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Home insurance is a vital safety net for homeowners, but it’s crucial to recognize that not everything is covered. To truly understand your policy, it’s essential to grasp its exclusions and limitations. Here’s more information about these exclusions and limitations from Hanneken Insurance Agency Inc., serving Little Falls, MN.
- Earthquake and Flood Coverage: Most standard home insurance policies exclude damage caused by earthquakes and floods. If you live in an area prone to these events, consider purchasing separate earthquake and flood insurance policies.
- Maintenance and Wear-and-Tear: Home insurance is not a maintenance policy. Damage caused by neglect, wear-and-tear, or lack of maintenance is typically not covered. This includes issues like a leaking roof due to old age.
- High-Value Items: While home insurance covers personal property, there are limits on high-value items such as jewelry, art, and collectibles. Consider adding scheduled personal property coverage for these items.
- Business Equipment: If you operate a business from home, your policy may not cover business equipment or liability related to your business. You may need a separate business insurance policy.
- Certain Dog Breeds: Some home insurance policies exclude liability coverage for specific dog breeds considered high risk. Check your policy to see if your dog’s breed is listed.
Understanding these exclusions and limitations is crucial for homeowners. Review your policy carefully, and if you have concerns or specific needs, discuss them with your insurance provider. In some cases, additional coverage or endorsements may be available to address these limitations. If you want to purchase a home insurance policy and have questions about limitations and exclusions, let Hanneken Insurance Agency Inc., serving Little Falls, MN, assist you. Call us now to schedule a consultation.