Whether you’re an established homeowner or buying your first home, you already know that having a Minnesota homeowners insurance policy is a necessity. But do you know what is NOT covered on your homeowners insurance policy? This post will introduce you to several non-covered losses, also known as Exclusions in your home insurance policy.
The definition of a flood is an overflowing of a large amount of water beyond its normal confines, especially over what is normally dry land. Flood is one of the most common home insurance exclusions that we encounter. Although you can’t buy back flood coverage on a Minnesota homeowners insurance policy, you can buy a flood insurance policy. We do write flood insurance both on the standard and private market.
Earth movement doesn’t just mean an earthquake. It can include landslide, volcanic eruption, sinking earth. Many insurance companies offer an earthquake endorsement, but depending on where you live, you may have to buy a separate earthquake policy. In Minnesota, the earthquake endorsement is the standard.
Water Backup of Sewers, Drains or Sump Pumps
These are the most common water claims we have. They can be very damaging the carpet, sheetrock, personal property, to name a few of the common items. If not handled properly, they can cause mold.
Luckily, coverage for water backup is available by endorsement on most homeowners insurance policies. Although this is an optional add on, we do not quote a homeowners insurance policy without it.
This means any loss arising out of any act committed:
(1) By or at the direction of an “insured”; and
(2) With the intent to cause a loss.
For an example, an intentional fire is not covered by your home insurance policy.
Do you want to know what your Minnesota Home Insurance policy covers or doesn’t cover. We would love to review this for you. Call us at (763)767-0522 or click the fill out the “Contact Us” link below.