3 Things That May Not Be Covered by Your Homeowner’s Insurance— But That You Still Need!
Sign up for our FREE Monthly Email Newsletter
In addition to keeping in the financial know, you may be interested in checking your credit score and report.
¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.
²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.
³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.
4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.
Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.
Don’t you just love buying insurance? OK, probably not, but don’t you just love when you have the right insurance in an emergency? No one wants to find out at the wrong time that what they thought was covered by their homeowner’s policy isn’t actually covered. Let’s look at what your homeowner’s insurance doesn’t or may not cover.
Flooding is not covered by homeowner’s insurance. Period. No gray area, no loopholes.
Let’s be specific about what a flood is so you can decide if you need a separate flood policy through the National Flood Insurance Program (NFIP). That flood insurance policy can still be purchased through your local agent.
FEMA defines a flood as “excess of water on land that is normally dry.” The NFIP considers a flood “a general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is your property) from:
On the bright side, a burst pipe is considered a covered claim.
If your condominium, co-op apartment, or townhome is part of a homeowner’s association, your homeowner’s policy should include loss assessment insurance. Loss assessment provides coverage for damage to the common areas owned by all residents. If the association charges all residents to pay for damages, this coverage will provide for that.
Depending on where you live in the country, this could be a critical exclusion. The western United States receives the most earthquakes, but according to the United States Geological Survey, they can still occur throughout the rest of the country.
Earthquake insurance should cover the cost of replacing your property or repairing damage to it. When reviewing this insurance, consider the following:
As I’ve said before, insurance exists to protect you, your family, and your assets in case of an emergency. What keeps you up at night? Think about it, and then call your insurance agent. He or she may be able to help.
Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.