Five Types of Claims Most Homeowners Insurance Doesn't Cover

JAY THOMAS | November 13, 2017

article image
Purchasing a homeowners insurance policy is part of being a responsible property owner, but while your policy covers many parts of your home, it doesn't cover the whole thing. You may be surprised by these five types of claims your insurance likely doesn't cover. Homeowners insurance policies rarely cover flood damage, though many people think they do. Homeowners who live in areas typically affected by flooding should purchase a separate flood insurance policy. Available through the National Flood Insurance Program, which is run by the federal government, these policies often take around a month to go into effect, so they should not be purchased right before a flood warning. Most basic homeowners insurance policies have limited mold coverage or don't include it at all. Sometimes you can purchase an endorsement for additional mold coverage. The limited coverage, though, means you're unlikely going to get reimbursed for the full amount of damage.

Spotlight

Broadspire

Broadspire offers risk management solutions designed to help clients achieve their unique goals, increase employee productivity, and reduce costs.

OTHER ARTICLES

Does Business Interruption Insurance Cover COVID-19 Closures?

Article | April 2, 2020

Our clients are asking us: Do commercial property and, specifically, business interruption insurance policies provide coverage for COVID-19-related losses? As discussed below, it is critical that you promptly review your company’s policies, exclusions and relevant endorsements to evaluate whether your business has coverage in the wake of COVID-19. If appropriate, you should make a claim with your insurance carrier.

Read More

Can AI Solve Health Insurance Fraud?

Article | February 18, 2020

Insurance fraud scams seem to make the news at least every month, as organized criminals seek to exploit the way insurers reimburse clinics, pharmacies and other providers for their services. What’s often shocking is how much money fraudsters can steal from insurers before they’re caught. Recently, in a single month, two separate alleged fraud rings based in California were busted for scams that investigators say netted $20 million or more.

Read More

How insurance companies are responding to COVID-19

Article | April 13, 2020

Amid COVID-19, banks began offering mortgage deferrals and slashing credit card interest rates in half for cardholders who need relief. Home and auto insurance companies COVID-19 plans are now being released. How will this impact your insurance right now? How can you save on insurance during COVID-19, while making sure to stay protected?

Read More

Spring Cleaning Your Business Insurance

Article | March 25, 2020

Spring cleaning can be more than clearing out some clutter in your home. There are numerous ways you can sort through and organize different aspects of your life. A commonly overlooked area of spring cleaning is your business insurance policies. It’s important to reevaluate your insurance coverage periodically. Things can change, and before you know it, your small business can change. Take some time to spring clean your business to help ensure future success.

Read More

Spotlight

Broadspire

Broadspire offers risk management solutions designed to help clients achieve their unique goals, increase employee productivity, and reduce costs.

Events