Factors To Know About Your Homeowner's Insurance Policy

The home insurance policy that you carry for your home will be one of the most important protections that you can have. Unfortunately, a lack of awareness about homeowner's insurance can lead to potentially costly mistakes when the need to file a claim arises.

A Vacant Home Will Require Special Coverage

In some situations, you may need to spend many weeks away from your house. This will often be the case for vacation properties or when you are selling the home. Sadly, many people may not realize that a standard homeowner's insurance policy will only provide protection for homes that are usually occupied. As a result, you will need to invest in unoccupied home insurance if you are insuring a secondary house or vacating the property to sell it.  

Homeowner's Insurance Can Protect You Against Legal Liabilities

It is often assumed that a homeowner's insurance policy will primarily provide coverage for the physical damages that the property may sustain. However, there are many legal liabilities that can also come with owning a property. For example, individuals that are injured on your grounds may be able to take legal action against you. Additionally, falling debris from your property could potentially damage your neighbor's house or landscaping. Fortunately, many homeowner's insurance policies will include basic liability protections that you can better manage these potential hazards.

Plumbing Problems Are Not Always Covered

It is frequently assumed that any problems that the home experiences will be covered by the insurance policy. However, there are many plumbing problems that will not be covered by these insurance policies. In particular, it is common for the property's primary sewer line to not be covered by this type of standard policy. To avoid being surprised by potential gaps in your policy, you should closely review any potential insurance contacts to verify the types of coverage you enjoy. If gaps are found, check to see the price for the appropriate policy rider to close the gap.

It Is Possible To Void Your Policy's Protection

Unfortunately, there can be instances where your homeowner's insurance policy will be voided. Most often, this will be when unlicensed work is done to one of the critical components of the house. The exact requirements for licensed work will vary, but most insurance companies will require electrical, plumbing, roof and major structural work to be completed by professionals. Additionally, failing to adequately maintain the property can void the protection that you enjoy. For these reasons, you should always be sure to check the compliance section of your insurance documents so that you can avoid these potential issues.