The reason why people get home insurance is to avoid having to pay for repairs and other costs should their home suffer any form of damage. Yet, standard home insurance policies don’t provide adequate coverage for certain perils and hazards. This does not mean that you should give up the idea of getting insurance altogether. Most of the possible damages that can lead to financial hardship for you are covered by the policy. It is just that some perils and hazards require you to buy additional policies.
Usually, these perils are considered ‘acts of God’ or natural occurrences. The insurance providers consider these as occurrences which cannot be prevented hence they don’t provide coverage for it. The perils included on this list are mostly related to weather hazards. Obviously, you cannot prevent a storm from coming and causing damage to your home. Other hazards you bear such as the risk of theft can be prevented by installing a home security system.
Most important among the perils and hazards your home insurance policy does not cover is flooding. There are many cities in the US which are at risk of flooding. Also, the number of hurricanes and storms across the country has increased considerably. Therefore, people living close to the coastal areas are at risk of having their homes damaged by flooding. Yet, your homeowners’ insurance isn’t going to cover it.
People living in states like Florida should seriously consider getting home insurance or they would have to bear the costs of repairing the damage caused by the water. In fact, the government has made it mandatory for the residents of certain areas in Florida to have homeowners’ insurance. Even if you are not obligated to buy a policy, it is worth your while to consider getting one. Yet, it is a cost that you have to bear but it can save you from a much larger expense in the future.
by Morgan Moran