THURSDAY, AUGUST 6, 2015
 Imagine calling your home insurance company to file a claim regarding an issue in your home — only to realize the loss you experienced is not covered under your policy. Misconceptions about what is included in a homeowners insurance policy happen every day. It can be devastating news to find out that your homeowners insurance does not cover what you thought it did. Here are four facts about coverage many homeowners have no clue about. Next time, you'll be informed.
1. Flood Insurance Is Not Always Included
Many homeowners think that flood damage is covered under their policy. Unfortunately, this isn't always true. In some cases, individuals have to purchase flood insurance separately. If you live near a large body of water that could potentially flood, you should speak with your insurance agent to ensure you have adequate protection.
2. You Do Not Get the Market Value of Your Home If It's Completely Ruined
The amount of money your insurance company provides you after experiencing a loss is often equal to the replacement value. The replacement value isn't the same amount of money you would get if you sold your home in the market. Since the total cost to replace or repair your home changes, you must examine your homeowners insurance policy to ensure you have adequate coverage that also considers inflation.
3. Mold Damage Isn't Covered
The majority of homeowners believe that mold damage is covered under their current insurance policy. This is not the case. You can ask for additional insurance that will cover mold damage, but you won't get it out of your basic home insurance policy. Additional coverage can greatly enhance your coverage, as a leaky roof or pipe can lead to mold growth.
4. Your Possessions Aren't Fully Covered
While homeowners insurance will cover damage to your personal belongings, there are limits to coverage some items. This usually pertains to jewelry, firearms, and other high-priced or collectible items. If you feel that your personal belongings may not have enough protection, you are free to add additional coverage for these items so that you are more likely to receive the value of the item if it is damaged or stolen.
Are you covered? Call Heritage Insurance, Ltd. at (800) 667-7640 for more information on Moose Jaw home insurance.
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