Property damage can be devastating, both in the physical and financial sense. Unfortunately, insurance coverage may not be enough to cover property damage costs. If you have been a victim of property damage that exceeds your insurance policy limit, then this article from Best Complete Review is for you. Here, we will discuss the need for homeowners to understand their policy limits, how to determine what type of coverage needs to be purchased, how to resolve disputes with insurance companies and what steps should be taken when faced with property damage that is not covered.
Property damage can be a costly and emotionally draining experience for homeowners. In the event of an emergency such as a fire, flood, or natural disaster, the physical and financial toll can be devastating. Unfortunately, many homeowners find that the amount of insurance coverage they have purchased is not enough to cover the full cost of the damages sustained. This article will explain why property damage often exceeds insurance coverage, what to do if you find yourself in this situation, and how to best protect yourself against substantial financial losses due to property damage.
It is important to understand the details of your policy before purchasing any kind of homeowners insurance coverage. The amount of coverage you purchase should be based on the size of your home, its value, and other factors such as location and any potential for natural disasters or crime. Additionally, it is important to keep in mind that if you make any changes or additions to your home that could affect its value or potential for loss, then you should contact your insurer to adjust your coverage amounts accordingly.
Furthermore, when faced with a claim that is greater than the amount covered by your policy, it is essential to understand the dispute resolution process. Insurance companies are required by law to investigate any claims fully before making a decision on whether they will pay out; however, if they decide not to accept responsibility for part or all of your claim, then you may need to take further action. This article will provide advice on how to resolve disputes with insurance companies and steps to take when faced with property damage that is not covered by insurance.
About property damage exceeds insurance coverage:
Property damage that exceeds insurance coverage can have serious financial implications for homeowners. It is essential for homeowners to understand their policy limits and the type of coverage they need in order to protect themselves from potential losses due to property damages that exceed insurance coverage.
There are different causes of property damage, such as natural disasters, floods, fires, or vandalism. Depending on the cause, different types of coverage may be required in order to be fully protected financially in the event of property damage. Some common types of property damage include structural damage, water damage, and theft or loss of personal items.
It is important to understand what kind of coverage is necessary for each type of property damage before selecting an insurance provider or policy in order to be adequately protected in the event of an emergency situation. For instance, if a homeowner’s property is damaged by a flood, they may need additional flood insurance on top of their regular homeowners’ policy; similarly, if a hurricane or other natural disaster occurs, additional windstorm or hurricane insurance may be needed to cover any potential losses.
In addition to considering the type and amount of necessary coverage for each potential risk when selecting a policy, it is also important for homeowners to be aware of their policy limits – meaning how much will be covered by the current policy in the case of an emergency situation. Knowing these limits can help homeowners determine whether they need to purchase additional coverage or if their existing coverage will suffice in the face of potential damages.
In some cases, homeowners may realize after the fact that their property damage exceeds their insurance coverage and therefore are not able to receive compensation from their insurer. In these situations, it is important for homeowners to reach out to their insurer and attempt to resolve the dispute in order to receive some form of compensation for any losses incurred. It is also important to keep detailed records regarding all correspondence with insurers throughout this process in the event that further legal action needs to be taken.
Understanding what kind of protection you have against damage can help you avoid a costly mistake in the event of a tragedy. Doing your research ahead of time and ensuring that your current policy offers an adequate level of protection can help you save time and money down the road if an unfortunate event takes place.
What is property damage exceeds insurance coverage?
Property damage exceeding insurance coverage is a situation in which the amount of damage to a property can be larger than the available coverage limit from an insurance policy. For instance, if a homeowner has an insurance policy with a $100,000 limit and the total cost of repairs is $150,000, they are responsible for paying the additional $50,000 out-of-pocket because it exceeds their policy’s coverage. This means that even if a homeowner has an insurance policy, they may still be liable for significant financial losses if the amount of damage exceeds their coverage limits.
When property damage exceeds the amount of insurance coverage, the homeowner is responsible for paying out of pocket for any additional costs that exceed their policy limit. This can be especially difficult if homeowners do not have sufficient savings to cover these costs and must borrow money or take out a loan to make up the difference. Moreover, as inflation increases over time or scarcity of materials drive up repair costs due to limited contractor availability during a disaster, this financial burden could be exacerbated.
