If the neighborhood hoodlum commits arson on your old rickety wooden shed, your homeowners insurance policy will most likely cover a replacement shed. If you have a slow leak in a pipe behind your shower, your insurance company is expected to pay for the collateral damages. Same if lightening burns your pink flamingo lawn ornament to the ground, a volcano eruption tears through your basement, or if your little dog Blue bites the mailman. My hope is to inspire you to take another look at your policy, and to give you some ideas of what to look for.

You'll probably be startled once you observe that your homeowners policy itemizes 'exclusions' for which your insurance company won't cover. Keep in mind every insurer treats exclusions differently. If yours refuses to cover something, it may be time to look for another provider. Considering the above, I'll quickly outline some extremely common things that often get waived on a home insurance policy.

#1 - Damage Due To Sewage Backflow

A backflowing (and overflowing!) toilet can be revolting. Even more disheartening, there is a high probability that the resulting smelly mess isn't included in your coverage. A lot of policyholders are unaware insurance companies often reject claims for damages when the root cause is a problem with the sewage line. That said, you may be able to purchase an inexpensive rider that closes this coverage gap.

#2 - Negligence And Lack Of Maintenance

Insurance companies normally cover damages that result from unforeseen circumstances. Nonetheless, if you incur damages which can be deemed partially due to carelessness, you might not be compensated for your damages. For example, suppose your kitchen faucet develops a leak. If you don't get the leak fixed immediately and it wrecks your basement ceiling, your damages might be deemed caused by neglect. They often contend that you should've repaired the drip before things escalated.

#3 - Damage Due To Mold

Several years ago, the late American celebrity Ed McMahon filed a claim with his home insurance company for damages related to mold. That claim eventually turned into a lawsuit. When the dust had settled, McMahon finally agreed to compensation totaling close to eight million dollars. Today, many insurance companies either significantly raise their premiums when covering mold-related damages, or simply add mold to their exclusion lists. If you believe your home might be particularly susceptible to mold, be sure and have a close look at your insurance guidelines or call your insurance agent.

#4 - The Wrath Of Nature

Natural disasters can strike without warning and demolish an entire city. If your area is a regular target of weather disasters(earthquakes, floods, typhoons, etc) you should check with your provider to ensure that resulting damages are covered. That will leave you the homeowner the added responsibility of finding an additional insurance policy (e.g. earthquake insurance).

It's worth highlighting this exclusion can also include fires if your home is located near a forest or similarly wooded area. If you happen to live near a fire station, your insurer will be more inclined to offer coverage.

#5 - Injury Due To Certain Dog Breeds

Each year, canines cost home insurance companies hundreds of millions of dollars. Although insurance will cover many common dog bites, the breed of dog might change the outcome in this matter. Some canine breeds are often prevented from coverage. For example, standard poodles and beagles are known as relatively safe dogs. Conversely, your insurer might not be interested in insuring your well socialized and friendly rottweiler.

Check with your insurer. Every home insurance provider maintains their own set of exclusions. Your current provider might recoil at the thought of covering your Rottweiler while another company may be willing to do so.

#6 - Heirlooms, Collectibles, And Other Precious Items

Suppose your home catches fire and burns to the ground with your comic book collection, baseball card collection, and precious coins inside. Chances are, these items will only be covered at a fraction of their value. Consider buying a supplemental policy that offers coverage that reflects their true worth. Otherwise, you might receive pennies on the dollar - cold comfort in the wake of a major loss.

When it comes to home insurance, the most common mistake people make is to neglect checking their policies for specific exclusions. Don't assume everything under your roof is covered. Check to make sure. If your insurance provider isn't willing to cooperate in meeting your insurance requirements it's time to find someone else.

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