In: Root » Legal and finance » Insurance
It takes a thorough review of insurance plans to understand what types of damages may or may not be covered in certain home insurance policies.
Home insurance gives you liability protection in case your home is damaged or destroyed. However, it doesn't give you protection against every type of natural or manmade disaster. The type of insurance coverage you have determines if you will be covered for damages sustained in certain instances. Standard home insurance is called basic or HO-1 home insurance while more thorough coverage is called broad or HO-2 coverage. It can be extremely confusing to understand what is covered in one type of plan but not another. For example, cheap home insurance coverage offers protection from damages caused by lightning, wind or hail. However, only broad policies will offer protection if the weight of ice, snow or sleet causes damages (such as causing a collapse of a roof due to excess weight.) However, there are certain disasters that are considered to be excluded perils in most homeowners insurance policies and will not be covered. They include: Floods: Separate flood insurance is offered through the National Flood Insurance Program (NFIP) and select private insurance companies and can be obtained after a free home insurance quote. This coverage includes full protection against damages to your home but only cash value (and not replacement value) for property inside the home. Earthquakes: Separate earthquake coverage is offered by most insurance companies through a home insurance online quote. It is also offered by the California Earthquake Authority to residents of the Golden State, but the premiums are significant due to the preponderance of earthquakes in the state. Maintenance Damage: As a home owner, you are responsible for damages caused by a lack of maintenance such as termite and other infestations, mold or general disrepair. Lou Albini is a freelance writer specializing in financial services and insurance. His work has been published in major print and online news sites. He lives in Brooklyn, NY.
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