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Homeowners Insurance: What May Not Be Covered

House-salesSPRINGFIELD, Mass. (wggb)– We all know if we own a home we need to insure it. But your homeowners policy could be limited in it’s coverage for the most expensive things. Items like jewelry, furs, rugs, art even firearms have very limited coverage under most plans.

Jules Gaudreau, President of The Gaudreau Group, Inc. in Wilbraham explained specifically about jewelry coverage.

“Even if you have a homeowners policy that covers you for $300,000 with $150,000 of personal property, contents coverage, it would be limited under most policies, some $1000, some $2500,” he said.

It’s important to not that your homeowners policy does not protect you from a flood. Where your home is located based on FEMA’s flood maps, will determine the cost of the additional coverage. But that coverage is limited too. Dry wall, carpets and furniture are not included. Only your furnace, water heater, washer and dryer would be covered if you purchase the correct amount of insurance.

And when it comes to home insurance, there are somethings that can make it more challenging to find coverage. Including the condition of your property, the age of your home, your prior claims history and even the types of pets you own.

“It’s important to note that there is a list of dog breeds, the poster child of which is the pitt bull, that insurance companies just refuse to write insurance on. In this state we aren’t allowed to exclude these dogs. They can either write the insurance or not write the insurance,” explained Jules.

Unfortunately if you already own one of these dogs and are looking for a homeowners policy, you may be forced to seek insurance from the Massachusetts Fair Plan. Their rates can be 20-40% higher depending on where you live.

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