One of the most important financial decisions you will make is insuring your home. This important decision can’t be done on the internet in 7 minutes, because your home can go up in flames in less than 10 minutes and you might be left with a large un-insured loss. When most people think of damage to their home, they tend to think of fire or theft. Well, there are many other kinds of accidents and situations for which you can be liable that are not covered under most San Diego homeowner’s insurance policies.
In Home Business Activities
If you run an in-home business, your homeowner’s insurance will not cover the liability arising out of running your business. Homeowner’s insurance will also not cover damaged property owned by the business. We recommend you purchase a business owners policy.
All homeowner’s insurance policies do not cover damage resulting from flood. You will need to obtain coverage through the Federal Flood program.
Wear & Tear
Insurance is designed to cover unexpected accidents. If your carpet is worn out, that does not constitute a covered claim.
ATV, Boats And Other Motorized Equipment
Recreational equipment such as an ATV used in your own backyard is not covered. If you take that same ATV off of your property and sustain a loss it is also not covered under your homeowner’s insurance. These items require separate insurance and we can provide you with options.
Items You Borrow
If you borrow your neighbor’s boat for the day and damage it, your insurance will not the pay for the damage or liability. The same would hold true if you lent your boat to your neighbor. Your boat insurance would be the policy that responds, if you had one.
The Wayne McCormick Insurance team in San Diego is standing by, ready to help you on your homeowners, condo or apartment building insurance.