It’s common for homeowners to assume that their insurance policy is hole free and that they’re 110% covered for everything under the sun. It’s time to take those blinders off. More likely than not, your policy isn’t as fully loaded as you’ve always thought. Sinkholes, flooding and earthquakes are rarely on the list of covered disasters. And don’t think you’re in the clear of water damage just because your home sits hillside.
Floods, earthquakes and sinkholes aren’t the only three things that could be missing from your policy. Termites and mold are likely left uncovered as well. Let’s talk about some of the most frequently uncovered costs of home ownership.
As we mentioned above, mold is a hidden problem that generally isn’t covered by insurance. “But it’s listed on my policy.” You say? Here’s the catch… it’s all about how and when you discover the mold. If you have a leak that you fix immediately along with any mold you discover as a result of that leak, you’re likely covered. If however, you find mold while knocking out a wall for a new addition, chances are you’ll be covering all mold related costs yourself.
Run across these critters and you better act fast! Because of the overwhelming damage termites do to home across the US, insurance companies have wiped their hands clean of the hassle of covering such an expensive liability. You can however obtain coverage through pest control service companies.
As we stated above, sinkholes fall under the no-can-do category. These deadly natural disasters are known to swallow up entire homes. Because they are so unpredictable, insurance companies don’t offer coverage.
Flooding can happen anywhere. Even in the drought-stricken deserts of So Cal. This risk to your home doesn’t fall under the majority of insurance plans. But, just like termite coverage, you can spend a little extra for a separate plan that will have you covered in the event of a flood.
Why aren’t sewer backups covered under most insurance plans? This is due to the fact that your system needs yearly maintenance and it’s common for homeowners to ignore their system’s needs until it starts to act up. There are too many loose strings in this equation for insurance companies to cover.