Many people don't have enough homeowner's insurance, and it's easy to understand why. In the busy time when you're buying a home, it can be easy to miss details in your homeowner's insurance policy, or even underestimate what kind of coverage you might need in your new home. And then when you've settled into your home, how often do you review the details of your home insurance policy? For many homeowners, the answer is, "not until I need to file a claim." Unfortunately, this means that you could be under-insured and not find out until it's too late. Take a look at a few things that your homeowner's insurance may not cover.
Injuries At the Pool
Chances are that your insurance is higher because you have a pool, so it's easy to think that an accident at your pool would be covered. But the truth is that injuries at the pool can come with a lot of liability, and it's entirely possible that you don't have enough liability coverage to pay for the settlement in a drowning case – those cases can run into the hundreds of thousands of dollars.
If you frequently have guests at your pool – especially children – you may want to think about increasing your liability coverage for your pool. You should also take steps to reduce the risk of an accident or injury, like putting a fence around the pool and coating the pool deck with a non-skid material. These steps can reduce your chances of needing to make a claim and earn you a better rate for the coverage you do have.
Costs of a Temporary Move
Imagine that your home is damaged in some covered event, like a fire. But you have insurance, so your home will be fixed and livable soon enough. That's good news! However, in the meantime you'll need to live somewhere else, like a hotel or an apartment, until the home is livable again. That's bad news, because it's expensive and it probably isn't covered in your homeowner's insurance.
Homeowner's insurance companies do offer living expense insurance for these situations, but it's usually an additional rider to your insurance policy, and if you didn't specifically ask for it to be added, it probably wasn't. However, you can always ask your insurer to add it now. This is an affordable addition to your premiums, and it's worth paying for to have it if you need it.
Damages From Termites
Termites can be a major problem for homeowners, and many are surprised to find out that their homeowner's insurance doesn't cover that damage. The reason many policies don't cover termite damage is that it's the kind of damage that typically occurs over time, and can often be prevented with things like pest inspections.
This is a situation where it's important to check your policy. Some policies specifically exclude any termite damage, while others will pay out for it only if the homeowner's have had regular pest inspections and treatments, but sustained termite damage anyway. Make sure you know which kind of policy you have, and take any necessary preventative measures to keep termites out of your home in the first place.
It's important to periodically review your homeowner's insurance policy. Don't just renew your policy each year without a review. Make sure that your policy covers what you need it to cover, and account for any changes in your needs since the last time you looked at the policy. Visit a site like http://gateway-insurance.com and talk to a professional for more information and direction.