Homeowners Insurance Coverage: Are You Really Protected?
By Joe Hanoa
Most homeowners think, or hope, that they have enough coverage on their homes to take care of just about any sort of contingency. However, waiting until a disaster strikes – like Hurricane Katrina – could find yourself uncovered for an event that you thought was covered. Are you really protected? Read on and we’ll take a look at what is typically covered under the average plan. If in doubt, pull out the policy and call your representative today to make certain that your policy meets your needs.

Tree Damage: If a tree falls on your house, you are covered. However, what if your neighbor’s tree falls on your house? Worse, what if their coverage is inadequate or nonexistent? Rest assured, you are covered…through your own policy that is.

Water Damage: Your home is damaged from wind and from rain. Are you covered? Good question! If the water came into your home via damage to the roof then you are likely okay. If the water came in due to a rising creek or storm surge then you are out of luck unless you purchased a separate flood policy from the federal government. Think Katrina: many homeowners are grabbling with providers as they learn that they weren’t covered at all.

Volcanic Activity:



Surprisingly, if a volcano erupts and takes your home away with it, you should be covered.

Nuclear War: If you home is vaporized during a nuclear incident you are not covered by your homeowner’s insurance.

Earthquake Insurance: Better hope that you have separate earthquake in the event you live someplace where the ground is prone to seismic movement. Your regular policy will not cover you so take out a separate earthquake policy to make certain that you are well covered.

Even if you have the right kind of coverages do you have enough coverage for everything that you own? Will your current plans provide enough coverage for a home fire or will deductibles limit your ability to rebuild? In addition, should you opt for an umbrella policy in the event that you need something beyond homeowners and auto coverage? One lawsuit could empty out your bank account with one whack of a judge’s gavel as the courts rule against you.

Regardless of where you think you stand an occasional “check up” with your provider should reveal whether your coverage is sufficient. Assume nothing; to do so could mean that your coverage is inadequate for every sort of contingency.
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