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Your insurance provider will pay a certain amount to restore your house to its pre-loss condition if the damage was caused by an event that is covered by your policy. The expense of both repairing and remodeling your house after it has been damaged is not covered by insurance.
Damages from water/flooding
The HO-3 coverage frequently covers water damage caused by the weather or by in-home equipment. Because of this, your policy covers water damage caused by the following events:
A few of the most prevalent exclusions from the HO-3 policy are
Additional dangers, such as flood and earthquake insurance, may be purchased separately from the basic coverage. Finding out what kind of natural catastrophes your house is vulnerable to will help you figure out what kind of protection you need.
Arson damage to your house is not covered by your insurance. Arson insurance fraud is the act of intentionally setting fire to your property in order to get compensation from your insurance company. Arson is not covered by your insurance if the fire is determined to have been started by an arsonist.
In the event of a fire when your house is unoccupied, you will not be insured. If a house has been unoccupied for more than 30 days, it is considered empty by insurance carriers. However, if you expect to be away from your house for a lengthy period of time, there is a separate coverage that protects unoccupied residences.
Damages from storm
If a hurricane damages your house, you are likely protected under such circumstances:
In the event of a tornado, ice dams on your roof, or a falling tree on your property, your house will be insured. When it comes to storm damage, it may be difficult to know what is covered and what isn’t. Your home insurance will not cover flood damage, for example, if the river near your house floods as a result of severe rainfall. However, strong rains that cause a roof leak should be covered!
When it comes to homeowners’ insurance, the HO-3 is the most prevalent coverage. It covers water damage, fire and smoke damage, as well as storm damage, under the HO-3 policy.
Your house won’t be covered if it was destroyed by any of the following:
Inundation of rivers, lakes, and other waterways: In the event of flooding, separate insurance coverage is required. In fact, if you reside in a floodplain in many parts of Minnesota, you’re required to get flood insurance.
If it was avoidable: Even if you were aware of the hole in your roof before it sprang a leak, your insurance company would categorize it as something you might have avoided.
Damages from mold growth
Unless the mold was produced by water damage from the sources indicated above, your homeowner’s insurance policy may not cover mold restoration. Your insurance company won’t pay for mold damage if you could have avoided it.
Suppose that your basement is flooded. It’s covered under the water damage section of your insurance policy if mold forms in your basement due to flooding. It’s not covered if you have mold developing in your bathroom because it wasn’t properly cleaned.
Insurance will cover you if the fire was not caused by anything that might have been avoided. In the event that your house is destroyed by any of the following:
The insurance procedure might be confusing if your house has been damaged by water, fire, or a storm. What is the scope of your policy? What’s left out of the picture? It’s important to know how much you should pay if your house is affected. To give you an idea of how the insurance process works, here is a quick outline of what is covered and what is not under the most basic homeowner’s insurance policy.
EPA – https://www.epa.gov/mold
CDC – https://www.cdc.gov/mold/default.htm
University of Minnesota –
https://extension.umn.edu/moisture-and-mold-indoors/dealing-and-preventing-mold-your-home
Minnesota Department of Health – https://www.health.state.mn.us/communities/environment/air/mold/index.html
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