In the flurry of decisions and processes involved in buying a home, inexperienced owners often sign up for homeowners insurance without considering what should and shouldn’t be covered under most standard plans.
Here in Alabama, that’s exceptionally important considering the storms and other natural disaster issues we face year-round.
Three Big Damages Not Covered by Homeowners’ Insurance
Mold – According to Nerdwallet, most policies won’t cover mold from long-term damage such as leaks or poor maintenance (which makes an inspection and regular maintenance all the more important. However, sudden damage (from a sudden leak or burst pipe) may be covered
Wind damage in hurricane states (like Alabama) – Windstorm insurance sometimes is a separate policy and is advised considering our unpredictable weather. However, Alabama is one of 19 states (and Washington, D.C.) with a “windstorm deductible” that can be added = to most policies where an agreed percentage of costs is placed on the insured before the company will pay out claims for the rest. Checking with your insurance company is crucial when signing on for this.
Infestations – Most policies put the cost and burden of dealing with rodents, pests and bugs on the owner. It’s viewed as part of your responsibility of maintenance.
Other Clauses to Review
Advocacy group United Policyholders advises to look for an “anti-concurrent causation” clause, which deals with damage caused by two events. For example, if your home is damaged by both wind and flood and one isn’t covered, you may have a difficult time getting your claim for the damage incurred if it’s not easily proven which event caused the damage. Sometimes, an add-on to your policy is available to cover this scenario.
Building updates are also worth reviewing, especially with mandated elevation changes in flood zones. Standard policies won’t cover those costs, but there is supplemental insurance available to cover them.
If you feel you’re not getting the full value of your claim from your insurance provider, call the trusted professionals at Bevill & Bevill, LLC today at (205) 221-4646 to discuss your options.