Flooding is not generally covered by a standard home insurance policy. Most people have learned this after the Alberta floods. There are still a lot of people that are not aware of the types of situations that their home insurance will not cover. We will go over a few of the property exclusions that are part of standard homeowners insurance:
A structure that is part of a business is not protected by a standard home insurance policy. In fact, any claim related to a business on your property could be denied. 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. Certain breeds of dogs are not included in standard coverage, so go over this with your insurance agent so you are not left holding the bill.
If you have neglected to properly protect your property in order to minimize further damage, this will not be included in your coverage. 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 your roof is damaged by a tree that falls and you neglect to protect your things from the rain that comes in after, coverage for those things will not be provided.
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.
Standard policies also do not protect against damage due to rising waters, which most people simply call flooding. Water backup is also not included in typical coverage. Examples of this are when your basement's sump pump malfunctions or if your drain or sewer backs up. Specific coverage for these things must be purchased if you want to avoid paying for these costly damages yourself.
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.
Standard homeowners insurance does not cover earthquakes. That means if you live in an area prone to earthquakes, you need earthquake insurance. Standard homeowners insurance does not cover mudslides or sinkholes.
Go over the exclusions in your home insurance policy with the agent prior to purchasing. When you have this knowledge, you will know how to prepare.
A structure that is part of a business is not protected by a standard home insurance policy. In fact, any claim related to a business on your property could be denied. 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. Certain breeds of dogs are not included in standard coverage, so go over this with your insurance agent so you are not left holding the bill.
If you have neglected to properly protect your property in order to minimize further damage, this will not be included in your coverage. 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 your roof is damaged by a tree that falls and you neglect to protect your things from the rain that comes in after, coverage for those things will not be provided.
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.
Standard policies also do not protect against damage due to rising waters, which most people simply call flooding. Water backup is also not included in typical coverage. Examples of this are when your basement's sump pump malfunctions or if your drain or sewer backs up. Specific coverage for these things must be purchased if you want to avoid paying for these costly damages yourself.
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.
Standard homeowners insurance does not cover earthquakes. That means if you live in an area prone to earthquakes, you need earthquake insurance. Standard homeowners insurance does not cover mudslides or sinkholes.
Go over the exclusions in your home insurance policy with the agent prior to purchasing. When you have this knowledge, you will know how to prepare.
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