Does Your Homeowners Insurance Really Protect You at All?

Homeowners insurance is complex. It’s easy to buy too little or too much.

For instance, less than 20% of Americans have flood insurance. Hurricane Harvey, which made landfall in Texas in August 2017, caused over $200 billion in damages.

Harvey was one of the costliest natural disasters to hit the United States. Yet more than 80% of the homes flooded by the hurricane weren’t covered for flood damage.

Those with flood insurance didn’t fare much better. There are many limitations, loopholes, and legal clauses for home insurance providers to get out of paying claims.

Homeowners insurance policies are exactingly specific in describing how claims can be approved or denied. Here are the loopholes to watch for.