Your family's security primarily depends on having a safe, comfortable place to live. This is where your homeowners policy comes in.Your policy will contain a description of your home's structure and a list of excluded events. If something happens, you can make a claim. Your Residence Type Matters Structures vary so widely that a different policy is required for each type of home.
- A Condo policy typically covers interior structures like wallboard and lighting fixtures. Depending on your state, your association by-laws, and insurer, external walls will not be covered.
- A Home's entire structure is covered along with sheds and detached garages.
- A Manufactured Home's entire structure is usually covered, while sheds and garages may require an optional policy.
- A Renters policy usually has no physical structure coverage at all, but it does provide essential liability and contents coverage.
Most Unfortunate Events are Covered Most insurance companies offer coverage for the same events that may damage the structure of your home, including fire, smoke, lightning, wind, hail, frozen plumbing, theft, explosion, vandalism, the weight of ice and snow, and a few others.
Excluded Events are Named in the Policy An agent can explain the events that would not be covered by your specific policy when it comes to your home's structure. Typically, floods and earthquakes are excluded from basic policies, but you may be able to get insurance for those with separate policies. A few other conditions most companies specifically exclude are mold, fungus, wet rot, dry rot and bacteria.
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When insuring your home's structure, make sure you plan for the worst even if you're hoping for the best.
Insurance is one the best ideas that is sadly neglected by many people. The worst time to find out you are not covered is AFTER something happens.