Homeowners obtain homeowners’ insurance upon the purchase of their home. However, with so many important planning measures on your mind, chances are, you didn’t thoroughly examine the coverage options of your homeowners’ insurance policies. In being a responsible homeowner, you must understand exactly what your home is protected from and what it’s most vulnerable from.
The standard homeowners’ insurance policy will provide you with protection against fire, lightning, windstorms, hail, explosions, riot related damages, smoke, damage caused by vehicles, damage caused by aircrafts, theft, vandalism, malicious mischief, volcanic eruptions, and more.
However, your homeowners’ insurance policy won’t provide you with protection against floods, earthquakes, or maintenance damage. In order to receive protection for these common perils, you must obtain separate insurance policies. Many homeowners view a flood insurance policy as unnecessary since their homeowners’ insurance covers water damages. However, water damage is defined differently than flood damages, which are strictly excluded under your homeowners’ insurance policy.
Likewise, you won’t receive coverage for any named perils if your insurance provider suspects that your lack of maintenance has caused the issue or has allowed the issue to grow. For example, even though water damage and mold damage may be covered under your policy, if you fail to tend to the issue, resulting in a large-scale problem, your insurance provider can refuse coverage.
Common situations, as explained, stress the importance of understanding your homeowners’ insurance policy. We understand how confusing of a subject insurance can be, which is why we’re here to clear up any misunderstandings and help you understand your policy!
Contact Mike Leonard Insurance Agency in Carrollton for all of your Texas homeowners’ insurance needs. While your standard homeowners’ insurance policy has the basics covered, we’ll make sure that you receive coverage for all possible perils. Allow us to provide your home with the protection it deserves!