Many homeowners buy a policy and automatically think they are covered for just about everything. This is far from the truth and can cost you in the long run. You need to understand your policy clearly. If you have questions, make sure to ask instead of assuming anything. That’s because if you do, then you are more than likely to get stuck paying for damages out of your own pocket.
You Simply Can’t Expect a Retroactive Coverage
Don’t expect that you can simply buy a policy and have it cover something that happened before its start date. Insurance doesn’t work that way. You also won’t be able to buy a policy if you know that there is a certain type of imminent danger. A good example is trying to buy a hurricane policy when you are under a hurricane warning. If you want coverage, buy the policy before bad weather strikes.
Understand What Perils Are Covered by Your Homeowners Plan
Make sure you understand what perils your policy covers. If you have an appliance breakdown, it normally won’t be covered unless you specifically have additional coverage for equipment breakdowns. If you experience damage to your roof due to a strong storm, your policy will normally cover it. However, if the damage results from worn-out shingles or poor maintenance, the cost to make the repairs will be your responsibility.
Loss of Use Is Covered by Your Policy
Most homeowners don’t realize that they have a loss of use coverage. In case of a loss of home use, you will receive money to cover the cost of a hotel or other lodging while your home is being repaired. This may not seem like much, but it can be a lifesaver if an emergency occurs and you have nowhere to sleep until your home has been repaired.
Find Out If Third-Party Coverage Is Included or Not
When you travel, your possessions sometimes end up in the hands of others, like an airline or taxi. If your items are lost or damaged while they are out of your hands, your policy may not cover your losses. Check your policy to determine what types of third-party coverage, if any, is included in it.
Be Wary of Uncovered Natural Disasters
Be aware if you live in an area prone to natural disasters like hurricanes, floods, or earthquakes. Your basic insurance policy will not cover these perils. You will have to purchase a policy for each type of event that is likely to occur in your area.
Want to learn more about your homeowners’ insurance and what is covered by your policy? Call the agents at Bell Black Insurance and request a policy review. We will review your policy with you so that you understand exactly what is covered and what is not. If you still have questions, make sure you have all the answers you need. This will ensure you have sufficient coverage, and your home and possessions will be secured. Don’t leave things to chance. Call us to get your personalized homeowners’ insurance policy from us today!