While policies can vary from one provider to another, most of the basic clauses are similar across the board, particularly in exclusions. Let our pro renovators at D-Wing Construction give you a primer on homeowners insurance and what you can expect from them.
Two Types of Coverage
Before you call up your roofing contractor and assume their work will be covered by your insurance, you need to know what type of coverage you have.
- An “all-risk” policy will cover a wide range of reasons and can be handy in a pinch. This type of policy will specify the things they will not cover so make sure you ask your broker to highlight those exclusions on your contract so you don’t miss them.
- “Named peril” policies, on the other hand, list down the reasons they will cover instead. Damages caused by any reason not on this list will likely be denied.
Usual Exclusions
Despite its name, an all-risk policy will not cover all risks. These are the reasons that no homeowner insurance will typically approve claims for.
- Flood – Flood insurance is a separate policy vetted by the Federal Emergency Management Agency or FEMA. This type of insurance is available for homeowners in flood-prone areas.
- Earthquakes – There is also a separate earthquake insurance available for any “ground movement,” your home might encounter.
- Mold – Remediation and removal of mold in your roof or on your siding can be very expensive, however they are rarely covered.
Learn more about your homeowners insurance with the help of our professionals at D-Wing Construction, your trusted local general contractor. Call us at (630) 688-5160 or fill out our contact form to schedule a meeting or request a free cost-estimate for your project today. We serve homeowners in Arlington Heights, IL, and nearby areas.
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