What Is Not Covered - (They Can Cost You Plenty)

The following are likely not covered on your home insurance policy:

Additions and Renovations You Have Not Informed Your Insurance Company About

If you make any renovations to your home, it is imperative that you tell your insurance company about it. If you do not, then the insurance company will not be required to replace or reimburse you for the cost of the damage of the item. In extreme cases, additions and renovations can impact your overall insurance policy. For example, if you install a wood-burning stove and do not tell your insurance policy, your insurance company may not reimburse you in case there's a fire in your home that was caused by the stove. This is simply because you've not been paying extra for the additional risk of the stove.

Damage Caused By Neglect, Normal Wear-and-Tear, and Fraud

Obviously, you cannot claim to be the victim of a burglar and ask your insurance company for money. However, you also cannot ask for reimbursement for personal property that has been damaged through neglect, normal accident, or age. An insurance company will not replace your computer because it is gotten older or because you have dropped it.

In most instances, liability insurance covers only when others suffer due to your property. If you hurt yourself while fixing a roof, most insurance Policies will not compensate for the loss.

Some business insurance costs

If you run a personal business out of your house, you must get additional business insurance. Your home owner insurance coverage will often not cover accidents, damage, and other problems caused by the business transactions. Also, the liability and the accident costs associated with business often exceed the stated home insurance maximums on most policies.

Exceptions

Depending on your insurance provider or insurance policy, some items and some events may not be covered by your home policy. For example, some insurance policies do not cover special computer equipment, artwork, very valuable personal belongings, silver, jewelry, and antiques. You will require extra coverage in order to pay for these items.

If you haven't already, look over your policy and call your insurance company today to find out exactly what is covered in what is not by your home owner insurance coverage. You do not want to find out too late that something was not covered on your home insurance coverage. If you wait until after you have to file a claim to find out what is covered what is not, you may find that you are responsible for many more costs than you would like.