Common Homeowners’ Insurance Exclusions

Basic insurance policies are just that – basic. When you are insuring your home and contents, a basic policy may be adequate, depending on what you own. However, if your domestic setup includes a home business, expensive sporting equipment and/or unique valuable items, you may need to think about tailoring your homeowners insurance. Mass home owners can take advantage of a range of policy options to help ensure they have appropriate coverage.

The part of your property insurance that covers your valuables usually has a limit to what can be paid out if you need to claim for a loss. That’s where you need to be careful about high ticket items. You should inventory your home and itemize your special treasures. Photograph them and have them valued – then add up what they are worth in terms of replacing them. 

Home businesses are another area where people can get themselves into trouble. Expensive business equipment may exceed what can be paid out for a claim and isn’t likely to be covered by home insurance at all if it is a business asset rather than a household item. 

Speak to an agent about how best to organize the right level of homeowners insurance. Mass business insurance might be an option to cover any business equipment and/or activities that are based in your home. Don’t wait until you have to make a claim to be told the bad news that your valuables were not covered – do something about it before it’s too late.

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