Homeowners Insurance - what does it really cover

Rob Quattrocci

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Many Americans, at least those who are not attorneys, have never read their homeowners insurance policies. However, I would suggest that everyone pull out their policy and read the endorsements and exclusions as you may not have the coverage that you need. Most insurance policies without a seperate endorsement do not cover damage from floods, termites etc.

As indicated by a recent survey: A large percentage of U.S. homeowners mistakenly believe that standard homeowners insurance protects them from a wide array of perils, according to new research by the National Association of Insurance Commissioners (NAIC), which hosted its summer conference this week in San Francisco. In fact, typical property and liability policies don't cover home damage from floods, earthquakes, water line breaks, termites, mold, and several other perils, large and small.

http://www.insurancejournal.com/news/national/2007/06/05/80403.htm

Therefore, please read your policy and ask your agent to explain the policy provisions. This may protect you from an unexpected expense when disaster does strike.