Home Insurance FAQ

What Types of Events Are Covered by Home Insurance?

Standard homeowners’ insurance policies usually provide protection for losses and damages caused by a range of incidents such as:

• Fire
• Smoke
• Lightning strikes
• Windstorms
• Hail
• Vandalism
• Explosion
• Theft/Burglary
• Falling objects
• Weight of ice/snow/sleet
• Damage from an aircraft, car, or other vehicle

Remember, it’s always a good idea to reach out to your insurance provider to ensure you have the coverage you need.

What Events Are Excluded from Home Insurance Protection?

Typical home insurance plans have limitations and do not cover specific hazards including:

• Earthquakes
• Flooding
• Maintenance Issues
• Sinkholes
• Pest infestation
• Sewer backup
• Mold
• Pets
• War
• Nuclear hazards
• Government actions
• Rust, corrosion, or decay
• Power failure

To understand what’s covered under your policy, we recommend consulting your insurance provider. For added protection against these perils, consider purchasing additional special coverage.

Is Homeowners Coverage Required?

Home insurance is not a legal requirement. However, it's almost always mandatory if you have a mortgage and it’s highly advisable to protect yourself from potential risks. Without coverage, you could be left responsible for costly repairs or replacements following hazards, theft, or unexpected events.

Why Should I Get Home Insurance?

Homeowners insurance is vital for safeguarding your investment. When faced with a hazard, both inside and outside your home, the responsibility for repairs and replacements falls upon you. By having a homeowners insurance plan, you’ll receive assistance in covering the costs of repairs or rebuilding, ensuring mortgage payments continue if your home is destroyed, and potentially mitigating expenses related to a lawsuit in the event of an injury on your property.

Are Home Insurance Policies Tax Deductible?

No, in most cases, homeowners insurance does not directly provide tax benefits. However, it’s important to know that any potential tax advantages related to homeownership are separate from insurance coverage. If you use part of your home for business purposes, there might be a possibility of deducting a portion of it. To determine whether you can list your insurance policy as a business expense, we recommend consulting with a tax advisor who can provide personalized guidance.