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Many natural disasters, such as hurricanes or tornadoes, are covered in a homeowner policy. Others, like earthquake and flood are not. Let us know if you have any concerns about your protection from loss due to natural or even man made disasters; we'll be happy to review your insurance program and let you know what, if any, changes you might want to consider.
A standard homeowner policy provides coverage equal to 10% of the limit for Coverage C of a homeowner policy or $1,000, whichever is greater. This coverage is useful for protecting you while traveling and for other temporary situations. If you have property in excess of these amounts away from home or property that is kept away from your residence premises for extended periods, you should consider additional protection.
The 10% limitation for household property, is for property at an Insureds Residence Premise......There is no limitation for property carried on vacation or stored in a storage unit. (except whatever the contents limit is on the property)
Homeowner policies specifically exclude reimbursement for damage caused by flood. Your home may be a significant distance from a major body of water but still be exposed to flood risk if your home was built in a flood plain. The National Flood Insurance Program has a flood risk indicator on their website. All you have to do is enter your property address and you will get an indication of the degree of flood risk you face. Our agency can get flood coverage for you. For an indication of the cost, the National Flood Insurance Site also has a 'quick quote' table of premiums to give you an idea.
It might be if mold infestation is the result of a loss like a leaky roof caused by high winds or a ruptured pipe. As a general rule, homeowner insurance will reimburse for damage or injury from sudden and unforeseen events. So, if mold were simply due to water seepage due to lax home maintenance, any damage probably wouldn’t be covered. The best bet is to prevent mold wherever possible through proper ventilation, caulking cracks that might permit water seepage and performing basic maintenance like periodically inspecting plumbing fittings. For more information and safety tips about mold check out the Insurance Information Institute’s thorough coverage of the topic at http://iii.org/individuals/homei/tips/mold/.
You should review all of your insurance needs at least once a year. If you have a major life change, you should contact your insurance agent or company representative. The change in your life may have a significant impact on your insurance needs. Life changes may include:
Marriage or divorce
A child or grandchild who is born or adopted
Significant changes in your health or that of your spouse/domestic partner
Taking on the financial responsibility of an aging parent
Purchasing a new home
A loved one who requires long-term care
Refinancing your home
Coming into an inheritance
Source: Insurance Information Institute www.iii.org
