There's a tendency to focus on the benefits of homeowners insurance without reference to its shortcomings.
However, basic homeowners insurance doesn't offer complete protection of your property, pets, family, and guests, leaving you open to quite a bit of liability.
Though it differs from company to company and policy to policy, the following are a few of the things that are generally not included in homeowners insurance, possibly requiring you to purchase separate coverage.
1. Dangerous or Farm Animals.
While a basic policy will often cover injuries caused by a chihuahua, they usually won't cover pit bull bites or chicken scratches. Certain breeds of dog and nontraditional pets require a special rider, as they are believed to be more dangerous and thus impart more liability.
2. Intentional Acts.
Homeowners insurance will cover injuries caused by negligence, but will not cover intentional acts. This includes battery, assault, and destruction of another's property, even if they occur on the premises.
3. Earthquakes and Floods.
Though it varies by region, most policies don't cover earthquakes and floods. Others also don't include hurricanes, and tornados. You'll likely have to purchase an additional policy if you are prone to these natural events.
4. General Wear and Tear.
The ordinary upkeep associated with owning a home is yours and yours alone. Homeowners insurance policies will not cover damage caused by general weather conditions, or old age. This includes issues with paint, landscaping, and even settling.
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