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Make Sure You Know The Loopholes In Your Home Insurance Policy?

It’s always nice when people find loopholes and can turn the table on greedy corporations and big time companies that don't care about consumers. For instance, when you find a way to "cheat" taxes and save a lot of money because of some strategic planning, or when you go to court and a specific law or precedent states that you have done nothing wrong or illegal. These little loopholes are always great when they happen to the consumer; but when they are used against consumers, it can really be a nuisance. Well, unfortunately home insurance is one of those times that the loopholes work against the consumer.

Yes, its very likely that there will be a few loopholes in your home insurance policy. That's not to say your home insurance policy is worthless, it’s just that there are some circumstances which will cause you more grief than others. The basics of a home insurance policy are: structural damage, which means you are covered for any damages that may occur (as well as your belongings); liability, which means you are covered if a guest has an "accident" in your home and sues you; "uninhabitable expenses", that’s when you can't live in your home due to dangerous conditions and must live somewhere else for a short time. That does seem like a good amount of coverage and will cover most future problems that may arise. However, with that sense of "security", that’s when the loophole comes into play.

Although you are covered for structural damage, that does not mean any and all damage. For instance, if you were hit by a flood and don't have flood insurance, you will not be covered. However, if your home was flooded by your home's own broken water pipes, you actually would be covered (yeah it is somewhat hypocritical).

Another big loophole is termites. Even if you may not have had termites for years, the insurance provider may not cover the damages if termites began destroying your home's foundation. The excuse they use, whether it is true or not, is "The termites were most likely there before you moved in, and your policy clearly states.....etc. etc. etc.". So instead of your home insurance coming to the rescue and paying for the damages, you will have to solve and pay for problem on your own.

Obviously, many of these different policies will have many different loopholes, but that does mean you have to be caught off guard by them. Sometimes you will need extra coverage to cover different things. Many of these things will relate to "natural disaster" coverage, so be aware of what type of weather you're likely to see in your area. If you live in an area prone to earthquakes, you might need protection against that, and the same thing goes for hurricanes and tropical storms. Whatever the case may be; with a little research and "close" reading (of the fine print that is), you can level the playing field between you and the home insurance provider.

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