When it comes to protecting your home, there’s nothing like a solid home insurance policy. However, even the most comprehensive home owners insurance might not cover everything. Understanding these gaps can help you prepare and make the best decisions for your home and family. At ABQ Insurance, we aim to educate homeowners in Albuquerque (and beyond) about potential gaps in coverage and how to safeguard against them.
1. Flood Damage
While many homeowners assume their insurance covers flooding, this is often not the case. Flood damage is typically excluded from standard policies, meaning any water damage caused by natural flooding will not be covered. Living in Albuquerque, where flash floods can occur, makes it essential to consider additional coverage options like a separate flood insurance policy.
How to Prepare: Check your home’s flood risk and speak to ABQ Insurance about flood insurance options to protect your home and belongings.
2. Earthquake Damage
Albuquerque may not be known for frequent earthquakes, but they can still happen. Unfortunately, most home owners insurance policies in Albuquerque, NM, do not cover earthquake damage. If your home sustains damage from a quake, repairs and rebuilding costs would be your responsibility unless you have earthquake insurance.
How to Prepare: Review your policy and add earthquake insurance if you want to protect against this risk. ABQ Insurance can share expertise on the best options available.
3. Mold and Pest Infestations
Mold growth and pest infestations are generally not covered under standard policies, especially if they result from poor maintenance or neglect. Mold damage can be costly to fix, and certain pests like termites can severely impact your home’s structure.
How to Prepare: Regular home inspections and maintenance are key. Keeping your home dry, checking for leaks, and using pest control measures can prevent these issues. Staying proactive could help minimize risks.
4. Wear and Tear
Homeowners insurance is designed to cover sudden, accidental damage—not damage from normal wear and tear. Issues like an aging roof, deteriorating plumbing, or other maintenance-related problems won’t be covered. If your roof collapses due to age rather than a storm, for instance, you would be responsible for the repair costs.
How to Prepare: Schedule regular maintenance checks for your home’s critical systems and structure. Staying ahead of these issues could prevent damage and costly repairs.
5. High-Value Personal Belongings
While home owners insurance covers personal belongings, high-value items like jewelry, art, or collectibles might not be fully protected. Standard policies typically have limits on these items, meaning you may only receive partial compensation if they are stolen or damaged.
How to Prepare: Consider adding a rider or an endorsement for high-value items to your existing policy. ABQ Insurance can help customize your policy to ensure all your valuable possessions are adequately protected.
6. Home-Based Business Losses
If you run a home-based business, your homeowners insurance policy likely won’t cover losses related to your business equipment or operations. Standard policies often exclude business-related damages, leaving you vulnerable if your home office or inventory is damaged.
How to Prepare: Look into a business insurance policy or an add-on to cover your home-based business. ABQ Insurance offers tailored solutions to protect your business assets.
Partner with ABQ Insurance for Complete Coverage
Home owners insurance provides essential protection, but knowing its limitations is equally important. ABQ Insurance is here to guide you through your options and help you build a comprehensive plan that addresses potential gaps.
Contact ABQ Insurance today for a free Home Owners Insurance Quote in Albuquerque NM, and let us ensure that you’re prepared.
