11 Things You Didn’t Know About Your Homeowners Policy
Think you know everything about your home insurance policy? Is that because you understand the difference between dwelling coverage and personal liability protection? Because you know that floods aren’t covered by standard home insurance?
Think again. You might know more than most, but you probably don’t know everything about your policy — unless you’ve read the fine print and committed it to memory. And who’s got time for that? However you don’t want to find yourself stuck without coverage you thought you had. Here are some lesser known coverage nuances you likely weren’t aware of.
When it comes to problems caused by electricity — or lack of it — coverage varies according to the situation. Two potential issues:
- Lightning. Your house is covered if it’s struck by lightning, even if the item struck is your air conditioning unit. You will, however, still have to pay your deductible. (This is true for nearly all the situations in which you’re covered.)
- Losses caused by power failure. If lightning strikes a transformer in your neighborhood and knocks out power for several hours, you’re not covered for items ruined in your refrigerator or standalone freezer. However you could purchase extra coverage for this.
The friendly skies
When it comes to aircraft, your coverage protection can be up in air. Check out these scenarios:
- An airplane crashes into your house. If you’re at home when this happens, you’ve probably got other concerns. But yes, you are covered for damage to your home should an airplane crash into it.
- Damage to an aircraft kept on your property. If that plane is yours, is on the ground and gets damaged through vandalism, fire, a tree falling on it or any other reason, a standard homeowners policy typically won’t help with the repairs.
- A satellite crashes into your house. Every few weeks, you hear about long-dead satellites or other pieces of space debris falling victim to gravity and crashing to the ground. And if one hits your house? Yes, you typically are covered. And manmade objects aren’t the only items covered. Standard home insurance also usually covers harm to your home done by meteors