When it comes to home insurance, most homeowners are aware of standard coverage which includes protection against fire, theft, and natural disasters. However, there are numerous lesser-known aspects of home insurance policies that can provide surprising coverage benefits.
Understanding these can not only save you money but also provide peace of mind in unexpected situations.
Also, choosing a well-known company like Erie Mutual Insurance is always recommended. This article explores six uncommon things that are actually covered by most home insurance policies.
1. Counterfeit Money Losses
It might sound like a plot from a crime show, but receiving counterfeit money can happen to anyone, and it can be costly. What many don’t realize is that home insurance policies often cover losses due to counterfeit currency. If you accidentally accept fake money, your insurance can reimburse you for what you’ve lost. This coverage typically falls under the broader umbrella of theft protection, which is a standard part of many home insurance policies. Whether you’ve been handed fake bills during a garage sale at your home or as part of a business transaction, it’s comforting to know that your insurance may cover the financial setback. It’s a lesser-known benefit that underscores the value of thoroughly understanding the specifics of your home insurance policy.
2. Meteorite and Other Falling Objects Damage
Imagine a scenario where a meteorite or another unusual object from the sky lands on your property. While it might seem like a scene from a science fiction movie, it’s actually something that your home insurance likely covers. This type of protection is included under what insurers refer to as coverage for “falling objects.” This includes anything from space debris to parts of aircraft that might unexpectedly plummet towards your house. The insurance typically covers the damage to your home and other structures on your property, ensuring repairs or replacements are handled without significant financial impact to you. Recognizing that such bizarre incidents are covered can provide a significant relief in the rare event that they occur.
3. Legal Defense Costs in Defamation Lawsuits
Home insurance isn’t just about physical property; it can also offer protection against certain legal liabilities. Surprisingly, this includes coverage for legal defense costs if you are sued for defamation, slander, or libel. If someone accuses you of damaging their reputation through your words or actions, and they decide to take legal action, your home insurance policy might cover your defense expenses. This coverage can be vital in helping you handle the legal complexities and potential costs associated with defending against such claims. However, it’s important to check the specifics of your policy, as coverage for defamation is not universally included and can vary widely between insurance providers and policies.
4. Rodent Damage to Vehicle Wiring
Rodents can cause more trouble than just being a household nuisance; they can also lead to significant damage to vehicle wiring if your car is parked on your property. Surprisingly, many home insurance policies provide coverage for this type of damage. This coverage is particularly useful because the cost of repairing wiring chewed by mice, rats, or squirrels can be unexpectedly high, often running into hundreds or even thousands of dollars. The comprehensive part of your auto insurance usually covers such incidents when the vehicle is parked at home, but knowing that your home insurance might also provide a safety net can offer additional peace of mind. It’s a less-known aspect of insurance that underscores the importance of understanding all potential protections your policy may offer.
5. Spoiled Food Reimbursement After Power Outages
Dealing with a power outage is frustrating enough without worrying about the contents of your fridge and freezer. Fortunately, many home insurance policies include coverage for spoiled food resulting from extended power outages. This specific coverage can be a lifesaver for households that experience a sudden loss of electricity due to covered perils like storms or other natural disasters impacting the power lines. Typically, the policy will reimburse you for the food that spoils if the power outage lasts for a certain period, usually around 24 hours or more. While the deductible might apply, the coverage can still save you from the financial pain of replacing potentially hundreds of dollars worth of groceries. It’s a valuable aspect of home insurance that many may not be aware of but can significantly mitigate the inconvenience and cost impact of a power outage.
6. Damage from Volcanic Eruptions
Although it might seem like a catastrophic event that could only happen in movies, volcanic eruptions are real threats in some regions, and surprisingly, standard home insurance policies often cover damage caused by such eruptions. This coverage typically includes protection from fire, ash, lava, or other related perils associated with a volcanic event. Whether it’s minor ash damage affecting your home’s exterior or more severe consequences like lava flow, knowing that your policy covers these events can provide significant peace of mind to those living near volcanically active areas. The policy not only covers the structural damage to your home but also often extends to personal property damaged or destroyed by the eruption. Despite its rarity, this type of coverage is crucial for those in susceptible locations and highlights the broad scope of protection offered by home insurance policies.
Additional Unusual Coverages in Home Insurance Policies
Beyond the more familiar scenarios, home insurance can cover a range of other unusual events that might surprise you. For example, if you’re forced to evacuate your home due to a civil authority’s order (such as a nearby wildfire or chemical spill), your insurance may cover your additional living expenses during the evacuation. Another less-known coverage is for identity theft, where some policies will cover expenses incurred from restoring your credit and legal fees associated with reclaiming your financial identity.
Moreover, if you own a trampoline or a pool, your home insurance might extend to cover injuries related to these items, albeit often requiring specific safety measures to be in place. For those with valuable collections, such as art or rare books, a standard policy may offer an option to add a personal articles floater, which provides broader coverage for these valuable items against a wide range of potential perils. Each of these coverages highlights the importance of thoroughly reviewing your home insurance policy to understand all the protections you have at your disposal.
