5 Things You Might Not Know About Your Homeowners’ Insurance Policy

If you're a homeowner, hopefully you have a homeowners' insurance policy in place. Doing so can protect you from major financial loss as a result of damage or vandalism to your home. Still, there are a lot of things about your homeowners' insurance policy that many people simply aren't aware of.

You May Be Able to Re-Open an Old Claim

Here's a hypothetical situation: your home is damaged by a fire, but thankfully everybody is okay. Your insurance company sends out an adjuster and you receive reimbursement to cover the restoration and repair costs. A year later, a home inspector discovers smoke damage in the attic from the fire that you didn't know about. You can actually contact your home insurance company and re-open your claim to seek reimbursement for the additional restoration costs.

You're Probably Not Covered for Water Damage

Unless you've purchased additional flood or water damage coverage, there's a good chance you're not protected against water damage in your home. This includes damage caused by flooding/heavy rains, roof leaks,  burst pipes, and even backed-up sewers. Fortunately, adding this coverage is typically quite cheap, so be sure to inquire about it with your agent.

Your New Home Addition May Not Be Covered

If you plan on doing extensive remodeling or adding onto your home, be sure to contact your insurance agent right away to find out if additional coverage is needed. Otherwise, you may be surprised to find out that damage to your home addition isn't automatically covered by your current policy. Oops!

Your Policy Likely Covers Liability for Your Dog

If you own a dog, your homeowners' insurance policy probably includes liability coverage for the unlikely scenario where another person is injured as a result of your dog biting them. Keep in mind that some states place coverage restrictions on certain breeds that are known to be aggressive, so you'll want to check with your insurance agent to be sure of your coverage.

You Might Save Money Based on Your Home's Location

Finally, did you know that if your home is located near a fire station or even a fire hydrant, you may be able to enjoy lower insurance premiums? The idea here is that your home is subjected to less of a risk, even in the event of a fire, due to the closer proximity of fire-fighting resources. The same may also apply to proximity with police stations.

If you have questions about what your homeowners' insurance policy can cover, talk to a company like Northeast Insurance Agency.