What Does Home Insurance Cover and Not Cover?

Home insurance, also known as homeowners’ insurance, is a type of coverage purchased by anyone who owns a home, whether that is a single-family residence, townhouse, condominium, or any other home ownership situation. A home insurance policy typically has certain things it covers and others that it doesn’t cover. Here is some basic information you need to know about that, courtesy of Phil Klein Insurance Group in the West Bloomfield, MI area.

Covered

Home insurance is a necessity for any homeowner, and it covers issues affecting housing structures, such as the house itself, garage, and other structures. It covers damage to belongings resulting from natural disasters like hail and wildfires as well as catastrophic events like house fires. It also covers issues like theft. It includes various belongings like furniture, lighting fixtures, appliances, electronics, and more. 

Not Covered

There are many things that home insurance covers, but there are also some things it doesn’t cover. This includes disasters like floods and hurricanes, which many home insurance policies require special insurance to cover. Many policies also do not cover mold. It is possible that your insurance offers the option to add coverage for those types of problems, so ask when you are setting up your policy. Home insurance does not cover damage caused by the owner or a guest, such as a window or a garage door that is damaged through carelessness. Although a home insurance policy provides coverage for belongings, it might not provide enough benefits for high-dollar valuables, such as fur coats and jewelry. In that type of scenario, it’s wise to consider purchasing extra coverage.

What home insurance will cover and doesn’t cover varies from policy to policy. Do you have questions or need help with getting home insurance? We’re only a phone call away. Feel free to contact Phil Klein Insurance Group, serving the West Bloomfield, MI area, when you’re ready to explore options.

4 Flood Insurance Myths That Don’t Hold Water

Flood insurance is kinda tricky. We get a lot of questions from our Michigan clients about concerns from ground water, sewer/drain backups, etc.

Do you know the truth about water damage and your home? Let’s set the record straight on a few myths:

1. Home Insurance Covers Floods
Flood insurance is not included in home insurance policies; it needs to be purchased separately, from an insurance agent (like us) or an insurer that participates in the National Flood Insurance Program.

2. Floods Only Affect Certain Regions
All areas of the country (and Michigan) are at some risk of flooding. More than 20% of flood claims to insurance companies come from residents in moderate to low-risk flood zones.

3. Water Damage Isn’t Expensive
Flooding is the COSTLIEST natural disaster, according to the Federal Emergency Management Agency. One inch of flooding can cause as much as $20,000 in damage to a home.

4. Flood Insurance Is Expensive
Someone who lives in a moderate to low-risk area may be eligible for flood insurance with premiums as low as $171 per year.

For more information, call us at (248) 682-7445 or email info@philkleininsurance.com