Common Threats Regular Insurance Doesn’t Cover: Are You Protected?

Mar 05, 2013 No Comments by

Unfortunately for homeowners, not everything that can threaten the security of their home is covered by conventional home insurance. Here are four potential threats to your home that you might want to have covered by additional coverage:

Flooding – As recent events have shown, the uncertainty of weather patterns makes flood insurance a national necessity—even if you live in an area not commonly affected by floods in the past. Many people are surprised to learn that flood insurance is not part of their regular homeowners insurance policy; individuals must pay for the added coverage. Considering the high cost of flood damage, it may be worth the extra expense.

Earthquake – Earthquakes are most commonly associated with California, but fault lines exist in many parts of the United States. Even the slightest tremor can impact the security of your home and destroy your belongings, so you may want to consider taking additional precautions.

Outdated Wiring – Threats to your home don’t have to be natural disasters. If your home is outdated, that can increase its safety risk and diminish its value. Therefore, you should remove any knob and tube wiring, which is considered so dangerous that many insurance companies will not cover dwellings that have it. Cloth-covered wire is also unreliable and particularly at risk for deterioration. Upgrades to your home will not only make insurance companies more willing to write you a policy; the lowered risks will raise your home’s value as well.

Asbestos – Sometimes threats to your home are unseen, and asbestos is one such threat. If you suspect you have asbestos in your home, consult with a professional removal team. Many insurance companies don’t cover asbestos removal or may increase your rates, so unfortunately paying out-of-pocket may be necessary.

Owning a home is a huge investment. To safeguard it, you should be aware of the limitations of your insurance policy and determine how much risk you are willing to take.

Home Insurance, Home Services, Natural Disaster

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