 Homeowners insurance covers against many misfortunes, but it does have gaps. Some exclusions, like damage from earthquakes and floods, are more widely known.
There are other typical gaps in coverage in standard homeowners insurance, but may not be as well understood. Here are 7 to be familiar with:  After Hurricane Helene's devastating effects on Georgia's Central Savannah River Area (CSRA), practically all residents were facing questions around what their insurance policies covered.
Given the hundreds of thousands of trees that fell, the primary issue was distinguishing: 1) whose responsibility it was for these downed trees; and 2) who was responsible for covering the resulting damage they caused. Here are three common scenarios to help you understand who’s usually responsible for repairs and whether insurance can help.  Water damage is the 3rd most common home insurance claim, behind wind/hail and fire/lightning claims (ref: Insurance Information Institute).
Of all water damage claims, the root cause is damaged pipes. So, while indoor plumbing has been one of the greatest conveniences of homeownership, it has been one of the greatest sources of losses of home insurers. Do you know which water damage is covered vs. not covered by homeowners insurance? Here are 5 major considerations to help you identify which side of the fence water damage may fall on regarding homeowners insurance coverage:  Although a few insurance companies offer this as part of a standard homeowners policy, most companies offer it as a rider.
Coverage varies widely and usually don't cover stolen money or other financial losses. However, it may include proactive monitoring services, resolution assistance, and reimbursement for expenses related to restoring your identity, like legal fees. According to a variety of sources, the most vulnerable targets are:  Scenario: You purchased a condominium in a multi-story building on the coast to use as a vacation home. As a result of a building inspection, the inspection team issued an immediate alert to vacate the entire building because they found significant structural issues. To cover the cost of needed repairs, the Homeowners Association (HOA) assessed each condo owner an additional $500/month on top of the existing $500 monthly HOA fee.
How does loss assessment insurance coverage apply to the scenario above?  If you live in Georgia and South Carolina, there is a good possibility that you could experience damage from a hurricane-related event.
What insurance do you need to cover water and wind damage? Depending on exactly where you live, a good plan could include a combination of insurance policies. Here are some essential tips to take BEFORE a hurricane comes your way:  You've just purchased a home, secured a standard homeowners insurance policy, and feel good about protecting your financial risk that comes with owning a home. But do you know what your standard policy covers and what common endorsements you should consider adding for your circumstance? An endorsement or rider is an addition to a standard policy that covers specific risks or enhances existing coverage. Here are some of the most common endorsements: |
AuthorDennis Lam Archives
July 2024
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