Homeowner’s insurance is something that lets you sleep a little easier at night, knowing that if something unexpected should happen at or to your home, your insurance is protecting you—but is it really? Do you really know what is in your homeowner’s policy? If not, it could be a rude awakening for you to have a sudden loss that is not covered and leaves you financially devastated.
Types of Homeowner’s Policies Most homeowner’s policies cover losses against fire, storm damage, and other named perils. Depending on your coverage, your policy pays for repairs, loss of use, liability claims, medical payments, and more. There are different types of homeowner’s insurance policies that will cover different types of losses including basic, broad, and special (all-perils) coverage. These policies will pay for losses according to actual cash value to replace your home and possessions minus depreciation, or by replacement cost value (the actual cost of replacing your home or belongings up to your policy limit less depreciation). Whether you receive an actual cash value payment or replacement cost payment will depend on the type of homeowner’s policy you have. There are many types of homeowner’s policies. Some of the more common ones include:
Typical Homeowner’s Insurance Policy Exclusions You should carefully review all your homeowner’s policy language including the declarations page and take note of what types of losses are excluded in your policy. Typical homeowner’s exclusions include losses from:
This is not a complete list of homeowner’s exclusions but just some of the more common ones. Even though a peril may not be covered on a homeowner’s policy, this does not mean that you cannot be protected from these types of losses. In many cases, you can endorse your homeowner’s policy with something called a policy rider. Policy Riders (Endorsements) for Added Protection A policy rider (also known as an endorsement) adds coverage for perils not originally listed as covered in your policy. A policy rider will provide the additional coverage you need, for an additional premium. You also have the option of buying a specialty coverage policy if an endorsement cannot be added to your homeowner’s policy. Some specialty policies include pet insurance, boat insurance, earthquake insurance, and flood insurance (flood insurance is only offered through the National Flood Insurance Program (NFIP) and its authorized private insurers). Homeowner’s Insurance Endorsements to Consider Here are a few additions you may want to make to your homeowner’s insurance:
Final Thoughts and Considerations While adding additional coverage to your homeowner’s policy through endorsements may cost you an additional premium, it may be worth it in the long-run. When disaster strikes, you don’t have a moment to lose to get your home repaired and in living condition. You will have to weigh the risks and determine if you need more homeowner’s insurance than you have in your existing policy. It is not a bad idea to consult with an insurance professional and review your options. It may be as simple as getting a more comprehensive homeowner’s policy. This will depend on your own unique circumstances and needs. For all your insurance needs, it is a good idea to do an insurance check-up at least once a year to make sure you are properly covered against any unexpected losses. Checkout the family health insurance lancaster pa plans and find the better options for your loved ones.
2 Comments
12/8/2019 11:49:17 pm
A good health insurance policy would usually cover expenses made towards doctor consultation fees, costs towards medical tests, ambulance charges, hospitalization costs and even post-hospitalization recovery costs to a certain extent.
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12/8/2019 11:58:06 pm
When your health insurance provider understands your needs and priorities, it is better equipped to provide relevant, personalized information that fits your needs.. Great post!!
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