Source: Freedigitalphotos
Home disaster repair can be a costly expense, which is why it’s important to have a homeowner’s insurance policy. However, you should know exactly what your insurance policy covers. Some things may not be covered by a basic homeowner’s insurance policy and will require you to purchase extra coverage. This is important if you don’t want to pay for any home disaster repairs yourself. The following are a few things that your policy may not cover:
- Building Code Upgrades – Many policies don’t cover upgrades to your home even if they are mandated by new building codes. Look to add ordinance or law coverage, especially if you buy an older home.
- Sump Pump Flooding – If your sump pump fails and your basement is flooded, you’re going to have to pay for repairs yourself unless you add specific coverage for sump pump failures. In fact, many policies won’t cover flood damage unless you pay for additional flood coverage.
- Earthquake Damage – If your home is damaged by an earthquake, you’re going to be stuck paying for the damages unless you pay for additional earthquake coverage.
Make sure your policy covers these potential repairs. Contact Parker Young for more information.