It is possible for property damage to exceed insurance coverage due to natural disasters, unexpected damage, or inadequate coverage. Homeowners should review their policy periodically to ensure that their limits reflect the true value of their property and its contents and that they have adequate protection against potential risks. In addition, many insurers offer riders which extend the scope of the existing basic policies and cover unforeseen events such as floods or earthquakes. Ultimately, it is important for homeowners to understand their policy limits and what types of events are covered by their insurance before disaster strikes in order to avoid any financial surprises in the event that property damage exceeds their current coverage limits.
Importance of property damage exceeds insurance coverage:
Property damage that exceeds insurance coverage can cause serious financial losses for homeowners if they are not adequately covered by their policy. Understanding the property coverage limits in a policy is essential for avoiding unexpected expenses if there is significant damage to a home or other assets. Homeowners should be aware of the type and extent of protection provided by their policy and consider purchasing additional coverage if necessary.
When it comes to property damage, it is important to remember that not all policies provide the same level of protection. Many homeowner’s policies limit coverage for certain types of property, such as jewelry, art, antiques, and personal electronics. Additionally, some policies may have lower limits on reimbursement for certain types of damage, such as water or fire damage. It is essential for homeowners to review their policy thoroughly to ensure they are properly protected from potential losses in case property damage does exceed insurance coverage.
It is also important to understand the deductibles associated with your policy. Deductibles are fees that must be paid before any benefits are received, and they can significantly reduce the amount of coverage available for any given claim. Homeowners should be aware of how much they will have to pay out-of-pocket if there is property damage exceeds insurance coverage, so they can budget accordingly and prepare for any potential losses.
Finally, homeowners should take into account any additional costs associated with filing a claim, such as legal fees or appraisal costs. These costs can add up quickly, so it is essential to factor them into the total cost when considering purchasing additional coverage for protection against property damage exceeding insurance coverage.
In conclusion, understanding the property coverage limits in your policy and being aware of any additional costs associated with filing a claim are essential for ensuring you are fully protected from potential financial losses in case of property damage exceeds insurance coverage. Purchasing additional coverage may be beneficial for providing sufficient protection against unexpected expenses; however, it is important to weigh all options carefully before making a decision.
Benefits of property damage exceeds insurance coverage:
Having property damage exceed insurance coverage can be incredibly beneficial for individuals affected by a property-related incident. One of the primary advantages is that it can save on repair costs, as individuals can purchase additional coverage that exceeds their existing policy limits if they need to. Furthermore, this type of coverage can provide financial assistance for recovery and rebuilding efforts, so that individuals do not have to shoulder the burden of replacing items lost in the event of a disaster. Additionally, property damage exceeding insurance coverage can help protect an individual’s assets from any further damage or destruction while repairs are underway.
Having this type of coverage can also give individuals peace of mind if they are living in an area prone to natural disasters or other incidents that could result in property damage. Knowing that they have an adequate level of protection in place can help them plan ahead financially and feel more secure in the face of possible danger. Finally, having property damage exceed insurance coverage can minimize stress and anxiety associated with unexpected expenses due to damaged property. This type of assurance can be invaluable in times of crisis, as the right amount of coverage can help ensure that the individual is not left shouldering the financial burden alone.
To be considered while choosing property damage exceeds insurance coverage:
When choosing property damage exceeds insurance coverage, it is important to consider the following factors in order to ensure that you select the best plan for your needs. Firstly, it is essential to thoroughly research the coverage limits your existing insurance policy provides. Researching the extent of coverage provided by an existing policy is critical in determining whether or not it would be beneficial to purchase additional coverage beyond what is already provided. As a homeowner, you must understand your policy’s maximum dollar amount that can be used for damages, as well as limits on what type of losses are covered. Knowing how much coverage you are entitled to, and what type of damages are eligible for reimbursement, will ensure that you are properly prepared should unexpected property damage occur.
Secondly, consider any claims you have made in the past that may affect your ability to qualify for an increased coverage limit. Even if you have never made a claim through your insurer before, it is important to assess how any prior claims will influence your ability to obtain additional coverage if desired. Your insurance company will take into account any previous claims when determining new rates and premium amounts, so it is essential that you are aware of this information beforehand when evaluating different plan options available for increasing protection against property damage costs.
