So what’s in YOUR homeowner’s insurance policy? That seems like a pretty straightforward question, since it should cover most occurrences that would result in damage to your home and possessions. But there may be a few things hiding away in your insurance policy that aren’t exactly what you might expect. That’s not to imply that there may be something ominous in your coverage, only that there could be a few odd inclusions or exclusions you might find very interesting.
Before we delve into the unknown corners of your coverage—which should really be unknown, since your policy should be reviewed in detail every year—let’s consider the core homeowner’s coverage that you should be very aware of. A standard policy should have these elements:
- Protection for your home and other structures on your property from damage occurring inside (broken water pipes, fires, etc.) and outside
- Protection for personal property—your possessions
- Natural disasters—wind storms, rain, hail, lightning, tornadoes, earthquakes, wildfires—but usually not floods
- Bodily injury liability, often from being hurt by a peril that would harm your home
- Additional living expenses if you cannot live in your home due to an insured disaster
- So of the above basic coverage components are in place, what else could be in your policy?
According to a July 4, 2015 article by Rebecca Lehmann in The Christian Science Monitor online titled “Space debris, cow stampedes, and hot tubs: 26 surprising things covered by insurance,” just some of the events that potentially could be covered by your homeowner’s insurance policy:
- Accidents away from home—accidents do happen on vacations
- Dog bites—if your pet gets a little too active with someone
- Dorm room burglaries—still, students should have a cable and lock on their laptops and lock up other valuables
- Fire department bills for service
- Vandalism to gravestones
- Identity theft—an increasing concern as cyber crimes continue to proliferate
- Libel and slander—when almost anything can be said on social media, this is important
- Mandatory property improvements due to municipal regulations
- Falling meteorites, satellites and parts of airplanes
- Riots and terrorist attacks—although many policies have specific exclusions regarding terrorist activity, and a formally declared war is usually excluded from coverage
- Spoiled food due to a power outage
- Stampeding cows—they weren’t just a peril in Hollywood Western films
- Volcanic eruptions—which would probably be most relevant to residents of Washington State, Alaska and Hawaii
So you may be more protected against the perils of the 21st century than you realized. But still…do you know what’s in YOUR policy? Comment below and let us know!