Don’t be tricked this Halloween. Beware of hidden exclusions and limitations in your home insurance policy.

When comparing homeowners insurance policies, it’s rarely apples to apples. Coverages can vary greatly from one policy to the next. And sometimes, policies contain special provisions that exclude or limit your coverage in certain situations, like when there’s a hurricane. What you save on premiums up front may end up costing you a lot of money when it comes time to file a claim.  Not to mention the stress and surprise of finding out you’re not covered when you thought you were.
Here’s the good news!  You can avoid these pitfalls and surprises by thoroughly reviewing your policy with your agent.  We suggest you start by discussing the following coverage exclusions: 

• Coverage for other structures. Some policies will limit or exclude coverage for structures like sheds, fences and gazebos if the loss is due to a named storm.  With some of our carrier policies, there is no special provision limiting or excluding this type of coverage due to storm.  It is always included up to the limit you select when purchasing your policy.
• Varying construction types. When your home is damaged by a named storm, some policies will exclude coverage for other structures if the construction type (such as masonry, frame, etc.) is different from that of the main dwelling or your home.  Most of our carrier policies does not limit or exclude coverage because a shed, for example, is frame construction, while your home may be constructed from concrete block.
• Water loss exclusions for older homes. Some policies will exclude coverage for water losses if the home is over 40 years old.  Our carrier policies will not exclude coverage for water damage because of the age of your home.

 In addition to helping you understand your insurance policy language, your agent can assist you with customizing your policy to add coverage that fits your individual needs. For example, you may want to add Equipment Breakdown Insurance to cover losses from mechanical failure of appliances, cooling and heating units, pool equipment, etc.  Or if you’ve recently made a major purchase such as buying a diamond ring, or made home improvements such as renovating your kitchen, you’ll want to talk to your agent about upgrading your coverage.

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