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When it comes to home insurance, many home owners are under the mistaken belief that their insurance coverage will cover every event, but this is very false and can end up costing you a fortune or even your home. Many typical home owners insurance policies do not cover a number of events, and will only cover a specific amount for the theft or destruction of certain items. You need to make sure your coverage needs and your coverage types and amounts are the same, otherwise you may be under insured and this can really cost you later on. There are a number of exclusions in almost every home or property insurance, and these can include things like certain natural disasters, damage caused by any pets in your home, and the theft, damage, or loss of certain valuables over a very small deductible amount.

Flood coverage is one type of situation that your home insurance will not usually pay unless you have a rider added to your policy for an additional amount. Some companies sell only flood insurance, while others may add it if you request it. Determine the likelihood of a flood hitting your home, and this chance will vary depending on exactly where your home is located. If you live in coastal areas, near large lakes, creeks, and rivers, or in areas where flooding is a high risk, then going without flood insurance may not be the smart thing to do. This may be one of the extras you should include in your home insurance policy to protect yourself, your family, and your finances.

Earthquakes are another natural disaster that may not be covered under many home insurance policies unless you buy it or pay extra to add it in. In many areas of the country, especially in states like California and Nevada where earthquakes may occur frequently at times, this coverage should be considered a necessity because of the high risks that this natural disaster will happen. They can be devastating and leave you with thousands of dollars or more in damage. This coverage may cost more to include but if you live in an area where earthquakes may occur it is a cost that is worth the price.

Fire may not always be included in your home insurance coverage, depending on the cause of the fire. Normally, typical house fires caused by electrical wires or accidents will be covered, but in many areas, your home catching on fire as a result of a forest fire or wild fire will not be covered under the usual policy. This will need additional coverage added, to protect you and your home against this event if it occurs.

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Hurricanes and tornadoes may also be excluded unless you purchase additional coverage that names these events as covered. Your policy will state exactly what is covered and what is excluded, and it is a good idea to review your policy yearly to make sure your coverage types and amounts are still correct and accurate. You should make sure you have adequate coverage against any natural disasters which could reasonably happen to your home, to protect your investment in it.

Another area where many people do not have enough coverage in their home insurance policies concerns expensive high end items, like jewelry, fur, artwork, silver or precious metals, and others. Many times your theft or loss coverage will cover these items but only up to a small amount for all of the items in that category, usually one thousand dollars or less depending on the insurance company and your specific policy amount. If you own several pieces of good jewelry and family heirloom pieces, you could have ten thousand dollars or more in jewelry without even realizing it. Furs, electronics, and other expensive items like jewelry should have additional coverage amounts added, to make sure you can replace any losses.

Other exclusions that should be considered for riders are mold insurance and termite damage insurance. Both of these problems can cause hidden damage that may not be apparent for years, so that by the time you realize there is a problem the cost to fix it is large. Insurance coverage for these events can help you make sure you are protected financially if these things happen. This will give you the insurance settlement you need to repair or rebuild your home and make it livable again. Without extra coverage for the exclusions in your policy, you may end up having to pay for expensive repairs yourself, or owe money on a house that is no longer standing or livable.

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