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Modern Looking Home ExteriorIf you own a home in Albany, you undoubtedly know the importance of having a comprehensive homeowners insurance policy. Unless you happen to be knowledgeable about insurance, you may have some difficulty understanding what your home insurance covers. It's smart to learn what your insurance does and does not cover before you need to file a claim. If you discover your policy lacks coverages you need, you can add them before an unexpected disaster happens so you'll be protected.

Two Types of Policies: HO-2 And HO-3


Most homeowners have either an HO-2 or an HO-3 policy. An HO-2 policy covers 16 specific problems you're most likely to need protection from. These perils are:
  • Fire and lightning strikes
  • Smoke Damage
  • Theft
  • Vandalism
  • Windstorm and Hail Damage (according to Zillow, these are the most common home insurance claims)
  • Damage Caused by Vehicles
  • Damage Caused by Aircraft
  • Damage From the Weight of Ice, Sleet, or Snow
  • Riots
  • Explosions
  • Falling Objects
  • Damage From an Erupting Volcano
  • Water Overflow or Discharge Damage
  • Damage From Artificially-Generated Electric Current
  • Sudden Tears, Cracks, or Bulges in the Home
The second most common type of homeowner's insurance policy is an HO-3 policy. This policy covers all risks except any that your insurance company specifically excludes. (Even with an HO-3 policy, personal property is covered on a named-peril basis.) For broader protection (which you will pay for), there is an HO-5 policy. This covers your home and your personal property for all risks except those excluded by your insurer.

Risks That Home Insurance Will NOT Cover


Even the most comprehensive home insurance policies will not cover damage from floods, earthquakes, landslides, mold, infestations, wear and tear, a nuclear event or government action. In certain states, home insurance also does not cover wind damage. In these cases you can purchase separate windstorm, flood, or earthquake insurance policies.

The more educated you are about your home insurance policy, the less likely it is that you'll be blindsided by filing a claim only to discover that your policy will not pay. Call Fleming & Riles Insurance at (800) 833-4379 for expert guidance on the coverages you need and for an Albany GA home insurance policy tailored to your specific needs.
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