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For some homeowners, there may be confusion when it comes to homeowners’ insurance and repairs required due to lack of maintenance. A basic homeowners insurance policy will cover the costs of repair or replacement following a covered calamity. Damage to a property as the result of poor maintenance, however, is not a covered calamity.
As part of a homeowners’ insurance policy, the policyholder agrees to take proper care of the property to help ensure damage doesn’t occur. This includes proper repair and maintenance of the roof, wiring and plumbing systems and more. Even a poorly maintained fence would likely not be covered by a homeowners’ insurance policy. It is the obligation of the homeowner to keep the home in good or reasonable repair.
Damage caused by an unfixed leak or wear and tear would not be covered under a homeowners’ insurance policy.
Homeowners Insurance is Not Home Repair Insurance
Homeowners’ insurance should not be confused with home repair insurance. Home repair insurance is a product that can be purchased to help cover the cost of repair or replacement of major appliances or home systems. It is likely your mortgage company requires that you carry homeowners’ insurance to protect both your and their interest.
Keeping Your Home in Good Repair
Under a homeowners’ insurance policy, the policyholder is obligated to maintain the property, keeping it in good repair. The insurance would cover losses due to an unexpected event such as storm damage or fire. Allowing a home to fall into disrepair and then expecting a homeowners’ insurance policy to cover those repairs is not reasonable.
Unfortunately, homeowners insurance is one of the most overlooked policies in loss prevention. People often purchase a homeowners’ insurance policy at the time they buy their home and never revisit their protection. Since many pay for their insurance bundled with their mortgage and/or property taxes, many property owners don’t even know how much they are paying for their policies. We can help.
Contact one of our independent insurance agents for a no-cost, no-obligation homeowners’ insurance policy review. You may discover you are overpaying for coverage, paying for coverage you don’t need, or have gaps in your coverage. If you decide to make a change, they can help.
If it has been longer than you can remember since you’ve looked at your homeowners’ insurance policy or if you don’t even know what it is costing you, contact us today.