You may have no idea, but a small hole can bring in larger financial threats in your life. What types of holes could trigger damage? Would you insurance company pay for the loss? Let us find out.
Sinkholes: If you are living in prone areas, your insurance provider may or may not include sinkholes in the policy. In the United States, most standard insurance policies exclude from the coverage any kind of earth movement, i.e., earthquakes, tremors from a volcanic eruption, land shockwaves, landslides and mudflows. Damage to your house occurred due to any kind of earth activities are not covered unless the loss caused due to any man-made disaster. Most of the standard insurance companies refer all these earthly activities as ‘Acts of God’ and don’t include in the insurance policies.
Potholes: These craterlike holes (in some places, known as Chuckhole) in the roads could be painful for both your vehicle and you. Damages that your vehicle suffer due to these potholes are often prompt, such as tire puncture and sometimes a bit costly that this, such as misalignment of the steering system and damage to the shockers. However, if you have collision coverage included in your auto insurance policy, you needn’t worry about the damages, and the consequent cash outflow. According to the Insurance Information Institute (III), if collision coverage is included in your auto insurance policy, the insurance agency will reimburse for any damage to your car caused by potholes.
Roof holes: You never know when a celestial or a mere earthly happening is going to erect a hole in your roof. Never mind since your home insurance policy will pay for the repairs. However, if the roof hole is a result of lack of maintenance from your end, you have to assume the responsibility yourself.
Bullet holes: In case your neighbor ventures to begin random practices in his backyard and somehow a lost bullet unintentionally designs a hole either in your wall or windowpane, your home insurance will pay for the damage. However, your insurance company might chase your neighbor and bring in subrogation charges against his insurance provider just to recover the expenses.
In another situation, if your car becomes the victim of a hit-and-run incident and you have comprehensive coverage, the insurance would cover any sort of damages that the vehicle has experienced. However, your claim is likely to be rejected if you were involved in the incident.
Holes in judgment: Fortunately, if you have proper insurance, it can cover your stupidity too. In case you forget to lock your car, and on top of that, leave the key in the keyhole, comprehensive auto insurance covers any kind of damage or loss you face due to any vandalistic activities.
Blog Category