Finding the right homeowner’s insurance is one of the most important things you can do to protect your investment and future. When most people think of damage to their home, they tend to think of fire or theft. Well, there are many other kinds of accidents that can cause damage to your home that are covered under most homeowner’s insurance policies. Remember each homeowner’s insurance policy is different, and if you bought your homeowner’s insurance on line, you may not have proper coverage.
Homeowner’s Insurance Mistakes
One of the biggest mistakes we find many people make is to fail to understand supplemental coverage under most homeowner’s policies. Standard homeowner’s polices do cover fire, theft, wind damage and more. However, there are many other coverages that you need to be aware of, and can include flood, earthquake, and hurricane insurance.
Homeowner’s insurance policies can be expanded to include additional limits for the following:
- Barns and other structures - These are not automatically included.
- Jewelry - All policies have limitations on the value of jewelry. If you have items over $1,500 in value you will need to have your policy endorsed to insure coverage.
- Liability insurance - Liability coverage typically starts at $100,000; you should buy at least $300,000.
- Sewer backup – You will need to make sure your policy has sewer backup coverage. Some online policies don’t include this coverage.
- Household workers – If you have part-time domestic workers your standard homeowner’s policy will not cover this. You will need a workers compensation policy.
- Art and collections – If you have expensive art, coin, stamp and gun collections, your standard coverage may not be enough. We recommend you contact our office today for a review.
With all the options you have these days, buying the right kind of homeowner’s insurance can be confusing. Some advertisements want us to believe that purchasing homeowner’s insurance should only take 7 minutes! Making purchases too quickly can cause mistakes. Taking time to consider your options can save you money and future headaches.