MA property Management: What your Insurance doesn’t cover
A standard homeowners policy covers you for the basic stuff such as theft, vandalism, fire, wind, lightning and ice, among others. These are the situations where you might need additional coverage.
Mold is always a terrible issue. It was responsible for the death of Brittany Murphy a few years ago. This can create a huge health problem for you and your family and could possibly make you leave the place. Some insurance companies don’t cover mold while the others limit the damage caused. Most states including MA exclude coverage in the standard policy unless the condition was caused by something at home. However if you aren’t covered you can always pay an add-on for mold coverage.
Vermin, bed bugs, termites and bed bugs are not covered by standard insurance policies. The worst part is that they also cause a lot of damage if you are not vigilant. So the best thing to do is to keep an eye out and call an exterminator before the problem goes out of control.
If you don’t check your sewers, then it can be an issue. A backed-up sewer can cause a lot of damage at home (possibly thousands of dollars’ worth of damage). The good thing is that Insurance companies offer this as an add-on to your standard policy. The problem is that most people tend not to get it till it is too late. This coverage only costs around $40-50 on your premium.
MA Property Management: Floods
It comes as no surprise that a standard insurance policy does not have any coverage for flood damage. All homeowners need to get a separate flood insurance policy through the National Flood Insurance Program. A number of mortgage lenders in flood prone areas tend to attach flood insurance as a condition. The good thing is that low risk areas don’t have to take it. At the end of the day, a flood insurance policy costs only $129 per year in a low-risk area.
Insurance companies do not include earthquakes on standard home policies. Homeowners need to get a separate policy. The policy depends on the risk of earthquakes in your region. So this means that if you live somewhere in California where earthquakes are frequent then it means your policy will be high. The lower the risk, the less you have to pay for earthquake insurance.
Sinkholes are common in some states and can cause cracks in walls, floors and even in your home’s foundation. They are not covered under standard policies and fall under earthquake coverage.
We hope you liked our guide “MA property Management: What your Insurance doesn’t cover”.