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What is generally not covered by homeowner’s insurance?

On Behalf of | Aug 26, 2020 | Insurance

Homeowners in Oklahoma want to ensure that their property is protected from damages, and thus will purchase homeowner’s insurance to help offset the costs of damages to their property. However, it is important to note what types of claims homeowner’s insurance will generally deny. Keep in mind that each insurance policy is different and this post cannot ensure any specific result to a claim for benefits, so it is important to review the terms of your specific policy to determine what is covered and what is not.

What is generally covered by homeowner’s insurance?

In general, homeowner’s insurance will cover some types of natural disasters such as lightening, hail and hurricanes. Homeowner’s insurance will also generally cover damages due to house fires and vandalism. However, coverage may be limited to the actual, physical home itself.

Certain structures on your property such as driveways and fences, among others, may also be covered. Some homeowner’s insurance also protects some types personal property, but this protection may be limited for certain assets. However, if you run a business on a separate structure on your property, and this structure is damaged, it will likely not be covered if it is damaged.

Catastrophes may not be covered

That being said, some natural catastrophes such as floods and earthquakes may not be covered by homeowner’s insurance policies and may require the purchase of specialized insurance.

Flooding due to an internal problem, such as bad plumbing may be covered by homeowner’s insurance. However, flooding caused be external forces, such as overflowing lakes and rivers may be considered a catastrophe and may not be covered. It is important to review your homeowner’s insurance policy to determine whether you can make a claim for flood damage.

Replacement costs

It is important to note that not every homeowner’s insurance policy covers replacement costs. Separate coverage can be purchased, however, to make up for this gap in coverage. When requesting a claim for benefits, the value of the damaged item will be assessed based on its current fair market value, rather than the value when the item was new.

A denied homeowner’s insurance claim can be more than disappointing — it can lead to serious financial difficulties. Some denials will be made because the insurance company claims the damages at issue are not covered by the homeowner’s insurance policy. However, if you believe the denial was wrongful, you may want to seek legal advice, to determine what steps to take to appeal the denial.