Thirdly, ask about the types of damages that are not covered by a particular policy. Understanding the scope of damage that a particular insurance plan covers is important when deciding which type of coverage best suits your needs. Many policies will exclude certain types of damage from their plans, such as water or fire-related destruction, so it is imperative that you ask specific questions regarding what type of losses are excluded from reimbursement under your chosen plan’s terms and conditions.
Fourthly, speak with an expert insurance agent to help you determine the best coverage for your needs. In addition to researching various plans available for extended property damage coverage, consulting with an insurance specialist can provide invaluable advice regarding which policies may be most suitable based on your individual circumstances and risk profile. Taking advantage of their expertise and product knowledge can ensure that you receive the most comprehensive protection possible for costs associated with property damage exceeding your existing coverage limits.
Finally, consider all of the potential risks that could lead to property damage and make sure they are covered by your policy. Homeowners should be aware of potential hazards such as natural disasters or vandalism that can result in excessive costs which may not be covered by their current policy’s limits. Additionally, it
When is property damage exceeds insurance coverage right for you?
Property damage exceeds insurance coverage is best suited for individuals who need to cover a wide range of potential damages, such as those that may be caused by fires, floods, earthquakes, and other natural disasters. To determine if this type of insurance is right for you, it is important to assess the value of your assets. Additionally, when deciding if this type of insurance is right for you, you should think about the severity and frequency of natural disasters in your area. Before investing in property damage exceeds insurance coverage, you should review your current policy and compare it to other policies on the market.
In general, property damage exceeds insurance coverage can protect against financial losses associated with property damage from events like fires, floods, lightning strikes, ice storms, vandalism, or theft. This type of coverage typically pays out a larger lump sum than typical policies which are limited to the actual cash value of destroyed items. It also covers additional costs associated with replacing items such as sales tax or delivery fees. Additionally, some policies may also provide living expense coverage if the insured is displaced due to property damage.
When determining if property damage exceeds insurance coverage is right for you, consider the value of your home and its contents. You should also consider any additional risks associated with your location such as floods or hurricanes. You may want to purchase more coverage if your area is prone to natural disasters or if you have valuable items in your home that are not included under a typical policy.
Before purchasing property damage exceeds insurance coverage, it is important to understand what events are covered by your current policy so that you do not duplicate coverage unnecessarily. Additionally, research policies offered by other insurance companies to make sure you are finding the best policy for your needs at the most competitive rates. Make sure you read through all of the documents provided by the insurer carefully so that you fully understand what is being offered and what is excluded from coverage. When comparing policies and pricing from different insurers, be sure to consider the availability of discounts and add-ons such as additional living expenses or identity fraud protection.
When deciding on the type and amount of property damage exceeds insurance coverage right for you it is important to understand what events are covered and what limits apply to each policy. Identifying these limits can help ensure that you understand the scope of your financial exposure in case of an incident. Additionally, be sure to review whether there are any deductibles that apply and how much they are before committing to a policy.
The pros and cons of property damage exceeds insurance coverage:
Property damage that exceeds insurance coverage can be a costly reality for homeowners who do not have adequate coverage or are unaware of their policy limits. While many people purchase enough insurance protection, there are still risks associated with paying out-of-pocket costs for items not covered by an insurance policy. It is important to understand the implications of property damage that exceeds insurance coverage so you can make informed decisions about what type of coverage should be purchased.
When it comes to property damage that exceeds insurance coverage, there are both pros and cons to consider. On the plus side, having adequate coverage can help mitigate some of the financial losses associated with needing repairs or replacements due to accidental damages. On the other hand, if your policy limits are too low or you do not have all the necessary coverages, you may find yourself facing a large financial burden due to expensive repairs and replacements. Additionally, disputes with insurers can arise if they deny a claim or do not provide enough compensation for repairs or replacements.
When faced with property damage that exceeds insurance coverage, it is important to know how to dispute claims with insurers and what steps to take if the claim is denied. Some states have laws limiting how much an insurer can pay out on a claim, as well as regulations on how long they can take before providing a response or resolution to disputes about damages. Knowing this information ahead of time can be beneficial when dealing with insurers who may be unwilling or unable to provide assistance in covering damages that exceed policy limits.
