The best way to learn about South Dakota homeowners insurance is to ask questions. Here are some common questions that may help you gain a better understanding of homeowners insurance.
Is Homeowners Insurance Required?
Homeowners insurance is not required by law, but it will be required by the company holding your mortgage. If you have a mortgage, then you technically do not own the home, your lender does and they require it to be protected by homeowners insurance. If you have a lapse in coverage, your lender may call in the balance of your loan.
Does Homeowners Insurance Cover Damage Done by Pests?
Damage to your home by pests such as various rodents and insects can cause quite a bit of damage to your home. The list begins with termites but can include roaches, mice, fleas and even squirrels. Your South Dakota homeowners insurance policy is designed to cover you in case of accidental and sudden events not deterioration of your home due to lack of maintenance.
You can expect that damage caused over time by these pests will not be covered by your homeowners insurance policy. This means you will need to be vigilant in spotting pests and getting rid of them before they can get a foothold on your home.
How Will My Dog Affect My Rates?
This depends upon the breed of dog you have. It depends upon each individual South Dakota homeowners insurance company as to which breeds and how much they affect you rates. However, the following list of breeds are the most likely to cause a spike in your rates.
- Bull Terrier
- Chow Chow
- Doberman Pincher
- German Shepard
- Pit Bull
- Siberian Husky
- Wolf Dog
It is a good idea to consult your homeowners insurance company before getting a pet to know precisely how much it will affect your rates.
Is There Any Need to Insure Land?
Most likely, you do not need to concern yourself with insuring your land. The liability portion or your homeowners insurance policy will cover you in case someone is injured or someone’s property is damaged while on your land. If you have structures on the land other than your home, you can insure them under the “other structures” portion of the policy. If the land is not a part of your home (another piece of land entirely), you can most likely insure the items on the land with a rider on your existing South Dakota homeowners insurance policy.
Are Mold Related Issues Covered by Homeowners Insurance?
Damage caused by mold may or may not be covered by your homeowners insurance policy. It depends mostly on the cause of the mold. If the mold is due to the lack of maintenance, then it probably is not covered by your policy. If the mold stems from a covered peril, such as roof damage from high winds or a burst pipe, then it may be covered by your policy.
Because of the health related issues that can occur with prolonged exposure to mold, many South Dakota homeowners insurance companies are beginning to exclude any coverage for mold related issues. However, it may be possible to purchase a rider that adds coverage for mold.
What is The Number One Way to Save Money on Homeowners Insurance?
Shopping around is the easiest and most effective way to save money on your homeowners insurance. In less than 30 minutes and without having to leave your home or pick up the telephone, you can get a handful of homeowners insurance rate quotes. There are websites available that allow you to get South Dakota homeowners insurance rate quotes from multiple, reputable insurance companies. By taking the time to compare premiums, you can save a bundle on your South Dakota homeowners insurance.