Do you have home insurance? Great! But you might be missing out on some gaps that homeowners are often blindsided by.
Flooding, earthquakes, termites, mold; those are just few of the things that may not be included in your supposed comprehensive insurance. If you don't want to wake up with your home crushed to the ground and regretting why you never got hold of that earthquake insurance, then you need to figure what exactly are included in your plan and what else you need to get insured for.
Here are 5 things that are usually not covered by homeowner's insurance according to Trulia:
Flooding
You won't know what you'd do until it happens to you, especially if you think that your location is flood-proof. Homeowner's insurance usually doesn't come with flood insurance, so it would be wise if you would spring for a separate policy. Annual cost for flood insurance averages at $700, which you should consider as a small yearly outlay given that flood claims have averaged $39,000 for the past five years according to Flood Smart.
Sewer backups
Just like flood insurance, backups are also non-regulars in a standard homeowner's policy. If you don't want to risk a flooded basement and damaged items, then you should also spring for a backup coverage and you can exhale in relief when you encounter this whole other can of watery worms soon.
Mold
Molds can be serious health hazard and could cause stuffiness, throat irritation, wheezing, and eye and skin irritations. Mold insurance depends on the origin of your mold. You're lucky if it's a sudden burst pipe, but if you uncover molds during a home renovation, then you might need to cash out from your own pocket.
Relocation expenses
If for some reason you need to vacate your home and you think that your relocation cost is covered by your insurance, then you might be surprised to know that not all insurance take care of it, regardless if you are covered for a home loss. Beef up your coverage and you are safe from relocation cost for up to 12 years or even 24 depending on the state.
Earthquakes
It doesn't matter if you live near or far a major fault line as tremors happen everywhere. Your standard homeowner's policy usually don't have you covered for an earthquake, so you better cash in on one and the cost could depend on your location.
