Homeowners' insurance can be difficult to understand, so it is normal for you to have questions. Our public claims adjuster in South Florida answers a few common questions to keep you in the know!
Sometimes. If a covered event caused the water damage, then yes — a homeowners' insurance policy will probably cover it. Generally, this includes any sudden and accidental event, like a burst pipe or unexpected discharge from your water heater. However, your standard homeowners' policy does not protect against water damage caused by lack of maintenance, water and sewer backup, or flooding. Water and Sewer backup coverage can be added to an existing homeowners' policy as an endorsement, and flood policies are usually purchased separately.
If the mold is caused by a covered event — like a burst pipe or accidental discharge — then your homeowners' insurance might help with mold removal and remediation. But like with water damage, any mold caused by a non-covered event is not covered under your policy, leaving you to pay the cost of repairs.
Common causes for mold that are generally not covered include:
Damage yielded by termites (and other nuisances like carpenter ants, carpenter and honey bees, or rodents) will generally not be covered by your homeowners' insurance. Why? Because the deterioration that they generate happens over many months or years. This means it does not meet the sudden and accidental principle that most carriers use when evaluating claims.
Your foundation is a component of your home's structure, and as such, damage to your foundation by a covered event is protected by your homeowners' insurance. That said, some common reasons for foundation damage are excluded from a standard homeowners insurance policy. For example, foundation damage generated by earthquakes, floods, and acts of war are normally not covered by homeowners' insurance unless you have bought specific riders or added coverage.
The homeowners' insurance policy you carry for your primary residence will not cover a second house or vacation home. Therefore, in most cases, you must purchase a standalone policy (often dubbed second home insurance) to cover that property.
Your primary homeowners' insurance policy might extend liability coverage to a second home. For instance, if you own a second home outright and don't need hazard insurance but want to be shielded from suits, you can extend liability to protect the additional property.
Yes, homeowners insurance protects losses related to the theft of your personal property, wherever it is after applicable deductibles have been satisfied. However, there are many limits in place, and it is essential to check your policy for them.
If your property is stolen, your policy's personal property coverage portion will protect it (up to the covered maximum). If the theft resulted in impairments to your house, then the structural coverage part of your policy will cover repairs.
As an important note, however, homeowners insurance does not protect against car theft. Comprehensive coverage on your car insurance policy would be accountable for covering your stolen vehicle.
These are some more frequently asked questions about homeowners' insurance. Call us today if you need a public claims adjuster in South Florida. We are here to help.