Your Guide To Home Insurance Exclusions
By David Faulkner
It is a fact that homeowners insurance is not legally compulsory. However, as the unexpected so often happens these days, it is an excellent idea to have some sort of protection in place. A good policy will cover you in most eventualities but there are home owners insurance exclusions that you should be aware of before taking out a policy. Any insurance policy has its terms and conditions and there are often integral elements of a homeowners insurance policy are hidden in the small print that individuals often fail to read. This is your quick guide to the general exclusions associated with homeowners insurance.
1) Environmental factors - If your property is at risk of flooding then you are unlikely to find homeowners insurance that will cover you. If you do find cover, however, then that risk will not be covered. Most environmental factors, like flooding and hurricanes for example, are placed on the list of home owners insurance exclusions.
2) Accidental damage and wear and tear - Accidental damage is usually covered on a homeowners insurance policy, unless it is caused by a domestic animal. Property damaged by a dog, for example, is usually on the home owners insurance exclusions list and thus would render you unable to claim. Wear and tear is also excluded. It is inevitable that everything will break eventually and so the companies would be inundated with claims if wear and tear were not exempt from claims.
3) Occupancy - If your property is vacant or unoccupied for more than 30 days of the year, your policy will be rendered null and void. No homeowners insurance company will insure you if you actively leave your property open to attack. Some companies actually offer 60 days rather than 30, but this exclusion will apply to all policies.
4) External influence - As a result of world events in recent years, external influences are often not covered in homeowners insurance policies. Terrorism is definitely on the list of home owners insurance exclusions. War risks and pollution are also usually on there, but these two exclusions tend to vary from company to company.
5) Excess - With every homeowners insurance policy, there will be an excess. How much the excess is depends on the individual company but it is a significant home owners insurance exclusion because the excess amount is deducted from your claim, is payable by you and thus is not covered. If, for example, your claim is $100 but your excess is $75, you will only be liable to claim $25. This is definitely something that you should bear in mind.
This is by no means an exhaustive list of home owners insurance exclusions. For an exhaustive list and the full terms and conditions you should contact your insurance company or consult your policy documents. It is important to pay attention to them though, as this could save you money and ensure that the homeowners insurance policy that you do have is right for you.
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