Butnotif is not the last name of your new neighbors from Europe. The “but not if” is the part of your policy that tells you when it won’t respond in real-life situations. We’d like to think our insurance will pay for everything no matter what happens and no matter the cost, but that’s not how it works. Here are some “but not ifs” on the homeowner policy:
- Responds to sudden water damage from plumbing—but not if the water backed up through a sewer or drain or overflows from a sump pump (unless you’ve added Water/sewer Backup Coverage to your policy).
- Responds to vandalism damages but not if the home is considered “vacant.”
- Pays for damage to your personal property, but not if that property is an animal, bird or a fish.
- Pays for storm damage to your roof, but not if you wait so long to report the claim that you violate the policy’s prompt-notice requirement.
- Pays for electrical damage to the appliances in your home, but not if the amount of damage is lower than your deductible.
- Pays for personal property damaged in a storm, but not if you don’t provide the adjuster with a list of damaged items.
- Pays for legal fees and damages if your dog injures someone, but not if the policy excludes that breed of dog.
- Covers theft of property, but not if a resident relative commits the theft.
There are more but not if situations in the homeowner policy. Insurance is not designed to trick you. It’s also not designed to cover everything all the time no matter what the cost is. Because if it did, we’d REALLY be paying big bucks to insure our homes.
That is why a good conversation with a knowledgeable insurance agent matters. An experienced agent can explain policy language in plain English, point out important limits and exclusions, and ask questions about your life that help you understand your coverage needs and make good decisions about how to spend your insurance dollars!