Buying your first home comes withquite a few surprises.
While most buyers are prepared to sign up for homeowners insurance, they often overestimate their coverage.
Here are some common events not included in your policy.
Most natural disasters are indeed covered by your homeowners insurancethings like tornadoes or lightning strikes or even volcanic eruptions.
Earthquakes and floods are usually a different story,as the Insurance Information Institute points out.
Most policiesat least limit the coverageif they dont fully exclude it.
You want to be extra vigilant about prevention.
If you renovate to your home, you might even consider using mold-resistant drywall.
Mold-resistant drywall is paperless the gypsum core is covered in fiberglass, making the surface highly water-resistant.
To prevent termites, get your home inspected by a professional periodically.
Most experts suggestchecking every couple of years.
Catch them early, and you could limit the damage.
Burst pipes, on the other hand, are often covered by your standard policy.
Unless you have home business insurance that specifically covers your home-based business, youre on your own.
Some policies do offer a business endorsement, though.
Get familiar with your policy andsee if your dog is covered.
If not, youll want to be extra mindful about his or her behavior.
Trampolines, treehouses, and pools are other tricky areas.
For example, in some cases,if you have a diving board installed, the coverage is null.
The same goes for treehouses.
Thats a good general rule for all of these, though.
Standard homeowners insurance certainly doesnt cover everything.
When you know what is and isnt included, youll be better prepared and you might plan accordingly.