In addition to understanding basic policies and procedures related to claims disputes, there are also certain advantages available when purchasing property damage exceeding insurance coverage such as lower deductibles on repair costs and replacement items as well as increased protection from liability lawsuits stemming from accidents caused by occupants or guests at your home. These benefits may outweigh any potential drawbacks such as higher premiums and costlier deductibles in certain cases. It is essential to weigh all the pros and cons carefully before deciding whether or not you should invest in this additional form of coverage.
Facts about property damage exceeding insurance coverage include the fact that most policies offer only limited amounts of protection against losses due to water leaks, fires, hail storms and other hazards. Homeowners should also be aware that certain types of natural disasters may not be covered at all by their existing policy and will require additional forms of protection such as flood and earthquake insurance in order to remain fully protected from these risks. Additionally, some policies may not cover theft or vandalism
The main advantage of property damage coverage is that it provides homeowners with protection against unexpected losses, such as those that can occur from natural disasters, accidents, or normal wear and tear over time. This coverage can help cover the costs associated with repairs or replacements for damaged property, as well as any legal fees that may be incurred in the event of a dispute. By having a comprehensive property damage policy in place, homeowners can have peace of mind knowing that even in an emergency they will not be left to pay out-of-pocket for repairs and replacements.
Property damage insurance also offers homeowners protection in case of a natural disaster striking their area. Floods, hurricanes, earthquakes, and more can cause severe destruction to a home which could easily cause thousands of dollars in damages if not insured properly. With adequate levels of coverage, homeowners can rest assured knowing that their home is protected should a disaster strike. Furthermore, some policies offer additional living expenses coverage which can be used to cover the cost of additional living expenses if the home becomes uninhabitable due to damages caused by a natural disaster.
It is important for homeowners to understand their policy’s limits so they are aware of what types of losses are covered as well as any exclusions present in the policy. Additionally, if a dispute arises with the insurance company after filing a claim for damages beyond the policy’s limits, seeking legal advice from an experienced attorney is recommended in order to protect one’s rights and ensure fair compensation for any losses incurred.
In conclusion, property damage coverage offers many benefits to homeowners who want to protect their investments from unexpected damages caused by natural disasters or accidents. It is important for homeowners to understand the limits of their policy so they can determine what type of coverage to purchase in order to be properly insured against potential losses. Having such protection in place can give homeowners peace of mind and help them face financial hardships brought about by unforeseen circumstances with confidence.
The cons of property damage exceeds insurance coverage are numerous and should be carefully weighed before making a decision. Firstly, it can be expensive to purchase additional coverage beyond what is typically offered through standard home insurance policies. Depending on the amount of extra protection needed, homeowners may find themselves paying higher premiums for this type of coverage than they would for regular home insurance. Additionally, most policies require an additional deductible, which can drive up the overall cost even further.
Another potential downside is that property damage exceeds insurance coverage does not typically cover certain types of damages such as flood or earthquake. In fact, most policies only cover physical damages resulting from incidents like fires, vandalism, and theft. Therefore, it is extremely important to review your policy closely to determine what kinds of perils are excluded from your coverage before deciding which policy to purchase.
Furthermore, there may also be restrictions on the types of repairs and replacements that are covered by the policy. Many policies will only cover certain materials or brands or require special contractors be used in order to receive reimbursement. Moreover, these policies may not accept items beyond a certain age or have limits on how much money can be recovered through repairs or replacements.
Some policies also do not provide coverage for certain areas, such as those prone to natural disasters like hurricanes and earthquakes. This means that homeowners in at-risk locations must find an alternate source for coverage in order to protect their assets from future losses caused by these disasters.
Finally, property damage exceeds insurance coverage can lead to disputes with an insurer if there is disagreement over the extent or cause of damage. Insurers often challenge claims for large losses citing issues such as improper building materials or lack of maintenance; however, it is ultimately up to the homeowner to provide proof that the damage was beyond their reasonable control in order to get reimbursed for their expenses.
Overall, property damage exceeding insurance coverage does offer some extra protection; however prospective customers should carefully consider all the pros and cons before deciding if it is the right choice for them.
Advantages of property damage exceeds insurance coverage:
One of the biggest advantages of property damage exceeding insurance coverage is that it offers additional protection for your home and belongings. When property damage exceeds insurance coverage, it gives you greater financial flexibility in the event of an accident or disaster. Furthermore, if your property damage is significant, having excess insurance can help cover the difference and avoid out-of-pocket expenses. In addition to providing extra protection, having excess insurance can also be more cost-effective than purchasing a new policy which may have higher premiums or deductibles than your current policy has.
