If you have not taken a close look at the details in your homeowner's policy, it would be wise to do so. Many homeowners take out coverage for their property without realizing they may not have specific types of coverage for certain types of events and damage. Learn more about some of the things your homeowner's policy may not cover.
Damage That Occurs During Simultaneous Events
Anti-concurrent causation is a term used by insurance companies to describe the occurrence of two events happening at the same time. While some of the events that could happen simultaneously are not common, the chances of them doing so at all are still real. For example, if a severe thunderstorm came up and lightning struck a huge tree in your front yard, your property insurance would more than likely cover the damage to your home if that tree fell into your roof. However, if the same storm caused a flood and flood waters damaged your home about the same time the tree fell, your insurance company may not pay for either the tree's damage or the flood water damage if you did not have flood coverage. For this reason, making sure your policy has the amount of coverage you need is important.
Lost Wages After A Disaster
Usually, your homeowner's policy will not cover any wages you may lose during a disaster that has damaged your house. You may get compensation from your employer or through agencies like Disaster Unemployment Assistance. In the event your home suffers damage that you know will cause you to lose time from work, applying for assistance as soon as possible is a good idea. By doing so, you can enjoy less stress and have more focus on taking care of your damaged home.
Complete Home Replacement May Not Be Possible
A lot of people assume if they have property insurance and their house is completely destroyed by events like fires or hurricanes, their insurance company will pay to have their house completely rebuilt. However, if your insurer has caps on how much coverage you have, you may end up paying out of your own pocket for some of the work done to replace your home. Talk to your insurance company about the caps in your policy and if you can have them increased.
When you know what is covered in your property insurance policy, you will have an easier time if something happens that destroys some or all of your property. Knowing you have enough insurance coverage is also the best way to have peace of mind. Reach out to a business like Donaghy Kempton Insurors for more information.