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Most people wonder, what does my homeowners insurance policy cover?  Most homeowner’s insurance policies cover losses that occur from fire, theft, lightening and vandalism. Some homeowner’s policies also allow you to purchase optional coverage for water backup and foundation damage.


When purchasing a homeowners policy do not look just at cost. Without the proper coverage you may be left holding all the cost for repairs of your home. Let’s explore optional coverages.


The water backup endorsement option on most polices will pay for damage as the result of water backing up from plumbing, such as a toilet backing up and overflowing causing damage to your hardwood floors. Foundation coverage will cover damage to the plumbing that could have caused the backup. What I would like to point out here though, is if the plumbing collapses due to age or deterioration that would not be a covered loss by most homeowner’s policies. Foundation coverage also will not cover damage to the slab due to settling or earth movement.


Another question that I often get calls on is, will insurance pay for rotten wood. Under most circumstances repair of rotten wood is not covered by insurance.

On roofs, I receive questions will insurance pay for a new roof on my home. Here the answer varies.  Yes, if it is due to wind or hail damage. No, if the roof leaks due to old age or neglect.


Unfortunately purchasing a new home comes with many unexpected expenses. Fixing leaking plumbing, unstopping sewer lines, replacing rotten wood, repairing termite damage, fixing an air conditioner that doesn’t cool, repairing a garage door opener, repairing a clothes dryer. The list can go on and on and on.  


Last but not least remember all homeowner’s insurance policies have a deductible that must be paid usually 1-3% of the valuation of your home.  That simple means that if your home is valued at $100,000 your deductible could be $1,000-$3,000 depending on what deductible you chose. Bottom line is you will receive a settlement amount only if the damage exceeds the deductible amount.


For all the pleasures of owning a home, there are cost of ownership. So when thinking about that new home think about what it could actually cost.


Posted 12:03 PM

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