When buying a new home it is important to make sure that it is adequately insured. If you are getting a loan for the home, homeowners insurance will likely be required. When you work through your policy make sure you understand exactly what is covered and what is not covered. You may want to seek out additional coverage if needed. Professional Downers Grove IL Realtor Shanon Tully has some insights about things that your insurance may not cover.
It is often assumed that standard homeowners insurance will cover flooding, but this is rarely the case. This coverage needs to be purchased separately. If your home is located in a lower area or a flood plain it is wise to get this additional insurance. Homeowners near coastal areas might want flood insurance as well. The amount and severity of storms have increased in recent decades making the potential of flood damage more significant.
If you find mold in your home the chances are that your insurance will not cover the damage. In the case that the cause of the mold is covered by your insurance then the resulting damage may be covered as well. For example, if a pipe breaks causing water damage and mold in your home you may be able to get your insurance company to cover it. However, if the mold is the result of a lack of maintenance in an area of your home that is prone to moisture you’re probably on your own when covering the repairs. Mold is a difficult thing to identify and the source is equally difficult to determine. For this reason, insurance companies are reluctant to pay for damages due to mold.
Many types of pests that cause damage to your home are considered to be a part of home maintenance by insurance companies. Thus, it is not likely that you will be covered from damage caused by rats, mice, chipmunks, etc. Termite issues are also not typically covered. The National Pest Management Association reports that these little critters cause over five billion dollars of damage annually. It is a good idea to get your home checked by a professional and follow their recommendations for removing and preventing the invasion of these pests.
There are a number of recreational activities that have a significant potential of causing damage to your home or people on your property. Many of these may not be included in your home insurance policy. Accidents related to your swimming pool or trampoline are a few that are typical. If the breed of your dog has a reputation for violence you probably aren’t covered. Also, if damage is caused to your property as the result of a home improvement project you may not be covered. For best practice, go over your insurance policy with your provider to understand what you are covered for and to determine what additional insurance you’ll need.
For all your home shopping needs contact Downers Grove IL real estate agent Shanon Tully!