One question you want to ask your insurance provider if your policy is an HO3 or an HO5. HO5 policies are much broader and provide more coverage. Basically an HO3 will only cover claims if specifically listed in the policy while an HO5 will cover anything unless specifically excluded in the policy. Very important distinction. There are a few other “discount” types out there but the majority of HO polices will be one of the two.
Condo policies are a different animal as they are more of a glorified renters insurance policy and meant to cover the owner of the condo when there is a shortfall in the master condo association policy. Most believe it covers from the studs in but this is a simplistic definition.
Stated correctly above, most policies will cover sudden ruptures but if it can be proven damage has been occurring over an extended time frame (leaking pipe or aquarium) most insurance companies will decline coverage.
That being said liability is different. If you are found liable for damages caused to someone else’s property that will be covered. I would suggest everyone should carry minimum of $500k in liability coverage. Most policies can be increased to this for nominal premium, usually $25 per year or so.
Just reading the above post. Most policies will cover any personal property that is damaged from a rupture. The one shortfall maybe the tank itself as a carrier can argue that it is a manufacturer defect. But depending on the age of the tank this could lead to the insurance carrier going after the manufacturer for liability if it is a larger claim.
Post #64 is fairly accurate. One point insurance laws and regulations do vary state by state and obviously carrier to carrier. I have dealt with a aquarium sudden rupture and the majority of the resulting damage and mitigation was covered. If I remember correctly the livestock and tank were not.
Condo policies are a different animal as they are more of a glorified renters insurance policy and meant to cover the owner of the condo when there is a shortfall in the master condo association policy. Most believe it covers from the studs in but this is a simplistic definition.
Stated correctly above, most policies will cover sudden ruptures but if it can be proven damage has been occurring over an extended time frame (leaking pipe or aquarium) most insurance companies will decline coverage.
That being said liability is different. If you are found liable for damages caused to someone else’s property that will be covered. I would suggest everyone should carry minimum of $500k in liability coverage. Most policies can be increased to this for nominal premium, usually $25 per year or so.
Just reading the above post. Most policies will cover any personal property that is damaged from a rupture. The one shortfall maybe the tank itself as a carrier can argue that it is a manufacturer defect. But depending on the age of the tank this could lead to the insurance carrier going after the manufacturer for liability if it is a larger claim.
Post #64 is fairly accurate. One point insurance laws and regulations do vary state by state and obviously carrier to carrier. I have dealt with a aquarium sudden rupture and the majority of the resulting damage and mitigation was covered. If I remember correctly the livestock and tank were not.
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