Common Insurance Needs for Summer Months

16 Jun 2022 Articles, Company News, Homeowners Insurace

Whether you plan to take the summer off or your business is entering one of its busiest seasons, both individuals and business owners must protect themselves against unforeseen hazards that arise when the weather gets warmer. There are common insurance needs in the summer months that should be considered in the interest of mitigating risk and protecting your business and other valued assets from costly damage or claims.

FLOOD INSURANCE

Summer storms can cause major flooding during the warmer months. Because standard homeowners’ insurance policies do not cover damage caused by flooding, one of the most popular insurance needs in the summer months is supplemental flood insurance.

LIABILITY INSURANCE

From swimming in pools to jumping on trampolines, outdoor play increases during the summer months and so does the risk of accidents. Taking safety precautions like never letting children swim or play unattended and building gates around these play areas are important. But it’s also essential to ensure adequate liability coverage or umbrella insurance as part of your homeowners’ policy in the event that something goes wrong.

SHORT-TERM & LONG-TERM RENTAL INSURANCE COVERAGE

If you plan to rent out your primary residence or vacation home this summer, you should consider added protection. Adding a rider to an existing insurance policy and purchasing a business or landlord policy are just some of the ways you can protect against claims related to property damage, personal property theft or damage, or other costly events when renting your property.

HULL INSURANCE

Hull insurance covers damage to any remote control models or drones. This can include recreational usage or business usage (such as drone photography). Additionally, On-Boarding Insurance would cover damage to anything these devices would be carrying (such as a camera).

You may also want coverage to protect yourself from liability, should your vehicle damage any person or property.

Does Home Insurance Cover Foundation Problems?

4 May 2020 Homeowners Insurace

If you have damage to your home’s foundation, you may think that your home insurance covers it since home insurance protects your home. Like other insurance claims, it depends on what happened.

What Does Home Insurance Cover?

The best way to think about home insurance is that it covers you for disasters and sudden mishaps. Think things like a tornado or a fire. Home insurance does not cover maintenance issues. That’s things like a faulty AC or a roof developing a leak due to age.

Where Does Foundation Damage Fit Into Your Home Insurance Policy?

To figure out if you can file a claim for foundation damage, you need to figure out what happened. Cracks and other defects due to old age are generally not covered as a maintenance issue. Tree roots pressing into your foundation are also typically a maintenance issue since you can monitor your trees and proactively prevent root damage.

The following types of disasters are usually covered by your home insurance policy, so any resulting foundation damage would typically be covered.

•             Water damage from a broken pipe or water backup. You would need to carry coverage for the specific type of water damage that caused damage to your foundation.

•             Falling trees or any other objects that impact your foundation.

•             A covered structural collapse that cracks or separates your foundation.

•             Gas explosions and fires.

If you want to be covered for an earthquake or other earth movement, you probably need to add earthquake coverage to your main home insurance policy or buy a separate earthquake coverage. Most home insurance policies exclude earthquake damage.

Similarly, foundation damaged caused by floods due to storm surge, rain or overflowing rivers typically isn’t covered by a basic home insurance policy. You’d need to carry flood insurance.

What if You Need to Move Out for Repairs?

Foundation repairs often involve major structural work to your home that could cause you to temporarily have to move out. If your home insurance covers your claim for the repairs, it may also help with any additional living expenses. Some policies include additional living expenses by default, and others allow you to add it as an additional option.

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