What Does My Homeowner’s Insurance Policy Cover?

If you have had flood, fire, or storm damage to your home, the insurance process could be challenging. What does your policy cover? What is missing from the picture? Knowing how much you should pay is crucial if your home is impacted. Here is a quick summary of what is covered and what is not under the most fundamental homeowner’s insurance policy to give you an understanding of how the insurance process works.

Which Insurance Policy Is the Most Popular?

The HO-3 coverage is the most common type of homeowner’s insurance. The HO-3 policy includes coverage for storm damage, water damage, fire damage, and smoke damage. However, there are a few notable exceptions.

What is covered by the HO-3 policy?

Water damage and flooding damages: Water damage brought on by the elements or by home appliances is typically covered by the HO-3 policy. As a result, the following situations are covered by your policy when it comes to water damage:

• Broken pipes
• A leak in the HVAC system or water softener; • A leak in the roof following recent heavy rains

What Kinds of Water Damage Are Not Covered?

If your home was ruined by any of the following, it won’t be covered:

River, lake, and other waterway flooding: A different insurance policy is needed in case of flooding. In fact, you are forced to purchase flood insurance if you live in a floodplain in several areas of Minnesota.

If it could have been prevented, your insurance company would classify it as something you might have been able to prevent, even if you were aware of the hole in your roof before it started to leak.

Mold-related damages

Your homeowner’s insurance coverage might not cover mold remediation unless the mold was caused by water damage from the sources mentioned above. If you could have prevented the mold damage, your insurance company won’t cover it.

Consider flooding in your basement. In the event that mold develops in your basement as a result of the flooding, it is covered by the water damage part of your insurance policy. If you have mold growing in your bathroom as a result of improper cleaning, it is not covered.

Fire and smoke-related damages

If the fire was not brought on by something that could have been prevented, insurance will cover you. If any of the following causes your home to be destroyed:

Fire pits, wildfires, and grease fires

• Electrical blazes

In the event of a fire, what is not covered?

Your insurance does not cover damage to your home caused by arson. Setting your property on fire with the goal of receiving reimbursement from your insurance provider is known as arson insurance fraud. If it is found that an arsonist was responsible for starting the fire, your insurance will not provide coverage for arson.

You won’t be covered by insurance if there is a fire while no one is home. Insurance companies consider a home to be empty if it has been vacant for more than 30 days. There is a different coverage that safeguards vacant homes if you anticipate being away from your home for an extended amount of time.

Resulting from a storm

You are probably protected if a hurricane damages your home if the following situations apply:

• Lightning
• Windstorm
• Hail • Dropped objects

Your home will be covered if a tornado, ice dams on the roof, or a tree falls on your property. It could be challenging to determine what is and isn’t covered when it comes to storm damage.

For instance, if a nearby river floods as a result of heavy rain, your home insurance won’t cover the damage. However, heavy downpours that result in a roof leak need to be covered!

What would not be covered if a storm were to break out?

The most common HO-3 policy exclusions are the following:

Earthquakes, mudslides, sinkholes, preventable damage, and blockage in the sewer system

A second policy for other risks, such as flood and earthquake insurance, can be acquired. You can decide what kind of security you need by finding out what kinds of natural disasters your home is susceptible to.

Do I have insurance coverage for a house remodel?

If the damage was brought on by an occurrence that is covered by your policy, your insurance company will contribute a set amount toward restoring your home to its pre-loss condition. Insurance does not pay for the cost of remodeling and restoring your home after it has been harmed.