Besides common perils like fire and smoke damage, water damage, and personal property theft, what else does home insurance cover? There's no short answer because home insurance policies vary from one insurer to the other.
Reviewing what exactly your policy covers is the key to identify whether it's worth the amount you pay in premiums and avoid rude last-minute surprises. To give you a head start, we shortlisted some of the top emergencies your home insurance should cover.
Top 6 Emergencies Your Home Insurance Should Cover
Should you expect your homeowner insurer to come through if an asteroid hits your home? If you've been asking yourself similar questions lately, you should check your home insurance's fine print to see whether it covers the following emergencies:
1. Dog Bites
We all love our dogs, but if your pooch decides to go into a biting spree and your mailman ends up a victim, they have the right to sue you. You don't have to wait until it escalates. The resulting costs are usually covered under standard homeowner insurance policies.
You can also file a claim if your dog scratches your neighbor's car, fence, or causes other damage to their property.
But keep in mind, pet coverage under home insurance covers harm your dog or pet causes to external parties, and not you. Also, this is often a once in a lifetime deal. Once your homeowner insurer covers the costs and your dog bites the postman again, you'll cover the expenses out of pocket. Also, you may pay higher premiums if you own certain dog breeds. Check your home insurance today to see whether you've got coverage for dog bites, and if so, the type of breeds it covers.
2. Damage to Structures on Your Compound
Did your neighbor drive through your fence? Did a friend recently damage your gazebo during a barbeque you were hosting? If yes, you should file a claim with your insurer because homeowners insurance doesn't just cover your house, it covers your entire property. That means your fence, dog house, detached garage, gazebos, and any other structure within your homestead should be covered.
3. Asteroid, Meteorite, and Damage from Falling Objects
It's not every day that an asteroid, meteorite, or other celestial objects hit a house, but there's always a possibility. If this happens to your home, you can file a claim for compensation since falling objects are covered under a standard home insurance cover. Besides celestial objects, you can also file for compensation for damage caused by falling aircraft, trees, and other falling objects.
4. Medical Bills and Lawsuit Costs from Third Parties
If a guest or any outsider is injured within your compound, you may be held liable for the resulting medical costs. What's more, the injured party may sue you for pain and suffering. The good news is that your home insurance's personal liability clause can protect you from such risks. Your homeowner insurer should cover the medical and legal costs that arise from such incidences.
5. Emergency Accommodation Costs
Standard homeowner insurance policies usually include either a "loss of use" or "additional living expenses" clause to cover partial costs of temporary accommodation when a risk occurs.
For instance, after water damage, you may need to find temporary accommodation at a hotel while repairs happen. You may stay at a friend's place, but take meals at a restaurant. In both instances, you're entitled to compensation for the additional living expenses that you may incur.
Take note that this clause only covers additional expenses. That means if you spend $200 a day and now you're forced to spend $500, you can only claim $300. But again, not every homeowner insurer offers this type of coverage. Review your policy to confirm whether it's included.
6. Water Damage
A standard home insurance cover doesn't cover flood damage. However, if you experience water damage due to a breakdown of internal systems, you may be eligible for compensation. For instance, if you experience water damage due to a busted water heater or a faulty sump pump, you have a valid claim.
Review your homeowner insurance policy to see what exactly your insurer covers concerning flooding and water damage.
Cover Your Home Today
A home insurance policy won't prevent damage to your home, but it'll help protect you from inevitable risks. It also imparts peace of mind that you can't really put a price on. Ensure you review your policy today to see whether it covers the emergencies listed above. If not, consider adding them or look for an insurer who offers coverage to the mentioned emergencies.
Looking for a home in a well-developed community in the Dayton area? Schedule a consultation with our team at Oberer Homes today.
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