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3/1/2012 - What events aren't covered by a standard property insurance policy?

Some things are not included in a standard insurance policy.

While property insurance and business insurance helps provide policyholders with peace of mind in the event their buildings are damaged, there are some weather-related incidents that aren't always covered.

According to the Insurance Information Institute, as a general rule, floods and earthquakes are not covered by standard property insurance policies.

However, there are steps that policyholders can take to obtain coverage. For example, flood insurance can be purchased separately through some private insurers and the National Flood Insurance Program, which is operated by the Federal Emergency Management Agency. Individuals or business owners who are in a flood zone may want to consider contacting their insurance agent to find out more information, the III advises.

Earthquake insurance is another type of coverage policyholders can secure, but it must be purchased separately, as it is excluded from most standard business owners and homeowners insurance policies. Individuals should be advised, however, that deductibles are paid as a percentage of the amount of coverage that's purchased rather than a straight dollar amount, according to the III.

For more information about these policies, speak to your independent Selective agent.

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