Often, people realize that their house is damaged and file a claim with their homeowners insurance company, and they’re surprised when the claim is denied. Many people have misconceptions about what homeowners insurance does and doesn’t cover. One thing it doesn’t cover is wear and tear.
Why Doesn’t Homeowners Insurance Pay for Wear and Tear?
As a homeowner, you are responsible for taking care of your house. That means you should perform routine maintenance, have professionals conduct inspections and make repairs when appropriate. Your homeowners insurance company is not responsible for costs associated with routine maintenance and repairs related to wear and tear.
The purpose of homeowners insurance is to pay for repairs when your house is damaged by something that was unavoidable. For instance, if your house is hit by lightning and goes up in flames, you have no way to prevent that. Your homeowners insurance will cover that type of claim.
When Might There Be a Gray Area?
When it comes to homeowners insurance claims, things often aren’t black and white. In many cases, damage to a house has more than one cause. A covered peril may cause damage, but wear and tear may also be a factor. An insurance company will look at both an acute source of damage and an underlying factor that contributed to the damage or made it worse.
For example, a storm is a peril that’s covered under a standard homeowners insurance policy. Wind may rip shingles off your house, but if the shingles were already loose or damaged because you neglected maintenance, the insurance company will most likely deny your claim for roof repairs and replacement of belongings inside the house that were damaged by water.
Take Care of Your Home
Putting off maintenance and ignoring wear and tear can save you money now, but it can cost you a lot more in the long run if your home is seriously damaged, you file an insurance claim and it gets denied. Performing routine maintenance and paying for repairs can be expensive, but it’s part of being a homeowner. You should set aside money every month to cover those inevitable costs.
If you haven’t yet bought a house and you’re trying to figure out how much you can afford to spend, you have to think about much more than just a mortgage payment. Factor all home-related expenses, including the cost of maintenance and repairs, into your calculations.
