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Today, we have Bill Quigley from State Farm Insurance. Together, we’re discussing what homeowner’s insurance policies don’t cover, that many homeowners think they do. There’s a lot of misconceptions out there, so we want to clear them up for you with correct information.
- Leakage and seepage: This is one of three major water damages that commonly come up. For instance, if a pipe has been leaking for a long period of time, you might not realize it until you’re remodeling your shower. By this point, there could already be a great deal of mold, rot, and mildew. It’s common for companies not to cover this type of damage.
- Floods: Companies typically don’t cover rising water that comes inside your home. This requires a special kind of company that offers this service.
- Water heater and pipes: Plumbing rupture puts water throughout your whole home. These water fixtures are not covered, but most companies will cover any damages caused by it, minus the deductible.
- The roof: If a powerful windstorm blows parts of the roof away, some companies will pay you a portion based on the age of the roof. Others might cover the whole damage by adding on a new roof to your home. It’s not necessarily guaranteed with every company.
- Personal belongings: This accounts for jewelry, firearms, and other valuable items. Check with your policy to see what limitations are on high-ticket items you own.
Let this video be a reminder that you should call your insurance agent to review your policy. You need to know what your plan does and doesn’t cover, in case an emergency ever happens and you’re not clueless!
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