Generally, flooding is not included in standard homeowners insurance. Most people have learned this after the Alberta floods. But most people do not know some of the other situations in which home insurance does not provide coverage. We will go over a few of the property exclusions that are part of standard homeowners insurance:
Structures used for business aren't covered by standard homeowners insurance. Actually, your claims for anything on your property that is related to your business could be rejected by the insurance company. Take note of this if you run an informal day care or make jewelry or operate a catering business in your residence.
Injuries to or theft of pets is not covered in standard policies. But if there are injuries caused by your pet, this will be included. If your dog bites someone, for example, and the injured person decides to sue, your personal liability insurance would cover you. There are some dog breeds that would require additional coverage, so speak to your insurance provider about your dog's breed.
Losses caused because you failed to protect your property and prevent further damage typically are not covered. What does that mean exactly? If you do not call the fire department when there is a fire on your property, your losses will not be covered. If a tree damages your roof and you don't to protect your stuff from rain damage afterward, you might not get help, either.
You can't file a claim based on losses caused by an outage of electricity - say, if your frozen food thaws and is ruined because of an outage.
You know you're not covered for floods - technically called damage due to rising waters. Water backup is also not included in typical coverage. Say a drain or a sewer backs up or a sump pump in your basement fails. If you would like to be covered for these possibilities, you will need to pay for additional coverage, otherwise you will need to pay for the damages on your own.
The property of a boarder in your home, or someone who is leasing space will not be covered by your homeowners insurance policy. If the property of a renter or boarder is damaged by an insured peril like fire, they will not be covered unless they have taken out their own separate insurance policy.
Earthquakes are also not covered by standard insurance policies. That means if you live in an area prone to earthquakes, you need earthquake insurance. Standard homeowners insurance does not cover mudslides or sinkholes.
Ask your agent about the exclusions in each policy you consider. When you have this knowledge, you will know how to prepare.
Structures used for business aren't covered by standard homeowners insurance. Actually, your claims for anything on your property that is related to your business could be rejected by the insurance company. Take note of this if you run an informal day care or make jewelry or operate a catering business in your residence.
Injuries to or theft of pets is not covered in standard policies. But if there are injuries caused by your pet, this will be included. If your dog bites someone, for example, and the injured person decides to sue, your personal liability insurance would cover you. There are some dog breeds that would require additional coverage, so speak to your insurance provider about your dog's breed.
Losses caused because you failed to protect your property and prevent further damage typically are not covered. What does that mean exactly? If you do not call the fire department when there is a fire on your property, your losses will not be covered. If a tree damages your roof and you don't to protect your stuff from rain damage afterward, you might not get help, either.
You can't file a claim based on losses caused by an outage of electricity - say, if your frozen food thaws and is ruined because of an outage.
You know you're not covered for floods - technically called damage due to rising waters. Water backup is also not included in typical coverage. Say a drain or a sewer backs up or a sump pump in your basement fails. If you would like to be covered for these possibilities, you will need to pay for additional coverage, otherwise you will need to pay for the damages on your own.
The property of a boarder in your home, or someone who is leasing space will not be covered by your homeowners insurance policy. If the property of a renter or boarder is damaged by an insured peril like fire, they will not be covered unless they have taken out their own separate insurance policy.
Earthquakes are also not covered by standard insurance policies. That means if you live in an area prone to earthquakes, you need earthquake insurance. Standard homeowners insurance does not cover mudslides or sinkholes.
Ask your agent about the exclusions in each policy you consider. When you have this knowledge, you will know how to prepare.
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