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Homeowners Coverage

Homeowners Coverage

One of the biggest assets you’ll own is your home and one of the standards in insurance is homeowners insurance. But did you know that having cannabis near your home can be a problem? If you have a growing operation in your house or on your land, your insurance company could get out of paying you a claim. Claims like fire, wind, hail, and others could be backed but what about theft, vandalism, or arson? In the event of a claim for, lets say…theft, this claim could be denied because of the exposure to having a marijuana grow on your property.

 

Why is this?

I know it’s sounds harsh and acts like a loophole for insurance companies to get out of paying a claim, but they have a valid clause for this. This clause is called “concealment” and effects the claim process like this. You didnt tell your insurance company that there was a marijuana operation on your land and have them decide to change their policy with you or not. Then a claim comes through for burglary and theft at your home and they learn about this added risk to your property, that’s concealment. Would you offer the same life insurance premium amount  to a gentleman than skydives and one that does not? Of course not, so when you learn that this guy skydives and he’s paying the same amount as one that does not, it’s not fair to the carrier and money is lost, risk is not assessed, and everyone’s policies go up with stricter rules.

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