10 insurance policies you might not have – but that you should think about

Life doesn’t always go as planned. And that’s why they invented insurance. Your home insurance policy will protect you from a financial loss if something happens to your home and it will cover your legal liability for many situations. But there are certain things that home insurance simply doesn’t account for. Check out the following insurance policies that you might not have – but that you might need.

1. Sewer backup coverage.

Okay, this one isn’t pleasant to think about, so we’re going to get it out of the way.

What if your sewage system went crazy and sent icky, gross, disgusting sewer water back into your house? (We’ve all heard the horror stories about a toilet backing up.) It would be super expensive to get your home sorted out after that…but the only problem is that home insurance doesn’t cover this unless you have a specific endorsement (which is a section on your policy that can add or adjust coverage) for it.

2. Flood insurance.

A lot of homeowners wonder if flooding is covered by home insurance. And the thing is that it’s not. “Flooding” in insurance-speak means an event when two or more acres that are normally dry are covered with water, or when two or more properties are affected. The flood can be caused by heavy rains or a river or other water source bursting its bank.

So, if you have a lot of heavy rain and your basement floods, you would most likely not be covered under home insurance.

However, you can get flood insurance to protect yourself. You can purchase it through an agent from the National Flood Insurance Program (NFIP.) If you’re in an area that’s susceptible to flooding, flood insurance should be on your list of insurance policies to investigate.

3. Vacant home insurance.

If you have to leave your home because of traveling or home renovations, you need to talk to your insurance agent. A lot of policies will not continue coverage if the home is unoccupied, so by leaving your home vacant, you could be forfeiting your coverage. You need to get a special vacant home insurance policy to protect your house while you’re away.

4. Special event insurance or wedding insurance.

Are you planning a huge event that requires a venue? Maybe a family reunion with dozens of people, a birthday party, a festival? You might need to get special event insurance to protect your liability. In fact, many venues require the renter to hold a special event policy so that your guests are covered for accidents. For example, what would happen if a guest tripped and broke a leg? You could be held responsible. A lot of the time, the venue will require the renter to sign a contract that transfers these risks from the owners of the venue to the renter.

And likewise, if you’re planning a wedding, you might want to think about wedding insurance, which can protect your liability and help you make sure that you’re financially protected against a variety of disasters that could befall the big day.

Life and disability insurance policies can provide for your family.

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5. Life insurance.

Life insurance allows you to provide for your family if anything should happen to you. There are different options for you to choose from. In simple terms, term life insurance will give benefits to the family or benefactor of the deceased if the death occurs within the policy period. Whole life insurance will cover the policyholder for their entire life so long as the premiums are paid. It’s a way to protect your family if you aren’t there to provide for them, and that’s why life insurance should be one of the insurance policies you consider for your family.

Pro tip: Both parents should have life insurance policies, even if one of them is not currently working and is not the “breadwinner.” The expenses of childcare and managing a household quickly add up if the stay-at-home parent is no longer there.

6. Additional coverage for your jewelry and valuables.

While your jewelry and other valuables are covered under home insurance, chances are that there is limited protection for them. Your insurance probably only covers up to a certain amount for your valuables. So, if you have expensive jewelry, silver, or the like, you might want to consider adding additional coverage for valuables to your insurance. Talk to your agent to find out the best way to insure your treasures.

7. Disability insurance.

Disability insurance can really help you out if you’re injured or ill and unable to work. You might have disability insurance through your work, but you should read the policy carefully to determine if this is enough coverage for you. If you would like more extensive disability insurance you might have to go elsewhere.

8. Personal umbrella insurance.

Personal umbrella insurance can help you by adding additional liability insurance to your home insurance policy. It basically sits on top of your current insurance. Umbrella insurance helps you out if you have a huge liability claim that blows through the limits on your home insurance policy. For example, if your liability limit is $300,000 and you have a claim that ends up being $500,000, your umbrella insurance would cover the remaining $200,000.

Umbrella insurance makes sure that you’re not left in the lurch when your home insurance taps out during a liability claim. If you’re interested in getting quotes for personal umbrella insurance, you can fill out our online quote form or call us today.

9. Pet insurance.

Pet insurance can help you cover expenses if your pet is hurt or becomes ill. If you have a furry family member, you might want to consider it if you don’t think you’d be able to cover a huge medical bill if something happened to your cat or dog. What if they needed surgery or other expensive treatment? They’re part of your family, so of course, you’d want to be able to do whatever it takes to help them.

It’s definitely worth doing some research into different pet insurance policies to find out what options are available to you. However, you’ll definitely want to make sure that you know exactly what is and isn’t covered by the policy and that you know how the pet insurance will reimburse you for claims.

10. Workers’ compensation for your nanny or other employees.

If you have a professional nanny looking after your children, you’re now their employer. And as an employer, it’s your responsibility to be able to provide for them if something happened to them on the job. What if your nanny takes the kids to the park but has a bad fall? Workers’ comp can cover the nanny’s medical expenses, a hospital stay, and even reimburse them for a portion of their lost wages.

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Don’t let insurance be something you don’t think about until it’s too late. It’s so important to have the insurance policies you need to protect your finances. If you’re looking to get the right insurance for your home and your family, we can help. Our agents will take the time to listen to and understand your situation so that you get the coverage you need. To get in touch with our team, all you have to do is fill out our quote form or give us a call today.