While a standard homeowner's insurance policy will provide you with most of the coverage you need to ensure you are protected if something ever happens to your home or its contents, there are a few types of coverage that these policies often do not include. In order to ensure you are fully protected, you may need to add some optional coverage to your policy. Continue reading to learn more about a few of the different coverage options you may want to consider adding to your homeowner's insurance policy.
#1: Flood Insurance
This is perhaps the most commonly overlooked type of additional home insurance simply because most people simply assume that their homeowner's insurance policy will cover flooding. However, the fact is that most standard policies exclude any damage that results from flooding. Consequently, it is very important that you obtain additional flood insurance. Depending on where you live, this insurance coverage can be obtained through your current insurance provider. However, suppose you live in an area prone to flooding. In that case, you may need to purchase your coverage through a government program since many private insurance providers will not offer flood insurance in these areas.
#2: Hurricane Or Earthquake Insurance
If you live in an area that is prone to hurricanes or earthquakes, you should know that a standard homeowner's insurance policy often excludes damage done to your home in one of these natural disasters. Thankfully, you can easily ensure you are covered for all damage done in a hurricane or earthquake by adding a ride-on policy to your standard home policy. You may wish to consider adding this type of coverage to your policy even if you do not live in a hurricane-prone area. This is because while some areas may be more prone to natural disasters than others, history has shown that this type of storm can often hit unexpected locations.
#3: Home Business Insurance
Thanks to the changes that the COVID-19 pandemic brought about, there are now more people working from home than any other time in recent history. Unfortunately, many people who have chosen to start home businesses simply assume that their business equipment and inventory are covered under their homeowner's insurance simply because it is being stored in their home. This is not the case. If you have a home business, you will need to add coverage for your business materials to your homeowner's insurance policy in order for these materials to be covered. This is because a standard homeowner's insurance policy excludes any items that are used for business purposes.
For more information about insurance for homeowners, contact a local agent.