What isn’t usually covered in homeowners insurance?
One of the most important things you can do when purchasing homeowner’s insurance is to make sure you have a complete understanding of what is covered in your policy. Of course, the more advanced your policy, the more you will be insured for. This also means that you are probably paying more each month. Depending on where you live and whether or not you have a lot of high value assets, it may be in your best interest to purchase extra insurance coverage.
You don’t want to find yourself blindsided in the event that a disaster occurs only to find out that you are not covered and may have to pay out of pocket. Most basic homeowner’s insurance policies neglect to cover damage that occurs in a flood or an earthquake. In addition, some of your belongings may only be partially covered. If you have assets such as jewelry or antiques that exceed a certain value, you may want to purchase extra insurance coverage for those items. This also may be the case for computers, sound systems, high value artwork, guns, and more. You should ask your insurance agent about any specific belongings that you are unsure about.
In addition, if you are a renter, you should know that none of your personal belongings are covered under your landlord’s insurance in the event that a disaster occurs. It would be best for you to purchase your own renter’s insurance to protect your assets.
The Law Office of Craig A. Blumberg is an experienced New York City insurance law firm. If you require quality assistance after having suffered property loss, please contact our firm to schedule a free initial consultation.