Homeowner's insurance is a great policy to have if you own your home, as it covers basic liabilities and many causes of damage to your home. If there is a natural disaster that causes damage to your home, you will be happy you have this policy to help cover some of the repairs. However, there are exclusions from the policy, just like any other insurance policy you purchase. To cover these exclusions, there are some add-ons that many insurance providers offer. Here are three of the most important extras to consider.
What Homeowner's Insurance Covers
Before looking into the extras, it helps to know exactly what your policy will cover. While different insurance providers offer different areas of coverage, there are some standards that most policies have. Your home's structure will be protected by a variety of sources of damage, including severe weather conditions and natural disasters. You also have liability protection, such as if someone is injured while in your home or on your property. You have protection of your personal belongings, protecting you from theft and vandalism. You may also have additional expenses paid for if you need to relocate while repairs are being done to your home.
The first extra you should consider adding to your homeowner's insurance policy is flood insurance. While you may have some coverage from sudden water damage, you probably don't have a lot of flood damage coverage. If there is a sewer system failure or gradual water damage in your basement that causes a flood, the damage to your home is not covered. However, you can add a flood insurance policy to your homeowner's insurance policy to get this type of damage covered.
Umbrella insurance is a type of insurance policy that fills in the gap between what your insurance policy covers and what you owe. If you add it to your homeowner's insurance policy, it covers repairs to your home that go beyond what your limit is with your policy. For example, if your homeowner's insurance policy covers $100,000 worth of damage, but your repairs after a fire cost $200,000, then the umbrella policy helps to cover the other $100,000 so you can complete the repairs you need without paying out-of-pocket.
Home Business insurance
If you run a business from your home, you should also consider getting home business insurance coverage as part of your homeowner's insurance policy. This policy will protect your home office equipment and furniture, including your desk and table, computer, printer and photocopy machine, and anything else that was destroyed during the event. A fire, natural disaster, or theft could all cause a lot of loss for your and your home-based business. This makes the home business coverage very useful. Contact companies like The Selzer Company for more information.