At some point your house will suffer damages that are not your fault. You may be thinking that insurance will cover the costs since you have been paying premiums for years, but you might be left with a huge disappointment, no money and no safe place to live. That’s why you have to carefully read the contract before you sign it. Here are some of the damages that insurance won’t cover even though many of you think otherwise.
There is a simple reason why insurance policies don’t cover damages done by sewer backups: many sewage pipelines in the US are very old and consequently prone to backups and other similar incidents. This means that the insurance company takes a high risk by covering these damages. In simple terms, there may actually come a time when they have to pay because damages are likely to occur. This contradicts the very essence of insurance policies: you pay because you are afraid something bad will happen but it rarely does.
Backups caused in pipelines that transport storm water and raw sewage are not covered either. They become overwhelmed during heavy periods of rain or short powerful storms. The pipes can be blocked by fallen trees causing a backup that in turn leads to a flood in your home that can damage floors, walls, not to mention electrical lines.
However, the company might cover these backups if you are willing to pay something extra. The higher the risk of this damage will actually happen, the higher the extra fee.
Hundreds of millions of termites can slowly eat your house from the inside out. Moisture around the foundation and crawl spaces that are poorly ventilated are perfect environments for these little devils. As time passes, they can destroy the support beams and other wood parts of the house putting you at risk. According to the National Pest Management Association, $5 billion worth of damage is caused by termites. Insurance will never pay for this which is why you must take matters into your own hands. Avoid structural damage by performing regular pest controls and intervene early to stop them from literally chewing your house.
Certain terrorism acts
Insurance covers damage caused by explosion, fire and smoke but there are other situations in which they don’t intervene: nuclear, biological, chemical and radioactive attacks. These are considered acts of war and can’t be insured. Condominiums or co-op owners hit by terrorist attacks covered by insurance as explained above will benefit from payouts if the individual unit is damage. On the other hand, damage to common areas like the roof, basement elevator, walkways, are not covered. The only way to get money for these damages is for the board to purchase separate terrorism attack coverage.
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