What Homeowners Insurance does not cover?
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The insurance policy identifies the "Named Insured" (meaning the individual who is above all insured under the policy), who is more often than not the same person named on a deed or lease as the owner or tenant, correspondingly. You, as the named insured, receive the most extensive coverage under your homeowner's policy, for you are covered by property insurance on your dwelling and other structures, in addition to personal property and liability insurance. Named insured condominium owners and renters do not receive such extensive coverage because they do not, on an individual basis, own their dwelling or other structures. If you own a condominium or cooperative unit, your homeowners insurance does not cover you for your entire dwelling space because you do not individually own the structure you live in. Instead, you are covered for your personal property and any portion of the unit you own under the terms of the condominium or cooperative documents.
Renters are covered for personal property only for the reason that renters do not own any portion of the property.( RANDY DIAMOND (1995)
There is a wide variety of damages, conditions, and costs that are not covered by homeowners insurance. Your insurance policy describes a number of situations that are specifically excepted or excluded from coverage (called exclusions). Some policies contain more exclusions than others. Your policy also describes certain conditions you must meet, and duties you must perform, in order for you to be covered. Terms and limitations that were originally included in your policy can be changed by a document called an "endorsement." For these reasons, you should carefully read your homeowners policy to learn the limitations and exclusions that apply to your specific situation. Here are just a few examples of situations when you may not be covered by a standard homeowner's insurance policy. Although the structures and possessions that lie upon a parcel of land are usually covered by a homeowner's policy, the land itself is not. This means, for example, you're not covered by your policy if your neighbor's pool overflows and contaminates your untilled garden.
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