Common Homeowners Insurance Exclusions
As a homeowner in Massachusetts, it's important to have a comprehensive homeowners insurance policy to protect your home and personal belongings. However, it's equally important to understand the common exclusions on a homeowners policy to ensure that you have adequate coverage for unexpected events. Here are some common exclusions that you should be aware of:
Floods:
Most standard homeowners insurance policies do not cover damage caused by floods. If your home is located in a flood-prone area, you may need to purchase additional flood insurance to protect your property.
Earthquakes:
Similar to floods, most homeowners insurance policies do not cover damage caused by earthquakes. If you live in an area that is at high risk for earthquakes, you may need to purchase additional earthquake insurance.
Maintenance-related damage:
Homeowners insurance policies typically do not cover damage that is the result of wear and tear or lack of maintenance. For example, if you have peeling paint, rotting wood, or an old roof that needs to be replaced, your insurance will not cover the cost of repairs. Insurance covers sudden and accidental events.
Intentional damage:
If you intentionally damage your own property, your homeowners insurance policy will not cover the cost of repairs.
Business-related damage:
If you run a business out of your home, any damage or loss related to the business may not be covered by your homeowners insurance policy. Separate coverage would need to be purchased to be properly covered.
High-value items:
Most homeowners insurance policies have limits for theft of high-value items, such as jewelry, silver, fur coats, and firearms. If you own expensive items, you may need to purchase additional coverage to ensure that they are fully protected.
Oil Spill:
The standard homeowners policy does not provide coverage for clean-up if your oil tank leaks. The clean-up in one Massachusetts case ran over $100,000. Escaped Fuel Coverage can be added to the policy to help pay for the clean-up and damage caused by a leak including if it gets into the groundwater.
It's important to review your homeowners insurance policy regularly to ensure that you have adequate coverage for unexpected events. If you have questions about your coverage or need additional coverage, contact an independent insurance agent to discuss your options. With the right coverage, you can protect your home and personal belongings from unexpected events and have peace of mind knowing that you are protected properly.
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