For most of us, having home and auto insurance is inevitable. When it comes to your home, you want the best coverage possible for catastrophes like fires and roof damage. Auto insurance typically covers accidents, weather damage, and theft. While a good comprehensive policy will usually cover these things, there are other items in most policies that you may not be aware of.
When you met with your insurance agent do go through the different scenarios covered by the policies available to you, they likely mentioned major incidents that would be covered. For auto insurance, that includes accident liability, uninsured driver, being the victim of a hit and run, and more. Home insurance usually includes structural damage from external forces – manmade or otherwise – and damage or loss of personal possession. There’s a good chance your agent didn’t mention the more obscure events for which you may be covered.
These are some of the unusual occurrences that your insurance policies may covers. Find out from your agent whether they apply to you. Some of them are unlikely, but it doesn’t hurt to know you’re covered!
Planes and automobiles
It’s unlikely that an airplane will make a fiery landing on your roof, but just in case, you’re probably covered. We’re not kidding. Are you covered if it’s a blimp, helicopter, or a space rocket? In most cases, whether it be a fire, a plane, or another unforeseen disaster, you’re likely covered for housing and food costs while you look for a new place to live.
Meteors
That’s right – many home insurance policies cover home damage in the event of a meteor strike. Most policies will cover up to the max limit of your dwelling coverage, which is usually calculated at the amount required to rebuild your house from the ground up. And, if there’s an upside to your home being hit by a space rock, if your home was rendered uninhabitable by the impact, you could be covered for living expenses such as lodging and restaurant bills.
Explosions and riots
Living in a, shall we say, volatile neighborhood? Your home may be protected against damage from riots that break out. Bricks through the windows, a bulldozer in your yard – it could happen under certain circumstances. On the other hand, if your home is demolished during war, the answer is less clear. That situation falls into a gray area that insurance likes to straddle. Your bombed-out house wouldn’t be covered, and you would be responsible for picking up the pieces and rebuilding your life. Explosions are also likely to fall into this gray area.
Flooding and earthquakes
Did you know you need a separate rider on your home insurance for floods and earthquakes? That baffles most homeowners because coverage for these is often found in standard auto insurance policies.
It depends in whether your auto insurance policy includes comprehensive coverage, but if you do, you could be completely covered if a flood washes your car away or fills the engine block with corrosive water. Every state in the United States, expect for New Hampshire, requires that you carry liability insurance should you be responsible for an accent. Some states require you also carry uninsured or underinsured driver coverage should someone hit you and not have enough coverage for your property loss and personal injury.
Comprehensive insurance coverage, on the other hand, is not required by any state law, but it might be a good idea to add it on for cases of fire, vandalism, theft, or colliding with an animal. This is the case for flooding and earthquakes. If you live in an area prone to one or both of these natural disasters, it might be worth considering comprehensive coverage. Otherwise, you’ll have to meet a high deductible that you will have to meet before your insurance kicks in. (Make sure you look carefully at deductibles in any insurance policy you’re considering!)
Missiles
Another interesting insurance anomaly? You’d be covered for missile strikes because they technically fall under explosions. The question, of course, is: If your car is hit by a missile, what makes the insurance carrier think it’s not an act of war or terror? It’s not like the neighborhood kids are going to actually get their hands on something like that – and then lose control of it and hit your car.
The only real possibility for a non-hostile missile hit would be one that fell from an overheard bomber by accident. So, if that happens to you, you’re in luck! You’re probably covered. Just make sure your deductible for missile damage isn’t too high or you’ll be paying for most of it yourself.
Fort Washington MD Homes for Sale and Real Estate Services in Southern Maryland. You now have a search engine to help you with your Southern Maryland home search! And I’m ready to provide you with a custom home valuation if you’re considering selling your home. Let’s connect to discuss how I can help you. Contact Kimberly Bean at 301-440-1309
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