What Homeowners Insurance does not cover?
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Homeowner's insurance strategy may cover up a number of items about which you're not even responsive. The following items typically are covered under homeowner's insurance policies. On the other hand, it's important to emphasize that you can't take this list for granted. By all means, take a close look at your own policy and find out precisely for what you're covered. Keep in mind that the items listed here can vary according to the terms of your specific policy, as well as the dollar amount you purchased. Your home in general, which includes any extensions or attachments to your house, such as a garage.
Policies usually will include coverage for any rental units that are considered part of your home. The "outdoors" around your home, meaning your lawn and landscaping (shrubs, flower beds and trees). Buildings or structures that sit on your property but are not attached to your home. This includes greenhouses, tool sheds, garages that are not connected to the house, pool houses/cabanas, guest houses and gazebos.
Any vacant land that you either own or rent. Most policies, nevertheless, exclude farmland under this definition. All living expenses incurred by you and your family if your home is damaged to the extent that you cannot reside there for the immediate future. In addition, if you rent part of your home out to tenants and that portion of your home is unlivable due to damage, your rental payments are covered under your insurance policy. Possessions belonging to you and your family. This includes the personal contents of your home and any additional buildings/structures on your property, as well as the possessions belonging to guests who were staying in your home when disaster struck.
Note, though, that most insurance policies will not cover the possessions of any tenants who were residing in your home at the time of the disaster. Possessions belonging to friends that you may have been borrowing or keeping in your home temporarily (for example, storing a gift for friend who didn't want a spouse or child to see the surprise before presenting it to him/her). Cemetery plots. In the event that, at the time of disaster, you were facing attorney's fees and court expenses, medical bills or settlements resulting from claims brought against you for property damage or bodily injury to others, those costs often are covered. Legal responsibility for any checks forged with your name, the unauthorized use of your credit cards or any counterfeit currency that was accepted in good faith. (Washington, Laura (1998)
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Think about it! More than ever, quality homeowners insurance is an absolute necessity. Without it, an accident or natural disaster could mean financial ruin to you or your family.
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