Homeowners insurance provides coverage for your home and personal belongings if they are damaged or destroyed due to a covered incident such as fire, water, or mold. Most people believe that their homeowner’s insurance covers any damage caused by an event. This is not always the case, though. When you find out what the insurance company is responsible for in-home damage cases, you’ll understand just how important it is to have that extra protection.
Overview of homeowners insurance
There are two types of homeowners insurance, liability coverage, and structural coverage. Liability covers things like damage to someone else’s property or injury they sustain on your property. Structural coverage is for the structure of your home and any personal belongings which may be damaged due to a covered incident. When looking at what the insurance company is responsible for in-home damage cases, it’s essential to know that they do not cover certain things like earthquakes or sinkholes.
What the insurance company is responsible for in-home damage cases
The insurance company is responsible for paying for repairs or replacing the damaged property. If the cost to repair or replace the damaged property exceeds its market value, then you’ll need to make up the difference. In some cases, your homeowner’s insurance might even cover this additional amount as well. If the repair or replacement cost is lower than your deductible, your insurance will cover it. This means that you will need to come out of pocket if the cost exceeds your deductible. Your homeowner’s insurance may also provide coverage for belongings in your home if a covered incident destroys them. But there are conditions; they must be in an attached building on your home’s premises and not exposed to exposure hazards like windstorms. This is only applicable when you have “all-risks coverage.”
What additional protection could you buy to cover the damage?
Most homeowners insurance only covers the cost of repair and replacement for covered damage to your home. It may also cover some items in your home, like furniture or appliances. If you want protection against other things that might be damaged, like jewelry or clothing, you will need to buy supplemental coverage. Your homeowner’s insurance company may offer this type of coverage, but you’ll have to check your policy to be sure.
Conclusion
If you find yourself facing any water, fire, or mold damage, you need to know how to protect yourself. Find out if your homeowner’s insurance will cover them. The last thing you want is to get the chance to rebuild your home finally, only to find out your insurance won’t cover water damage.
In-State Reconstruction is here to assist. We work with most insurance companies to ensure our clients get perfect home insurance for water damage problems. Our team of restoration specialists is ready to tackle your water damage of any size, 7 days a week and 24 hours a day. Give us a call today on (619) 354-3117.