Having homeowners insurance is important, but is your home really safe and sound with your homeowners’ insurance policy? Homeowners insurance is supposed to protect your home from property damage and other losses. It should also include a liability provision in case someone is injured while on your property. While this sounds good, there are some things that may not be covered:
Business-related items
More people are working from home, and that means they will have business equipment and assets on the property. In some cases, the business is housed on the property, but in a separate structure. If this is the case, it’s time to research whether those business assets will be covered under the primary policy.
Valuable items
While the insurance may cover some items, there are limits. If you have specialty or really expensive items in the home, they may not be covered. If this is the case, an additional policy designed to cover these items is probably needed.
Repairs
If something happens to your home, you automatically think it will be covered under the primary policy, but that isn’t always the case. You may have some restrictions in your policy on how much will be covered, or you have to use a particular set of contractors. It’s always a good idea to check on this before purchasing the policy to see if you may have those restrictions.
Money
Things have been really hectic around the country and people are stashing cash at home just to have it in an emergency. Most homeowners’ policies have limitations on the amount of cash they will replace in the event of a theft. Consider this one of those valuables provisions where you are limited on the amount of coverage unless you have an additional policy.
Identity theft
The tech-driven society we live in makes it easier than ever for someone to attempt to steal your identity. This is at a much higher level than just valuables that can be replaced. Identity theft can turn your entire life upside down. There are some insurers that now include it in a homeowner’s policy because it is so common, but it isn’t definite with all companies. It’s very important to check and see if this is a provision in your policy or if you can add that to an existing policy to ensure you have some protection from losses.
No home should be without insurance, but knowing what to look for in your policy can help you get the best possible coverage without any surprises down the line. The last thing you want to experience is an event where you are emotionally and financially spent, and you don’t have the coverage you were expecting to replace your things. Now is the time to do the research and put you – and your home in a good position.
