Do you know what’s covered under your current insurance policy? Not many people actually read the full terms of their coverage.
If you haven’t read the fine print on all your policies, you may be pleasantly surprised at some of the Easter Eggs nestled in your coverage.
Say you just stocked up on steaks for this weekend’s BBQ block party, and your power goes out the night before. You wake up to a warm fridge, and everything in your refrigerator spoiled. Believe it or not, many homeowners insurance policies will cover that. You would have to pay your deductible first, but coverage would kick in after that’s met.
Now, you’re probably thinking, “well, that’s cool, but my deductible higher than the total cost of food I have in my fridge”. This is probably true for the majority of people. However, say your power not only goes out during a storm spoiling your food, but a tree also collapses into your living room – and on your shed. The deductible is now definitely worth paying.
Accidents Away from Home
Just because you’re not inside your house doesn’t mean your coverage stops. Random accidents that happen when you’re away from home and don’t involve vehicles are generally covered by your homeowner’s insurance.
Meteorites & Falling Debris
The odds of your house getting smacked by anything from outer space are pretty slim. But all the same, Meteorites, satellites, and occasionally bits and pieces of airplanes flying overhead all are covered under a “falling objects” clause in most policies.
And, this coverage isn’t limited to houses, either. A comprehensive auto policy may cover damage from falling objects, and your life insurance policy will pay out to your beneficiaries if you’re struck dead by space rocks.
If a spouse or another family member has passed on, many homeowners insurance policies consider a gravestone an extension of your belongings, and will often reimburse you for $1,000 to $5,000 if something should happen to it.
Car Seats – Following a Covered Accident
Replacing your child’s car seat after an accident is a very, very good idea, even if it doesn’t appear to be damaged – and your auto insurance may cover the cost. If you’ve recently been in an accident, and your deductible is met, ask your agent if your children’s care seats can be replaced.
Believe it or not, your auto liability can help pay for your legal costs if an accident lands you in court. Look for something in your policy like “We will settle or defend as we consider appropriate” to see if your auto insurer might pitch in for your legal defense.
If you have Personal Injury Protection (PIP) on your auto policy, you can use it to recover a portion of your lost wages if a covered auto accident injury causes you to miss work.
Yes. Hot tubs. Those magical creations that are the perfect touch to a backyard oasis can be covered under your health insurance policy. The catch here is that you need to have a legitimate medical reason for it, so this is a no-go if you don’t have a prescription from your doctor, sorry. On the other hand, if you do need it for therapeutic reasons, your insurer may cover the cost.
If you get regular massages for chronic pain, ask your doctor or therapist to write a prescription. Your health insurance may cover it.
Always Check The Fine Print
Please keep in mind that just, because it’s listed here doesn’t mean your specific policy covers it, only that there are insurance policies out there that do.
Every insurance policy is different. The coverage limits are different. The deductibles are different. Something that is automatically included in one policy requires a special endorsement and costs extra in another, so always make sure to check your policy.
The best thing to do is to call your insurance agent or provider and ask.
Have a question about your coverage options? Get in touch today!
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