“Pittsburgh, it’s just more prone to flooding.”According to Action News, the geographical location of Pittsburgh and the increase in ferocity of rain storms, have led to the nightmare flooding scenario that has occurred in the city this summer.
Due to the high likelihood of flooding in some areas of the city; they are designated flood zones, where state law requires home owners to have flood insurance. In other areas this is not the case, and home owners have had to face the nightmare of not being covered by their home insurance. Flooding is just one occurrence that is not covered; what other surprises might there be if you ever must make a claim?
What your home insurance probably will not cover
You do not want to be in the same situation as some of the people in Pittsburgh, so it’s always best to know what your home insurance covers. Too many people do not read all of the content of their home insurance policy; you need to spend some time doing so. This is the best way to find out exactly what it covers. Here are some tips about what is not likely to be included in coverage.
- Mold – most policies do not cover this, unless you pay extra. Mold can be expensive to deal with so it’s best to try and prevent it from appearing in the first place.
- Damage from construction work – this is an important consideration if you are having your property renovated or extended. You need to make sure you are covered in case of any damage. When you hire a contractor, you should check that they are fully insured. You may also need to take out specialist insurance.
- Expensive collectables – if you own any expensive jewelry or antiques, you probably already have them insured separately. If not, you need to make sure that you take out separate insurance as soon as possible.
- Trampoline accidents – given how many people now have trampolines in their yard, for their children to play on, this could be an important exclusion. It’s worth checking that you would be covered if your children, or their friends, had an accident.
- Infestation by termites – if your home suffers from one of these infestations, it can end up costing you thousands of dollars to repair the damage. The best way to stop this from happening is to try and prevent an infestation.
This list of potential exclusions is not exhaustive. When you buy a home insurance policy, you should check what is not included in coverage.
What else do you need to think about?
Home insurance is an important investment, so you need to take time to choose the right policy. You will have seen the advertisements for big name insurance providers such as All State and MetLife. But, you may want to start by approaching your bank for advice. Institutions such as PNC Bank help with several different financial products, including home insurance. You your bank to discuss your requirements with the experts. It’s worth checking with your bank, to see what it offers. Then you can research all of your options, and make the best decision for you.
Do not forget that exclusions should always be included in any consideration. It’s fine choosing a cost-effective policy, but you do not want to be the victim of any unpleasant surprises in the future.