For most homeowners insurance policies, you will find your home properly protected from potential risks that are listed in your policy. Any damages caused by unforeseen disasters to both your structure and your home contents should be insured. Finding the right insurance policy that will protect your home is pivotal to the home-owning process.
But there are few, if any insurance companies, that will offer you a catch-all insurance policy, covering any potential risk and all your property. If those types of policies are out there, they will come with a humongous insurance premium.
For homeowner’s who don’t have the money to pay for the perfect insurance policy, there exist options and add-ons that can make your homeowners insurance more inclusive and protecting. Umbrella coverage options exist as well as extra-coverage options that will protect you from further risks not offered in your basic homeowners insurance policy.
While the perfect catch-all homeowners insurance policy probably does not exist or is unattainable by the majority of homeowners, that does not mean you should be left with something uncovered. Speak with your insurance agent to find out which add-ons are best for you and your home!
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What most homeowners insurance policies include
Most homeowners insurance policies will protect you and your home from certain risk factors that can damage your home. One major coverage included in your homeowners insurance is dwelling coverage. Dwelling coverage protects the structure of your home and prevents you from having to pay for repairs that result from certain disasters. Fires, falling branches, and internal water damage will all be covered by your homeowners insurance.
Personal property coverage will typically be in your homeowners insurance. This protects you from damage that comes to your belongings such as furniture, clothing, books, etc. Some items may be left uncovered by your basic homeowners insurance and require a separate policy.
Family liability protection keeps your family covered in the event of injury within the home. Hospital costs can be as damaging as uninsured repairs to your home and your homeowners insurance knows that. This is why they provide you with a basic plan of coverage in the event of injury to your family. Some insurances will extend this coverage to any guests who get hurt within your home.
Your insurance company may also offer you an umbrella coverage which will protect your home against a more generalized list of risks. These policies may be a little more expensive, but they prevent you from purchasing more variations of policies.
Common add-on options
While your base homeowners insurance policy will cover you and your home from many risks and cases, you are not covered from everything. This is where homeowners insurance add-ons and endorsements come in handy, allowing you to add special coverage for something not otherwise protected.
This coverage could come as add-ons to your homeowners insurance or as a whole separate policy you need to pursue. The add-ons could cover your structure or your $5,000 baseball card collection. Extra coverage can get rather specific and you will want it to, protecting yourself from the specifics could be the difference between a fully paid claim, and money out of your pocket.
Common add-ons and separate policies include:
Most insurance policies do not include flood insurance. If your home is damaged by a flood of any kind and you don’t have access to flood insurance, you will be responsible for a hefty repair cost. Covering your home with flood insurance will protect you from paying this unnecessary price.
This insurance will protect your home from any severe wind-related damages. If your home gets blown over by hurricane-strength winds, windstorm insurance will help to cover the costs of damages.
Earthquakes can be rather predictable in the sense that you are more susceptible to an earthquake if you’re near a fault line. Protect your home with earthquake insurance especially if your area is prone to earthquakes.
Often times a sewage line will get backed up and cause damages in the home. You’ll need to fix any home repairs as well as replace the line depending on the backup. Protecting yourself with sewer backup endorsements will prevent you from having to pay for any repairs.
Scheduled personal property
There are cases where your belongings do not fall under the noted items in your insurance policy. This is often the case for expensive items that are difficult to repair or replace such as a collection. Buying specified insurance for these items will help pay to replace them if they are lost in a disaster.
This is a list of some options for extra coverage. Speak with your insurance company to find out what further endorsements you can pursue to boost your insurance coverage.
There may not be a perfect insurance that covers everything you own from every potential disaster, but there are options to help you make your homeowners insurance better and protect your home from more. Homeowners insurance is hard to fully understand and getting the right policy can be tricky. Talk with your agent to see what policies and options are best for you.