Owning your home is a major investment, but the same can be said for your possessions as well. A basic policy will only cover so much. You may need to add coverage for unique perils or specific natural disasters to ensure that all of the gaps in your coverage are taken care of. You will need to talk to an agent to find out what supplemental policies you will need to make sure you have sufficient coverage in addition to the homeowners’ insurance policy you have.
Different Types of Coverage
In addition to your basic homeowners’ coverage, there are additional levels of coverage that offer more coverage and in much higher amounts. One thing to consider is whether or not you want coverage for the cash value of your home or its replacement cost. If you choose replacement cost, you will expect to pay more in terms of premiums. With the rising cost of construction materials, it will cost much more to replace than it did when it was built.
Scheduled Property Coverage
Scheduled property coverage is meant for your items that have a higher value. Antiques and collectibles can hold a much higher value than what you paid for them. Expensive jewelry, fine art, and costly electronics will need additional coverage. It’s a good idea to call an appraiser to have your items evaluated to determine their true value.
Giving your insurance agent a copy of the appraisal certificate will ensure they know your items’ true, assessed value. It’s also good to maintain an updated list of your possessions. A video inventory will show the condition of your items, while a written inventory will contain their model and serial numbers. If you have both, make sure your insurance agent has a copy of each one so that you are always sufficiently covered.
Specific Perils
Many homeowners’ have specific perils that will require additional insurance. Swimming pools, certain breeds of dogs, equipment breakdowns, and different types of water damage all require specific types of insurance. Some will require additional liability, while others have to be able to cover the cost of extensive repairs. Putting up a privacy fence and proper home maintenance will help to keep your insurance premiums low and more manageable.
Natural Disasters
Natural disasters like hurricanes, earthquakes, and floods require specific supplemental policies for when they occur. Hurricanes and floods often happen together, but not always. Having separate coverage for each type of event is important if you live in areas where they are common.
Understanding what types of coverage you need will ensure you are sufficiently covered at all times and for various types of perils. Contact our agents at AimPro today to learn more about the different types of coverages. We have all the answers you’re looking for when buying the right type of policy and in the right amounts.
