Home Insurance Articles
Finding The Right Add Ons For Your Home Insurance Coverage
2010-09-16
Homeowners insurance can provide you with some peace of mind in case something happens; but it doesn't cover all circumstance or necessarily all of the contents. Home insurance add-ons can broaden the coverage on a home and it may not raise home insurance premiums significantly.
No homeowner's insurance policy covers floods. If your home is damaged or destroyed by a hurricane, tropical storm or heavy rains then you will be glad you have protection already in place. You can purchase flood insurance through the National Flood Insurance Program (NFIP). This program partners with private insurance companies who provide the policies. In order to get this coverage, the community where you live has to join NFIP and agree to floodplain management. The rates are set by the program and are the same no matter which insurer you choose. The home insurance premiums depend on the flood zone in which you live.
Earthquakes are another natural disaster not covered by a homeowner's insurance policy. Depending on where you live you may be able to add protection from earthquakes for a reasonable rate. When looking for a quote for earthquake insurance also look under hazard insurance.
Luxury items such furs, jewelry or artwork may not be fully covered under homeowners insurance. Home insurance add-ons for these items can be purchased to protect you from loss if these are damaged or stolen. You may need to provide an appraisal and receipts if you have to file a claim. Home insurance premiums will be more with this coverage, but the amount depends on the value of the items you are insuring.
Identity theft protection can be added to most homeowners policies for just a few dollars a month. If someone uses your social security number, financial information, credit score or other personal information for their own personal gain then you have assistance.
Many homeowners' insurance policies may reimburse you for items that are damaged or stolen at the value of the item, minus a deduction for depreciation. If you buy a personal property replacement as one of your home insurance add-ons, then when you file a claim for personal property you will get enough to actually replace the item with a similar new one.
Medical payments to others if they are injured in your home or on your property may be limited in a homeowner's policy. It is inexpensive to increase the amount that would be paid for medical expenses to someone other than the occupants of the home.
Home insurance add-ons can provide protection you may have assumed was already in your policy. Many of these add-ons are often not expensive and are easy to find as most insurers offer them.