Your homeowner’s insurance policy is meant to protect your home, your property, and your belongings. It also limits your liability exposure. You would expect your coverage to include theft, vandalism, or storm damages – but your homeowner coverages also might include a few surprises. Let’s take a look at some of the coverages you might not expect.
But first, did you know that in Florida, your standard policy likely does not cover floods or hurricanes? Your insurance provider will provide riders to address each of these issues. Lenders will insist on windstorm coverage for all mortgage holders and flood insurance for those in FEMA-designated flood zones.
5 Homeowner Coverages You Might Not Expect
The protections your specific policy affords you will depend on the policy you purchase. The best way to determine the coverage your insurance policy provides is to consult with your insurance company about your terms. The coverages listed below are typically part of homeowners’ insurance policy but should not be assumed without reading your specific insurance documents.
- Identity theft: If your identity has been compromised, the repair and recovery process can be expensive. Some individuals invest hundreds of hours and thousands of dollars in the quest to restore their identity and repair their credit. Some insurance providers include coverage for identity theft in their standard homeowner policies, but many instead provide it as optional coverage that can be added for a fee. This coverage reimburses many of the expenses incurred after an identity is stolen, including legal costs, lost wages,, and the notary fees associated with restoring your credit.
- Damaged outbuildings: Often referred to as “other structures coverage”, the provision covers structures on the homeowners’ property that are not attached to the residence, such as fences, detached garages, barns, gazebos, and storage sheds. Remember, however, that deductibles will typically apply to these repairs, so be prepared to pay a portion out of pocket.
- Injuries caused by animals: You may be surprised to hear that one of the most common homeowners claims is related to dog bites. According to the American Veterinary Medical Association, more than 4.5 million individuals in the United States are bitten by dogs annually. A dog bite is a serious injury and can result in expensive medical and attorney bills. If your pet harms someone, your liability coverage might pay for the medical bills and legal fees if you find yourself in a lawsuit. However, not all insurance companies offer liability for pets automatically. Certain dog breeds and exotic pets are routinely excluded from coverage, and listing your dog on the policy is essential to get the coverage you need. While pet riders are typically extra, personal liability coverage (which is standard on many homeowner’s policies) may apply. Personal liability coverage may reimburse legal and medical costs if your pet injures someone from outside your household, such as a delivery man or guest.
- Hotel expenses after loss of your home: If your home is significantly damaged by a covered event, you may need to locate temporary lodging until your home is repaired and habitable. Fortunately, most standard homeowners policies include “loss of use coverage” in their terms. Additional living expenses coverage may also cover any other expenses associated with a temporary living situation, such as hotel bills, laundromat fees, and additional commuting costs.
- Damage from meteorites: Granted, this one was meant to grab your attention. Your policy likely does not mention balls of rock from the sky – but it does probably cover damage from falling objects. So if a fiery meteorite were to plow through your new roof, you are likely financially covered for the damages. But if an airplane on the descent into the local airport drops some ice and causes damage, that is covered as well. Of course, as with any of your policies, you’ll want to read the terms and conditions and be aware of what is – and what is not – covered. If you have any questions, call your insurance company.
Anderson & Associates Insurance Group is here to help. If you need help determining the best level of coverage for you, call us today.
