Homeowners insurance is the policy you carry to cover your private residence. It typically combines several personal insurance protections, which can include losses pertaining to the home, its contents, a loss of use due to damage, or loss of personal possessions of the homeowner. Homeowner’s policies also have liability coverage for accidents that happen on the premises, or off-premise by the homeowner of immediate family.
While most people have this type of insurance, many people don’t really understand what it does – and does not- cover. Here are some additional questions we hear often that may help you to understand your policy and coverage. Remember, every policy is different. For true clarification on your policy, call your insurance agent.
Common Insurance FAQs
- Will my insurance cover water or mold damage? If the water damage (and subsequent mold damage) is due to a flood, sewer backup, or groundwater seepage, you are probably not covered. That is, unless you have a separate flood insurance rider on your policy. However, if the damage is caused by a plumbing, heating or A/C issue – or for that matter, any home appliance or system – you are covered. There is one possible caveat, however. If the water damage could have been avoided with proper home maintenance and you ignored the warning signs, your coverage may be excluded.
- Will my policy cover the loss of items from my garage – even if I left the door open?
Personal property stolen out of your garage should be covered by your homeowners policy’s content insurance, providing you make a police report and pay your deductible. For any theft of personal items, it helps the process immensely if you have photos or receipts. The one exception of stolen property out of an open garage is your car. Should a vehicle be stolen, the theft will be covered by the comprehensive portion of your auto insurance policy. - Will my home insurance cover a leaky roof? In most cases, a homeowners’ policy does not cover the repair of replacement of a leaky roof. This is because roof maintenance is considered standard home upkeep, and an insurance policy is designed to pay for sudden of unforeseen damage to your home. That being said, if your roof was in good condition but was damaged in a storm, such as a hurricane. If your roof was near the end of its effective life and was ripped off in a wind storm, your insurance will likely pay only the depreciated value of the roof, not the amount associated with a new roof.
- Does my insurance policy continue if the home is empty? It’s possible, but vacant homes are hard to insure. Most insurance companies have rules regarding how long a home can be unoccupied before the insurance is canceled. Generally, coverage is unavailable if a home is left unoccupied for more than 30 days. Speak to your insurance agent about the terms of your policy if you are a snowbird or temporary resident in the Bradenton or Sarasota area.
- Should I bundle my policies? Many insurance companies will allow discounts on premiums if you purchase more than one type of coverage from them. Three out of four insurance customers bundle at least two of their insurance products to save money, typically their home and auto insurance. Bundling also offers the convenience of only dealing with one company for all of your claims. However, it is still prudent to shop your insurance coverages periodically – you may actually save money by choosing two different companies. This is where an independent insurance broker can be a valuable ally in helping to determine your best options.
Anderson & Associates Insurance Group is committed to making sure that you understand exactly what you are paying for when it comes to insurance. We have answers to all of your insurance FAQs – from homeowners to auto policies, give us a call today to see the difference a local representative can make.
