Most home buyers need to secure a loan before they can purchase a house, and most lenders require buyers to have a comprehensive home insurance policy. Although a great home insurance plan can help save you from costs associated with all kinds of accidents and natural disasters, there are a couple of major things that many policies don’t include with their coverage.
In this article, we’ll discuss a few key events that may not be covered by your existing home insurance plan and what you can do if you want to increase your coverage.
- Mold Damage: In addition to causing unpleasant odors and unsightly issues, mold growth can pose health risks and impact the structural stability of your home. If your home is damaged by extensive mold growth due to high humidity levels, leaky pipes, or another source of water damage, your home insurance policy may not pay to have the damage remediated. This is why homeowners should schedule routine mold inspections to catch potential issues before they have the chance to spread.
- Flood Damage: If you live in an area that’s prone to floods due to natural disasters, you may want to invest in a flood insurance policy to more thoroughly protect your property. Otherwise, most home insurance policies will help cover water damage that is caused by unexpected plumbing issues or roof leaks.
- Earthquake Damage: Many home insurance plans don’t cover damages caused by sinkholes, earthquakes, landslides, or other natural events. If your house is located near a known fault line, you might want to consider getting earthquake insurance to give your property an additional layer of protection.
