There's no arguing that it's crucial to have homeowners insurance in place for your home. After all, it's your biggest and most expensive asset, so you need to make sure that you're covered in case something disastrous happens. If you have a policy in place, that's great, but it may not be enough to protect in a worst-case scenario. Here are five things that the average homeowners policy won't automatically cover, and what you should do if you think you might need extra protection against them.

Sinkholes

Approximately 35 to 40 percent of the US contains earth that is at risk of developing sinkholes. These holes often occur with very little or no warning and can be deadly. While some sinkholes can be small, others can swallow entire homes or sections of street. If you live in an area that is at risk of developing sinkholes, don't rely on a standard homeowners policy to cover you. 

In many states where sinkholes are a risk, you may be able to purchase additional coverage specifically for sinkholes. Do you really need the extra coverage? It's hard to say which areas are most at risk of developing these holes, so extra coverage is always a good idea. Offset the cost of the premiums for sinkhole coverage by opting for a higher deductible to help you save a little money.

Mold

Mold is something that every homeowner dreads. It can be dangerous for your health and can make a perfectly good home unlivable in a very short time. It can also be a harmless nuisance, but it typically takes a professional mold removal specialist to tell the difference. Whether your insurance policy covers mold treatment depends on how the mold formed in the first place. If it formed after a sudden flood from a covered incident, such as a burst pipe, it may be covered. However, if it was caused by homeowner neglect or oversight, your insurance policy might not provide coverage for its removal.

Ask your insurance company what their policies are regarding mold, then be sure that you are practicing mold prevention by regulating the humidity of your home and taking steps to prevent flooding in your basement and bathrooms. You may be able to add on additional coverage for mold-related damage; ask your insurer if they offer this.

Termite infestation

Termites cause more than $30 million dollars' worth of damage to crops and man-made structures in the US each year. This damage can be stopped if the infestation is halted in its early stages, so it's important that homeowners watch for signs of a termite infestation. Have your home inspected regularly, and treat any infestations as quickly as possible to prevent them from damaging your home, as most homeowners policies don't provide coverage for damage from these pesky insects.

Swimming pool incidents

Pools have become so commonplace, many homeowners forget that they are considered a risk where insurance policies are concerned. These "attractive nuisances" can be tempting for children and pets, and unless you have adequate coverage, they can become an insurance nightmare. Some policies do provide coverage for your pool, but typically only if you've taken every precaution in order to make it as safe as possible.

Before you have a swimming pool installed or open your existing one up for the season, contact your insurer and make sure you don't need additional liability coverage for it. It's better to be safe than sorry, especially when insurance is involved.

Damage done during a renovation

Don't even consider hiring a contractor for renovations or construction work on your home until you've spoken to your insurance company first. They are likely to inform you that they won't cover any damage done to your property by contractors without an addition to your current homeowners policy. They should also remind you to only ever hire contractors who carry their own insurance policy to protect you in case of damage to your home.

Don't assume that every incident or accident is covered by your homeowners policy. Check with your insurer regularly to assess your risks and make sure you have the right coverage for your needs. If you are looking for an insurer, consider a company like Southern Family Insurance.

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