Do you know what types of insurance coverage’s are right for you and your situation? Have you ever been informed of what types of coverage’s are right for you? Let’s analyze homeowners insurance and use it as an example.  When purchasing homeowners insurance in the past, did you ever read through your policy to see what coverage’s were included and what coverage’s were excluded?   Knowing what’s covered and what’s not makes all of the difference in the world in the event of a loss.  A standard HO3 policy covers everything except certain perils, which are outlined in the policy.   If you don’t add the proper coverage’s onto your policy you may be surprised to discover that you may not have the right coverage’s to protect you in the event of a loss.  Let’s examine some of the major exclusions on an HO3 policy.  Ordinance or law coverage, this coverage is important to have because building codes change all the time.  If you don’t have this coverage on your policy and you need to re-build your home or part of your home because of a loss and the building codes have changed, you may not have enough coverage to re-build your home up to code.  By adding this coverage you can ensure that you’re able to rebuild your home up to code if you experience a loss.
Water damage is one of the most intricate types of perils homeowners face.  Without the proper coverage’s in place you could find yourself high and dry without funds to fix the damage to your home.  The only way to prevent this is by knowing what is available to you and knowing your carrying the right coverage.  You can add an endorsement onto your policy that covers water back up and sump pump failure, which will protect you in the event you have water back up due to sump pump failure, sewer back-ups, and water that seeps through the foundation. This endorsement provides coverage for damage that occurs with-in the structure.  This type of coverage is not to be confused with flood insurance, which is a completely different type of coverage on a separate policy which doesn’t cover this type of damage unless it was the result of a flood occurring from outside of the home.  
Another major exclusion is insect and vermin damage.  Insect damage is defined as any damage caused by any small air breathing anthropoid, and vermin is defined as small animals, especially rodents that are troublesome to man.  In order for the damage to be labeled as insect or vermin damage, the insects or vermin must be the proximate cause of the loss, meaning they must have caused the loss.  There are many other exclusions that I haven’t mentioned like earth movement, power failure, neglect, intentional loss, mold, and war just to name a few,  and many people aren’t informed about these coverage’s and that they may not be included on their policy.  There are many different types of insurance policies all of which have exclusions and available endorsements to include coverage for these exclusions if you have a need for them.  The only ways to ensure you have the right coverage for you and your situation is to talk to a licensed insurance agent about your needs and situation and let them look over your policy to ensure you have the right types of coverage in place.  If you discover your carrying inadequate coverage on your policy adding the right endorsements is super easy and surprisingly cost effective.  Stop by LG Insurance Group for a free policy review today, it doesn’t take long and you’ll feel better finding out if you are carrying the right types of coverage’s for your personal situation.  Then you will never have to worry whether you are REALLY covered!