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4 Unusual Losses Covered On Your Homeowners Insurance

June 15, 2021

homeowners insurance utica nyRemember when you bought your first home? What was one of the first things that came to mind? You may not remember, but was it something along these lines? “I’ve just signed my life away…what if something terrible happens to the house?”

Yes, home ownership is an awesome responsibility. That’s why you bought homeowners insurance before the closing. And that something terrible that occurred to you was probably a common disaster such as a fire. Or serious tornado. Even theft of your expensive possessions.

But your homeowners insurance policy covers much more than those. So we thought it would be interesting for you to see some of the more unusual coverages.

Space Debris
Yeah, damage from space debris is covered on your homeowners policy. Remember the concern in May of this year (2021) about a Chinese rocket returning to earth? People weren’t sure where its debris would land. And the Chinese weren’t forthcoming about it.

Turned out it landed harmlessly in the Indian Ocean. But if it had landed on your house? You’re covered! Specifically, “Aircraft: This peril includes self-propelled missiles and spacecraft.”

The Kids’ College Dorm Room
For most children, college is the first time living away from home. This is a significant change for your son or daughter. And it’s their personal welfare you’re most concerned about.

But then, as you’re hauling all of her stuff into her dorm room it dawns on you. What if her computer gets stolen? What if there’s a fire and the lights, books, and clothes she brought with her get destroyed? Whose insurance will pay?

The answer is, your homeowners insurance policy will. You have coverage for personal property owned by your dependent children. And that’s while it is anywhere in the world. The limit is 10% of the contents amount on your policy. And is subject to your deductible.

Unauthorized Use of ATM, Credit or Debit Cards
Most credit card companies and banks will reimburse you for unauthorized use of their credit cards. But there is some coverage in your homeowners insurance policy for credit card, electronic fund transfer card or access devise, forgery and counterfeit money.

The amount of coverage is $500 and is not subject to your deductible. Endorsements raising the limit are available. Call us on this and similar coverages such as for identity fraud.

Dog Bites
If you own a dog, you’re in one of 63 million households in the United States. And these households have nearly 77 million dogs.

Should you be concerned about homeowners insurance coverage if you own a dog? Well, according to the Insurance Information Institute, dog-related injuries cost homeowners insurers $854 million in 2020!

So, are you covered on your homeowners insurance? The answer is yes, there are no exclusions in the basic policy for dog liability. However, many insurance companies are reluctant to insure homeowners with certain kinds of dogs.

See our article on dog bites and New York State law for more on your liability and what you can do to keep people safe.

The upshot for homeowners insurance? For things that happen because of college kids, dogs, credit cards, and space ships, you may have coverage. And you thought your policy just covered fire and wind!

Until next time,
Your SZW Team

SZW Insurance is your Utica area Trusted Choice™ independent insurance agent. Call us for a quote on insurance for your home, car, business, or life at 315.792.0000. Or request a quote here. In Westchester County call Zak Scalzo at 914.246.0315 or email at zaks@szwinsurance.com.