Know the Importance of Homeowner’s Insurance

Do you have protection if your basement leaks, or your sump pump stops working? Talk to your insurance agent about plugging the holes, and obtaining additional, needed protection for your home and investment.  Many homeowners’ policies do not cover this type of risk.  Think how much damage can be caused by water damage in your home.  While you can remove water and repair damage, this can cost a great deal of money, which you might not be able to get back if you don’t have the right kind of insurance protection.

Are you protected if an underground storage tank leaks?  Many homes, especially older homes, have buried underground oil tanks.  You may still be using them, or you may not even know they are there.  Many homeowners’ policies will cover your losses for the cost of impact to third parties.  That means if your tank leaks oil into your neighbors’ basement, the cost of fixing his basement might be covered.  The cost of removing the tank, and the contaminated dirt, might not be, yet this cost can be in the tens of thousands of dollars.  Once again, look at your homeowners’ policy.

Another problem area that many people are becoming more aware of is mold contamination.  Mold, the simple plant that makes fruit rot, penicillin work, and blue cheese tasty, can create a deadly situation in the home.  Mold can crop up due to a single, overwhelming event, or it can be the result of a slow leak over time.  Mold is typically hidden from sight, but can cause asthmatics to wheeze, children to have colds, and people with allergies to suffer year round.  Again, there are some simple solutions.  First, have your house tested to see if there is any mold present.  If so, have it removed.  Once again, check your insurance policy.  See if you have coverage for mold contamination.  If not, see if you can get it.

This is by no means an exhaustive list of the potential pitfalls that can present themselves to unwary homeowners.  Luckily, most people will never have to give these problems another thought.  It is a good idea, however, to make sure that your home is protected as best possible, and that you look into potential problems and fix them before they become bigger headaches.

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