What You Need to Know about Home Insurance Exclusions

No matter what type of insurance policy you are buying in Richmond, VA, there are likely some common perils that the insurance company won’t cover. Knowledge is going to be power, so you know if you have a home insurance claim. Knowing what your policy includes and excludes will help you know when it’s best to purchase some extra coverage. 

The only way to know what is excluded in your policy in Richmond, VA is to read your policy carefully or speak with an agent at Cary-Wheeler & Associates, Inc. However, there are a few things that are generally excluded from most policies. 

  • Building Code Upgrades: If you have suffered damage and want to upgrade while rebuilding, this is usually not covered since the policy pays for what is initially insured. However, you can get a rider for this coverage to give you an amount toward upgrade costs. 
  • Flooding: If your basement floods or there is a natural disaster that causes flooding, you won’t have coverage under your home insurance and will need to purchase flood insurance if you want protection. 
  • Home Business Accidents: If you run a business out of your home, this needs to be insured separately. A small business may only need a rider to your current policy, but other businesses require separate business insurance. 
  • Earth Movements: If you have a home on a cliff, it’s essential to be aware of the risk. A standard policy won’t pay for landslides or other house slides. This is considered earth movement and will be excluded. Other things under earth movement include sinkholes or earthquakes.  
  • Intentional Loss: If you did something on purpose with the intent to cause a loss, then you won’t be able to file a claim. 

Contact Cary-Wheeler & Associates, Inc. to get a quote on home insurance.