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Grace KimArrow Written by Grace KimArrow Right Insurance Contributor Grace Kim has two years of experience writing for financial and insurance companies such as Reviews.com. He has written about auto, homeowners, rental and life insurance. He has contributed much of his professional experience to financial and technical writing. Connect with Grace Kim via Email Email Connect with Grace Kim on LinkedIn Linkedin Connect with Grace Kim
Exploring Home Insurance Coverage Limits
By Maggie Kempken Edited by Maggie Kempken Arrowright Senior Editor, Insurance Maggie Kempken is the Insurance Editor. It helps ensure the creation of insurance products that meet the highest standards of accuracy and transparency to help readers navigate complex information about home, auto and life insurance. She also looks to represent and align with the content of the insurance brand. Maggie Kempken
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Various risks are covered under homeowners insurance. Some common hazards may include fire, lightning, storms, and theft. Depending on the type of homeowners insurance, your home may be protected against named perils, which are specific perils or all perils except those specifically excluded. If your homeowners insurance policy doesn’t cover a particular risk, it’s called an exclusion. It’s important to find out what exclusions are in your policy to understand your options when you need additional coverage. The insurance editorial team explains what risks home insurance typically excludes.
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Many risks are not covered by a home insurance policy. To get coverage against them, you can collect premiums from your home insurance company for an additional fee. Or, in some cases, you may need to purchase the entire plan separately. The most common home insurance exclusions and the levels at which you can get coverage are listed below.
Flood damage almost always excludes homeowners. Flood damage is a very common HO-3 policy exclusion, but even homeowners with HO-5 policies, which provide more comprehensive coverage than HO-3 policies, may not be covered for flood damage.
For coverage against flood damage, you must purchase a separate flood insurance policy. Anyone can buy flood insurance, and if your home is located in a high-risk flood zone according to the Federal Emergency Management Agency’s (FEMA) flood plan, your mortgage lender may require you to get flood insurance. You can usually purchase flood insurance through the National Flood Insurance Program (NFIP) or from a private carrier.
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Like flood damage, earthquake damage is a common exclusion for homeowners insurance. Causes of loss often include earthquakes, landslides, and mudslides. Because earthquakes can cause devastating damage, you may want to consider getting coverage, especially if you live in an earthquake-prone area like California. California residents can usually purchase earthquake insurance through the California Earthquake Authority (CEA) or a private insurer.
Depending on where you live and how common earthquakes and tremors are, you may be able to add earthquake coverage to your policy. If you live in an area that is particularly prone to earthquakes, you should purchase separate earthquake insurance.
If you own a home, chances are you’ll be doing maintenance at some point. This may include repairing an appliance or updating your plumbing or electrical systems. These types of repairs are often considered maintenance and are almost never covered by home insurance.
Being proactive about your home maintenance can help you catch problems early
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