Does my homeowner’s policy cover any and all things?

DECEMBER 3, 2018

Is your home is one of your most valuable assets? If you’re like most Americans, it sure is. 

While your homeowner’s policy covers many different losses, what are some of the damages that are NOT covered?

1. Flooding. This can be a big one! Most insurance companies will not cover ground water coming into your home. This means water standing in your yard due to lots of rain or a blocked storm drain, etc.
2. Lots of valuable jewelry. Your homeowner’s policy will cover up to a certain dollar amount for your jewelry. You can usually upgrade the coverage to a slightly higher amount. However, if you have a Rolex collection or a very large diamond ring, those would be items you want to schedule separately. You should list each item, the replacement value and a brief description. You will be charged for each piece and you can adjust the deductible down to “zero” if you don’t want to pay out of pocket to replace the lost item.
3. Maintenance. As a homeowner, you are responsible to replace an old roof, cut down dead trees, replace siding, and other items that wear out with a home. Your insurance policy is designed to assist you in an emergency situation. Some good examples of what is covered would be fire, wind damage, burst water pipe, etc.

As with any insurance, please check your personal policy and your agent for specific coverage questions.