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You expect your homeowners insurance to protect you if your home is damaged or destroyed by a disaster like a hurricane, if you’re burglarized, even if your home is hit by a car (or an aircraft)! But there are a few things that aren’t covered by a standard homeowners insurance policy, and you can save yourself a lot of frustration and heartache if you know what they are. Here are four of the most commonly misunderstood things a standard homeowners insurance policy won’t cover:

  • Floods. Many people are surprised to find there is no coverage for flood damage under a standard homeowners insurance policy. If you want flood coverage, you’ll need to buy a separate flood insurance policy. L & M Insurance Group represents several private insurers that write flood insurance policies at a more competitive rate than the National Flood Insurance Program (NFIP).  These private companies also provide higher limits, and often there is no waiting period, unlike with the NFIP policies. 
  • Sewer backup. A sewer backup can do a lot of damage, aside from the “Ick” factor. Anything from tree roots disrupting pipes to storm waters, to an outdated sewage system can cause a sewer backup, and it’s one peril that most homeowners insurance doesn’t cover automatically. The good news is, it’s usually not that expensive to add sewer backup coverage to your homeowners insurance policy. Ask your L & M Insurance Group agent how you can get this coverage.
  • Maintenance issues. Homeowners insurance is not intended to pay for maintenance issues, such as mold or water damage due to a leaking roof, insect or rodent damage, or general wear and tear. For example, if your roof is getting old and needs to be replaced, that is a maintenance issue, not an insurance claim. As a homeowner, you’re expected to maintain your home and keep it in good repair. Neglect or failure to maintain property is not a cause for a homeowner’s insurance claim.
  • High value personal property. Since certain personal property, like jewelry, is easily stolen, most homeowners insurance policies limit personal property coverage to around $1,500. This may not be enough coverage if you have valuable family heirlooms, expensive jewelry, furs, or an art or firearms collection. If you need more coverage, ask your agent for higher policy limits or a special endorsement to cover your valuable property.

Is it time for a homeowners insurance review?

Things change—so it’s a good idea to review your homeowners insurance coverage from time to time to be sure it still meets your financial needs. Please call us at 813-672-4100 if you have questions about your homeowners insurance, or you’d like to compare rates. (Click here if you prefer to contact us online.) As an independent insurance agency, L & M Insurance Group works for you, not for any individual insurance company. Our agents are experts in finding the best coverage for the most competitive rates—so give us a call and let us help you!

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