Protection Details: 4 Home Insurance Coverages and Endorsements That Better Protect You
A basic home insurance policy can be incredibly useful, and can save you a lot of stress and money when the disaster hits. However, it won’t always cover everything. There are a few endorsements and add-ons that you might want to consider. With the proper insurance riders, you can extend your coverage and ensure that all your finances and belongings are going to be protected if an accident or injury occurs.
Personal Property
Homeowners insurance policies usually extend to personal property, and they can cover a lot, However, the coverage might have some limitations or only cover up to a certain amount. To cover all of your family’s personal property, you might need to add one or more riders. When you first take a look at home insurance, you should calculate the value of your belongings so that you have a good idea of how much coverage you are going to need. If a fire or flood damages your things, you want to ensure that anything you would want to need to replace is covered.
Water Backup
Many people are surprised to hear that most home policies don’t cover all forms of water damage. Even if your policy covers floods and rain damage, it might not extend to sewage backups. Unfortunately, sewage backups are very common in some areas, and you should consider adding that coverage if you live in a city that regularly floods or has older sewage lines. That type of rider should help you pay for repairs if any pipes burst or water gets into your home.
Home Business
One of the most common mistakes that small business owners make is not revising their insurance when they are working from home. Even if you have a commercial office somewhere else, a rider might need to be added to your home insurance policy if you conduct any business at home. In some cases, a home insurance policy can be voided if the policyholder doesn’t tell their insurance provider that they have a home business.
Collectibles and Antiques
If you have any particularly valuable items in your home, then those objects might have to be individually added to the policy. An example of that would be a rare piece of jewelry that has been in your family for generations. That type of object will most likely need to be appraised by a professional and then added to your policy. Some other examples of collectibles include artwork, antique firearms, baseball cards, and old coins.
Once you have a solid homeowners insurance policy in place, you should take a fresh look at it every year to ensure that you have the proper coverage. You should also double-check your insurance policy if you ever carry out any major home renovations or upgrades.
