We typically purchase homeowners insurance to protect our largest investment – our home. But homeowners coverage, and often condo and renters insurance too, includes many other items besides your home. Let’s take a look at just a few items that might be covered by your homeowners insurance carrier.
While some premier insurance home insurance carriers automatically include some of these, others may be available by endorsement. It’s best to talk to an insurance broker about your policy and what coverage is included.
Personal Property Replacement
Your home insurance will typically provide insurance protection for up to 50 to 70 percent of the replacement cost of the structure. For instance, if the replacement cost of your home is $150,000, your policy would include $75,000 for your personal possessions, such as clothing, computers and such. Keep in mind, jewelry, art and furs would require a special endorsement.
If you own an animal, it is possible that animal could cause harm to someone visiting your home or while you’re at a park. Regardless of where the bite occurs, your home insurance policy can provide you with liability insurance coverage to help cover the injured party’s medical bills as well as any settlement or attorney’s fees.
Identity theft is a growing problem in the United States. Typically an endorsement, this coverage would help with expenses you incur trying to get your stolen identity back in order and your credit ironed out.
Theft of Items from a Car While in Transport
If you’re transporting a home item such as a television or even an expensive purse in your car and it is stolen, your auto insurance policy won’t cover it, but a home insurance policy can. Consider carefully whether or not it would be worth turning in a claim, however, as a deductible and claim on your record could make it a wash, or put you in a worse situation come renewal time.
Additional Living Expenses
If your home is damaged by a covered loss and is unlivable, some insurance carriers will pay for your room and board while the home is being repaired.
Extra Coverage Availability
Umbrella insurance policies offer additional liability protection if your home or auto insurance policy is exhausted. They’re typically inexpensive, and quotes take just a couple minutes.
The coverages above may not be available from all insurance carriers, and options vary by state. To find out if your home insurance carrier offers these benefits, contact Higginbotham’s personal insurance experts.