Avoid These Mistakes That Can Void Your Homeowner’s Insurance Policy
An insurance policy for your home not only pays for necessary repairs in the event of a natural disaster, but can also protect you in the event of an accident to your property, such as a slip and fall. Peace of mind is important for major repairs and severe accidents, but there are some things you can do that could void your insurance that you may not even be aware of. Here are some things to avoid in order to keep your politics intact.
Running a home business
A common mistake you may be making is running a business away from home. Although there are plenty of side jobs, if you bring clients to your home, store inventory there, or have expensive equipment, you may not be insured if something goes wrong. Damage to or theft of any business related property will not be covered by your average policy, and liability for guests who are part of your business will probably not be part of your coverage either. If your insurance company discovers that you made this mistake during the course of your claim, they may fine you or even void your policy entirely.
Leave your property unoccupied
If you leave your home empty for an extended period of time, this can also result in your policy being terminated. Most insurance companies make it clear in your policy description what to do if you plan to be away for more than 30 days, and failure to take proper care of your property during your absence can have repercussions on the outcome of your claim if there is a break-in, accident, or damage while the house is vacant. . Complying with any rules in your extended absence policy may protect you from unexpected costs associated with canceling your policy.
Overhaul
The homeowner’s policy may be canceled in the event of major repairs without notice to the issuing company. Major changes to your home, including additions or garage insulation, may change the terms of your policy. Any changes you make to your property that could change its value must be reported to your insurer in a timely manner to ensure your coverage is adequate and to avoid any future claims issues.
Room rental
Airbnb is another way to cancel your policy if your insurance company doesn’t know about it. Most policies have specific rules for renting out rooms and require separate insurance for renters. Make sure you know what these rules are before listing your spare bedroom online for rent. Failure to follow these rules may result in liability in the event of an accident, as well as cancellation of the policy.
Do not follow maintenance
Basic maintenance tasks, such as repairing gutters and roofs, and regularly checking dryer vents, should be done to keep your policy intact. If you have a very old roof, a dryer vent clogged with lint, or a leaking water heater, your insurance may not cover water or fire damage if you knew about the problem and didn’t fix it. Performing basic maintenance can go a long way in protecting yourself in the event of an unforeseen problem in the future.
Criminal activity
Criminal activity such as growing, manufacturing or distributing drugs can void your policy; even if the activity is carried out by a guest or a tenant, you may be liable for any damage caused in the course of a crime.