Tom's BlogNorth Carolina’s most common homeowners insurance policy is the HO-3 Standard Form. Most insurance companies will add many endorsements to this policy usually to enhance the coverages but some endorsements may limit or exclude coverage as well. In this article, I’ll share with some of the most common potential problems with homeowners insurance. Be sure to read your policy to see if you could be left without protection for your own individual needs or give us a call.
Business Related– If you conduct any business in your home or keep any business property in your home- Let your agent know! There are some changes you can make to avoid serious problems. A homeowners insurance policy is not a business policy and offers little business coverage.
Water and Sewer Backup– Over the past few years, we have seen this become a huge problem. Our area has grown so fast recently that our sewer systems are causing some serious damage to many homes. Even if you have a septic system, you are not safe from this problem. During times of extended heavy rain, many septic systems can overflow. What many people don’t know is that a normal homeowners policy won’t cover the damage from sewage backing up into the home and you can imagine how much damage sewage pouring into your home can do. It only costs $25 to buy this coverage. That’s a “no-brainer.”
Refrigerated Property– If your power goes out and you lose everything in your freezer, a homeowners policy doesn’t cover this loss. This may not be important to most people, but if you have a large freezer, you may want to think about this.
Jewelry and Furs– If you have any of these items, we need to talk. A homeowners insurance policy only covers $1,500 for theft and if you simply lose it, it’s not covered at all. If you have jewelry valued over $1,500, call us. We can add special coverage for your jewelry and surprisingly, it’s very inexpensive.
A common uncovered problem people have with their jewelry is when a piece is lost or a stone falls out of a ring. Your homeowners policy does not cover these losses at all.
Some other things to consider are silverware, collectibles, antiques, expensive golf equipment, and anything hard to replace. Like I have said before, everyone is different and the best way to discover any potential problems is to talk with us about your individual needs.
Damage from Flood is Not Covered! You need to buy a separate flood insurance policy for flood damage. To learn more CLICK HERE.
It is best to discuss you specific insurance needs with an agent that works for you and not the insurance company.
Give us a call today at 866-869-3335 and we’ll be glad to help you get the right insurance protection at the lowest cost for your individual needs.
