Helping you NET the home of your dreams.

Do You Know What Is and Isn’t Covered?

A survey released in May by shows that many Americans are not fully aware ofmold1 what their homeowner insurance covers or doesn’t cover. It shows, for example, that about half of those surveyed did not know their insurance policy would not cover damage caused by an earthquake.

If your Sandbridge vacation home is also a rental property you will want to have loss of use coverage that will reimburse you for lost rental income.

“Many consumers are purchasing insurance without really [comprehending] what they’re buying,” Laura Adams told

Since many Sandbridge houses were built in the late 1970’s be sure you understand the implication of what is called “law and ordinance” clause.  Basically this states that you are responsible for the cost of bringing your house up to code if it needed to be re-built.

Here are some of the more common misconceptions:

  • Homeowner’s policies usually do not cover replacement of all of your possessions.  Check for coverage caps on personal belongings in your home. These can include jewelry or firearms.  You may have to arrange to pay more to get complete coverage.
  • 55% of those surveyed didn’t know that damage from mold resulting from a leak is frequently not covered.  Mold remediation can cost thousands of dollars, but you’re probably not covered if it happens to you. You can pay more to get mold damage coverage.
  • As noted above, your policy probably does not include damage caused by earthquakes.
  • Your policy probably does not cover flood damage. You’ll need a separate flood policy if you want to protect yourself. If you live in a flood zone, you may be required to have such a policy. But, if you live near such a zone, you should consider it a flood policy. They’re usually quite inexpensive if you don’t live close to water.
  • You need to make sure you’ve got enough coverage to replace your house, but that isn’t the market value of your home, which can also include the price of the land.
  • The report also showed 73% of those surveyed didn’t know their homeowner’s policy covers thefts from a self-storage unit or even your car, no matter where it was when the crime was committed.

The key takeaway from this report is that you need to read and understand your policy.  Your insurance agent should be more than happy to spell out the ramifications of your policy in plain English. If not, perhaps you need another agent! Because, as a homeowner, you need to know your investment is as protected as it can be.

Talk to your agent or call me and let me recommend an insurance agent who can sit down and review your current policy.

Also, visit my website for an agent.

Charlie Kelly
Realtor, MBA
SIEBERT REALTY – The Beach People
601 Sandbridge Road Virginia Beach, VA  23456
(757) 355-2233
[email protected] 

Charlie Kelly is your ultimate real estate resource for Sandbridge and surrounding areas. Visit my website for detailed information regarding today’s real estate market