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If you own a home, you probably have some home insurance. Typically, homeowners insurance covers the structure of your home, replacement of damaged goods, lawsuits involving personal injury, and living expenses in the event of a disaster. While these coverages are important to have, sometimes it can be unclear if it is enough coverage. Your basic home insurance is a good start but is it enough? This is a tricky question but here are some additional coverage you should consider.
Flood Insurance
In the event of a flood, your homeowners insurance will not protect you! You need a separate flood insurance policy to help cover you from damages. Flooding can happen suddenly and cause damage to your home’s structure as well as your possessions. Depending on where your home is located, you may be required to have flood insurance. High risk areas are most susceptible, but even if your home is not considered high risk, having flood insurance is a good idea. If you want to get flood insurance, make sure that you get it before a big storm hits! After purchasing a flood insurance policy, it takes 30 days for it to go into effect. With winter snows melting, spring showers rolling in, and summer rains on the horizon, it’s a great time to talk to your insurance agent about flood insurance.
Specialty Insurance
Getting a specialty insurance policy may be a good choice if you have valuables in your home. For example, if you have an expensive jewelry collection, your homeowner insurance coverage limits may not be enough if something happened. Certain policies will exclude jewelry and other valuables. Jewelry insurance will also negate the need to pay deductibles if you make a claim about your jewelry. Similar to jewelry insurance, fine art coverage will help cover valuable artwork in your home. Though insurance cannot protect the sentimental value of antiques and prized art pieces, it will help protect them financially.
Earthquake Insurance
If you live in earthquake prone areas, you’ll need a separate insurance policy to protect you from damage associated with earthquakes. Unfortunately, it is not included in your home insurance. If an earthquake were to happen, would your insurance coverage be enough? Or would you need more coverage? Talk to your insurance agent to discuss the advantages of earthquake insurance!
Umbrella Insurance
An umbrella insurance policy is like a safety net. This coverage will help catch some of the missing pieces of your insurance. For example, if your home sustains damaged and your homeowners insurance coverage limits are not enough, then umbrella insurance can increase your limits. In addition, if your home has pools or trampolines, they are big potential liabilities. Having additional coverage is not a bad option.
If you are ever in doubt about if you have enough coverage, talk to your insurance agent! They can help you find the coverage you need to help protect your home! It’s always best to be safe rather than suffer the consequences in the event of tragedy.
