What Every Homeowner Should Know About Their Property Insurance Policy

When you buy a home, you are expected to keep up the home. You yourself would agree that it is necessary to do maintenance on your roof, the HVAC system, your water heater, plumbing, etc. That’s just part of owning a house. Even when something breaks, it’s still up to you to fix it. .

Additionally, things that are damaged or break as a result of not maintaining them properly are not your insurance company’s responsibility either. If you file a claim, for example, for water damage as a result of a leaking roof but the leaking roof was your responsibility to fix, your insurance company won’t cover the costs of restoring the water damage.

Homeowner’s insurance is casualty insurance. Casualty refers to anything that was damaged as a result of something out of your control. A fire, a flood, lightning strikes, hail, trees and tree limbs falling on your home, tornadoes, hurricanes, etc., would all fall under casualty insurance. They are considered “acts of God”, things you could not have predicted or stopped if you tried. Ergo, your insurance company covers these things and cuts you a claim check so you can make the expected repairs.

Some insurance providers extend beyond the usual damage causing issues. This may include sewage in your home or gas leaks that cause an explosion under your house. Sometimes insurance companies will offer sinkhole riders if you live near known sinkholes or geological features that point to sinkholes. Read the fine print in your policy if anything out of the ordinary should happen to your home.