When speaking with an insurance agent, claims representative or family member, you may have heard them use the term “peril.” Understanding the definition of the word “peril” is important when reviewing your policy to understand what your policy covers and does not cover. A “peril” is the potential risk, event or factor that may cause damage or a loss to your home. Examples of specific perils include fire, hail, theft, etc.
3. Does homeowners insurance cover my roof and roof leaks?
This question is determined by what kind of peril damaged the roof or caused the roof to leak. If the damage was done by a specific peril that is covered by your homeowners insurance policy, then you may have coverage to help pay for repair expenses. Don’t forget, depending on which policy you purchase you may have to pay a loss deductible that ranges based on your policy, the peril, your annual premium and other factors.
4. Does homeowners insurance cover mold?
Mold damage is normally covered by your homeowners insurance policy if it is the result of a covered peril. If the peril that caused the mold is not covered by your insurance policy, then you may not be covered for this.
5. Does homeowners insurance cover water damage?
Water damage may be covered by a homeowners insurance policy, but it is dependent on the cause of the water damage. For example, you can add water backup and sump overflow coverage to your policy to help ensure more protection. You can also purchase flood insurance through the National Flood Insurance Program.
6. Does homeowners insurance cover plumbing?
Your homeowners insurance policy may provide coverage due to damage caused by accidental covered events. Because plumbing systems require regular maintenance and care to work properly, most plumbing issues will not be covered by your insurance policy. But if your policy covers water damage, you may have coverage if pipes were to burst inside your home.
7. Does home insurance cover frozen pipes?
The best way to answer this question is to say that it depends. Usually, home insurance policies cover the damage that can occur from the sudden and accidental release of water from a burst pipe or plumbing source, but it does not necessarily cover all the damage and repair to the frozen pipes. The best thing you can do when purchasing a home insurance policy is to ask your agent what your policy covers. You can usually purchase additional insurance to cover items that are not covered with the standard policy.
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Would you like to learn more about what your homeowners policy covers and does not cover? Speak with an agent about what type of coverage you would like or what your current policy covers now.
*The information in this article was compiled from a variety of sources and is intended to provide helpful tips only.