covered in your home insurance policy. Even if the flood comes on the heels of a hurricane, if the damage is due to flood waters, your home insurance policy will not cover your claims. Instead, you must make sure that you have a flood insurance policy in place.
2. Bed bugs: Unfortunately, those creepy creatures, the damage they cause and the expenses related to getting rid of them are not covered in your home insurance policy.
3. Mold: While this isn’t the case in every single home insurance policy, many of them do not cover the damage associated with mold nor the expenses of treating it.
4. Intentional damages: If you damage your home while completing home renovations, or if you intentionally damage your home in the hopes of getting paid from an insurance claim, then you will find that the damage is not covered. Remember, insurance is meant to make you whole after an unexpected insurable incident that was not your fault.
5. War: Acts of war that cause damage to your home (including nuclear war or damage from wars fought on home territory) are not covered under home insurance policies.
6. Neglect: As a homeowner, you have an obligation to perform upkeep and preventative maintenance on your home. If you neglect these responsibilities and your home falls into disrepair, your home insurance policy will provide no protection.
7. Government action: If your home is seized or confiscated by a government entity, it may not be a covered loss under your home insurance policy.
8. Mandatory building code upgrades: If you suffer a complete loss and the cost to rebuild exceeds your limits due to mandatory building code upgrades, the higher costs will not be covered (this can be avoided with special riders added to your home insurance policy that complement your limits in the event of code changes).
9. Policyholder injury: A liability portion of your home insurance policy will cover the medical and other expenses for a person who is injured on your property under the right circumstances, but it will not cover your injuries or anyone else who lives in the home if they are injured on the premises.
Every policy, just like a Home Insurance Policy, has its own exclusions; therefore, you should read yours to find out what particular risks are not covered. Some policies, depending on the class, may exclude natural incidents like earthquakes and sinkholes, while others won’t cover things like water damage, which includes sewer problems and foundation issues due to water leakage. Home insurance policies have many different classes (noted as HO-1, HO-2, etc.) and each class has its own subset of covered and not covered risks. Ask your agent or insurance company if you need help understanding your policy or homeowners insurance class. To learn more about Miami home insurance and to answer any questions you may have, give us a call at 305-270-2100.