What Your Homeowner Insurance Policy Doesn't Cover | Anderson & Associates Insurance

For many people, their homeowner insurance policy may inspire a false sense of security. Residents of Sarasota and Bradenton should know that simply by putting homeowners coverage in place, all of their assets are not necessarily covered. Do you know exactly what your homeowner’s coverage includes in the event of a hurricane, fire or other emergency?

So here’s what you need to know.

Possible Exceptions to your Homeowner Insurance Policy

Mold: Mold growth occurs in warm, moist conditions which occur often in this region. According to Bankrate, many homeowner policies do not automatically cover the remediation of mold damage. Many offer expansions to the policy which will allow for coverage to be added, but a homeowner may not realize this is a necessary step. Because of mold is a very real problem in South Florida, it is necessary to verify that your policy covers this type of damage.
Floods: This is one of the most common misconceptions regarding homeowner’s coverage is that a flood damage is covered, when in reality separate flood coverage is required in Florida for this type of damage. FEMA reassessed the flood maps several years ago, resulting in many area homeowner’s having to obtain flood insurance in order to keep their mortgage. But for those homeowners who do not owe money on their home, checking if flood insurance is a part of their coverage is essential in South Florida.
Pool Accidents: The Insurance Information Institute notes that a high number of drowning fatalities and accidents take place in backyard pools. It is wise to speak with your insurance agent to make sure that you have adequate coverage if you have a pool on your property. You can also learn of proactive measures you can take to make the coverage more affordable, such as additional gates or alarms.
Sewer Issues: If a sewer backs up, many systems in the home, such as the electrical wiring – can be seriously compromised – and unfortunately, this type of event is often not a part of a typical homeowner’s policy. Protect the interior of your home from water and waste damage by ensuring sewer backups are covered.
Construction Damage: Many homeowner’s policy terms don’t cover damage done to your home by a hired contractor. The best way to protect yourself is to make sure you hire a reputable, licensed and insured contractor who carries their own insurance to cover any incidents.
Termite Damage: While termites cause over $5 billion in damage each year, this damage is not typically covered by a standard policy. While here in Sarasota and Bradenton many homes are made of stucco, termites can still destroy framing, decks, eaves or soffits. (And of course, some homes are in fact made of wood.) Be sure to have a pest control agreement on your home, no matter its structural makeup.
Cash: If you have large amounts of cash in your home and it is destroyed by fire or stolen in a break-in, you won’t be covered. After all, it is nearly impossible to prove to an insurance company that you were ever in possession of cash in the first place. Homeowners who keep cash at home should invest in a fireproof safe at a minimum.
Expensive Jewelry and Fine Art Pieces: Most insurance companies require an additional rider to your coverage to make sure these items are properly covered. Touch base with your insurance agent if you possess these items and want to ensure that you are properly protected.
Dog Bites: While dog attacks and dog bites actually represent a large percentage of homeowner claims, many insurance companies have a list of “excluded breeds” which cannot be covered. If your dog is one of these breeds, no matter how sweet or docile, you will likely find yourself without coverage if there is an incident on your property.

The best place to start is a call to your local Sarasota area insurance broker to discuss what is – and isn’t – covered by your current homeowner insurance policy. You can then discuss ways to better protect yourself. This is also a great time to see if there are other insurance products which more affordably and completely cover your home and family. Have questions? Call Anderson & Associates Insurance Group today.