As we discussed previously, homeowner’s insurance is a must have item. Today, we will
discuss precisely what homeowner’s insurance covers. A homeowner’s insurance policy will go
a long way to giving you, the new owner, peace of mind, and confidence that a disaster won’t
render you destitute. In general, homeowner’s insurance pays to rebuild or repair your property
after it has been damaged by wind lightning, fire, earthquake or other natural disasters; it also covers your personal belongings, and covers liability to others if someone is injured on your property. We should warn you that all policies are different, so it’s in your best interest to review your insurance policy before making any assumptions.
Living in sunny Southern California, we are particularly aware of the damage an out-of-
control wildfire can cause; luckily, most insurance policies cover fire damage. This is a good
thing, since roughly 1 in 350 homeowners file a claim for fire damage with their insurance
company every year, and the damage comes out to approximately $12,000.
Homeowner’s insurance typically covers sudden/accidental water damage. For example,
if your hot water heater explodes and floods a room in your house, that is probably covered.
However, if the water damage is the result of some ongoing issue, like a leaky roof, it will likely not be covered. Thus, a prudent homeowner would have regular inspections of their roof and pipes to avoid footing a pricey bill for something that could have been avoided. Remember, an ounce of prevention is better than a pound of cure.
Damage to the Roof
Your insurance policy will cover your roof if the damage is the result of natural elements,
but not if the damage is the result of neglect. Thus, if your roof has suffered extensive damage
from the once-a-year torrential rain in Southern California, your insurance will cover
that. Roof damage that occurs because of neglect won’t be covered, and an insurance company may point to that neglect as the real cause of damage (rather than the rain) and use that to get out of paying you. Remember service and inspect your roof once a year.
Your homeowner’s insurance will cover damage caused by theft; this means the items
actually stolen and any damage done to your house during the theft itself (broken doors and
windows). Theft is more common than you think, with 1 in 400 homeowners reporting theft to
their insurers a year, with the average damage running about $4.4k.
At the Chernov Team we understand knowledge is power, and knowledge of what
insurance policies cover, which translates to more money in your pocket, is powerful knowledge
indeed. At the Chernov Team we know that whoever comes to the table most prepared leaves
with the most, and the Chernov Team always leaves the table with the most.