When selecting a policy for property damages that exceed your existing limits, there are several factors to consider. First, you should ensure the policy covers the total value of your home or belongings. Additionally, you should make sure to read and understand any exclusions or limits within the policy. It is important to determine whether you need additional coverage for certain types of damages such as flooding or earthquake damage. Finally, it is important to compare different policies to find one that fits your needs and budget.
When is property damage exceeds insurance coverage right for you? Property damage exceeding insurance coverage may be right for you if you live in an area prone to natural disasters such as hurricanes or flooding, or if you own expensive items which may not be fully covered by standard insurance policies. Additionally, if you are looking for greater financial protection for yourself and your family in case of an accident or disaster, this type of coverage can provide peace of mind.
The pros and cons of property damage exceeds insurance coverage: There are both advantages and disadvantages associated with this type of coverage. On the plus side, having excess insurance provides additional protection for your home and belongings in case of an accident or disaster. Additionally, it can be more cost-effective than purchasing a new policy with higher premiums or deductibles. However, there are some drawbacks to consider. For example, if the policy does not cover all potential risks associated with your home or belongings, you could still be left with out-of-pocket expenses in the event of a serious incident.
Advantages of property damage exceeding insurance coverage: It is important to be aware of the advantages associated with this type of coverage in order to make an informed decision about whether it is right for you. The main benefit is that it provides additional protection against losses due to accidents or disasters which may not be covered by standard policies. Additionally, having excess insurance can provide peace of mind knowing that, even
Facts about property damage exceeds insurance coverage:
Property damage can significantly exceed insurance coverage, causing homeowners significant financial losses if not adequately prepared. It is important for homeowners to understand the limits of their insurance policies and to ensure that they purchase sufficient coverage. Insurance coverage is typically limited to the property’s current value, not its replacement cost. This means that if your property were destroyed or damaged beyond repair, the insurance company would only reimburse you up to the value of the property at the time it was destroyed, not what it would cost to rebuild or replace it with something new or similar in quality and value. Additionally, insurance policies often have specific exclusions for certain kinds of damage, such as flooding or earthquakes. It is important for homeowners to understand any exclusions that may be listed in their policy so that they are aware of any potential risks they may face in the case of certain types of catastrophic events occurring in their area which are not covered by their policy.
To supplement any coverage gaps or inadequately protected items, homeowners can purchase additional riders to extend the coverage limits of their insurance policy. Riders are optional provisions which can be added onto an existing insurance policy in order to provide additional protection or coverage beyond what is usually offered by standard policies. These riders typically offer more robust protection and/or higher coverage limits which can help cover any gaps or needs that may exist within a standard policy and allow homeowners peace of mind knowing that they are adequately protected in case of certain occurrences such as floods, fires, or other major catastrophes.
When facing a property damage claim, homeowners should also be aware that there may be a cap on how much an insurance company will pay out. Furthermore, depending on the specific terms of a policy, a homeowners’ policy may even cover some costs associated with legal action taken against them due to property damage caused by others. Before purchasing an insurance policy, homeowners should always ask about coverage limits and exclusions to ensure adequate protection in case of property damage exceeding insurance coverage.
Property damage exceeding insurance coverage can cause significant monetary losses if not prepared and insured properly. Therefore, it is essential for homeowners to thoroughly understand their existing policies as well as determine what additional coverage they may need in order to adequately protect themselves from unexpected financial losses due to property damage exceeding insurance coverage.
More info on property damage exceeds insurance coverage:
It is important to review your property insurance policy carefully to understand the exact coverage provided. This will ensure that you know what type of protection you have in the event of a major accident or natural disaster. It may be necessary to talk to your insurance agent about any gaps in coverage that could leave you without adequate protection in the event of a significant loss of property, and discuss additional options to consider for more extensive coverage.
Other homeowners in your area can be a great source of information regarding their experiences with property damage exceeding their insurance coverage limits. Knowing what kind of problems they have encountered with claims can provide insights into which policies are best suited for your needs. Additionally, it is beneficial to research the laws in your state pertaining to property damage and insurance coverage limits, as they vary from place to place.
