Insurance is, at its core, a betting man’s game. As an insurer, you’re basically placing a bet on the fact that whatever you’re insuring won’t be lost in a catastrophic accident. The odds are in your favor, of course. Otherwise, you wouldn’t be willing to make the bet. And it can involve almost anything: a person’s health, a car, a home, and sometimes even pets.
But if you’re the one who’s looking to get insured, it’s a different ballgame. In the case of homeowner’s insurance, you want to get your house and property covered. Home repairs can be insanely expensive, and you don’t want to be on the hook if something catastrophic happens. So you purchase a policy, and get on with life.
That policy might not come through for you. It might be because of the specific damage or items involved or what caused the damage. There are many things a standard homeowners insurance policy simply won’t cover — at least not entirely.
To find out what, exactly, those things might be, we turned to Laura Adams, a senior insurance analyst at InsuranceQuotes.com. Adams worked with The Cheat Sheet to compile a list of items not entirely covered by most insurance policies. (In some cases, there is partial coverage.) And we looked at the circumstances (a natural disaster, for example) under which an insurance company can refuse to pay up.
So even if you have a policy, you might end up getting screwed if the chips don’t fall in your favor. Here are 15 cases where that might happen.
Have you turned your home into a weapons cache? Your home insurance provider might not be willing to cover your guns if anything happens to them, according to InsuranceQuotes.com. Some insurers will typically give partial coverage to firearms, but you’ll have to be familiar with your individual policy. Guns are expensive, and you’ll want to make sure you’re covered to some degree.
Next: You probably need extra coverage if you’re storing a lot of the next item.