Making sure that you are adequately insured is the best way to be prepared for unexpected property damage. Taking the time now to review your current policy and evaluate any potential gaps in coverage will save time and money down the line should an incident occur causing extensive damage to your home or belongings. When doing so, consider factors such as the type of home you own, the materials used for construction, as well as additional features such as a pool or hot tub which may require increased coverage limits for adequate protection.
When selecting an insurance policy, there are various factors to consider such as deductibles, premiums, and exclusions. It is essential to understand these details before signing on the dotted line and make sure that you are not overpaying for services that don’t offer sufficient protection against potential losses. Additionally, it is advisable to review your policy annually and make any changes if necessary in order to stay updated on any changes in law or regulations governing property damages.
Having the proper insurance coverage is essential when it comes to protecting yourself from potential financial losses due to property damage. Taking time now to review your policy and discuss available options with your insurance agent can help ensure that you have the appropriate coverage should a major incident occur.
In conclusion, property damage that exceeds insurance coverage should not be taken lightly. Such a situation can have significant financial implications for homeowners and it is important to be aware of your policy limits in order to avoid any unexpected losses. Property damage that exceeds insurance coverage can occur for a variety of reasons, from weather-related events to accidental fires or floods. It is essential to do proper research and select the right type of coverage so that you can be adequately prepared for any property damage that might occur beyond what your insurance policy covers.
The benefits of having the right kind of property damage insurance coverage are numerous. Not only will it provide you with peace of mind knowing that your home and possessions are protected, but it will also help to ensure that if an unexpected event does occur, you will not suffer a significant financial loss as a result. It is important to take the time to review your existing policy and shop around for the best coverage options for your needs. Additionally, if you experience any sort of dispute with an insurance company, there are steps you can take to resolve the issue in a timely manner.
Ultimately, property damage that exceeds insurance coverage is something that all homeowners should be aware of. By taking the appropriate measures before such an event occurs, you can protect yourself from potentially costly consequences. With the right information and preparation, you can ensure that no matter what comes your way, your home and belongings will remain safe.
FAQs – Property Damage Exceeds Insurance Coverage
What types of property damages are typically covered by an insurance policy? Insurance policies typically cover damage to your home and personal belongings from common hazards such as fire, wind, hail, lightning, theft, vandalism, and water damage resulting from burst pipes, backed up sewers, or ice dams. Depending on the policy you purchase, additional coverage may be available for flood, earthquake, landslide, and other natural disasters.
How do I know if my property damage is not covered by my insurance policy? Your insurance policy should clearly list the kinds of damages it covers and any specific exclusions or limitations. Carefully read your policy to confirm what type of damage is covered before filing a claim. If you’re still unsure, contact your insurance agent or company to ask questions and clarify any areas of confusion.
What should I do if I have property damage that exceeds my insurance coverage limits? If the property damage exceeds your coverage limits, you may need to pay out-of-pocket expenses in order to cover the full cost of repairs or replacement items. Review your budget and savings account to determine how much of the additional expense you are able to pay yourself. Additionally, explore potential sources of financial assistance such as low-interest loans or grants from local organizations or government entities.
What other costs should I consider when determining whether or not to purchase additional insurance coverage? When considering additional insurance coverage for property damage risks, you should factor in potential costs associated with deductibles and premiums. Your deductible is the amount you must pay out-of-pocket before your insurer pays a claim—typically ranging from $500-$2,000—so make sure this aligns with what you can afford. Also consider the premium—the annual cost of maintaining your insurance policy—which will vary depending on factors such as the type of coverage requested and the risk level associated with it.
Can I dispute a claim denial from my insurance company? Yes. If you feel that your property damage was wrongly denied by your insurer or that the settlement amount offered is too low based on your losses, you have the right to dispute their decision with evidence supporting your case. You can do this formally by filing an appeal through writing or contact your state’s department of insurance for more information.
What resources are available to help me understand my policy and/or dispute a claim denial? The Insurance Information Institute (III) offers valuable resources for consumers trying to better understand their policies and/or
Property damage can often exceed insurance coverage, leaving homeowners to shoulder the burden of any lost and damaged property. It is important for homeowners to be aware of their policy limits and to purchase the right type of coverage to ensure that they get the protection they need in the event of a disaster. Homeowners should also be ready to dispute an insurance company’s decision if necessary and to take action when their coverage does not cover the property damage. Knowing the facts and understanding the options available can help to ensure that homeowners are adequately covered for the unexpected.