Tuesday, September 26, 2023

4 Types of Homeowners Insurance Policy Additions

For the vast majority of Americans, your home is the most important asset you will ever own. That’s why you need to take the right steps to protect your home and everything in it. That’s where homeowners insurance comes in. Although insurance for your home is not a legal requirement in the US, you probably need to have it.

The vast majority of mortgage lenders will demand that you take out comprehensive homeowners coverage as a pre-condition for them granting you a loan. However, simply taking out a home insurance policy is not enough. You need to ensure that you have the full protection that you need for your home. With that in mind, read on to find out five essential home insurance add-ons that will give you the extra coverage you deserve. 

1. Home Business Coverage

As you probably know already, more of us are working from home than ever before. What’s more, all evidence indicates that the WFH trend is here to stay on a permanent basis, meaning that you will likely be using your home as your place of work for the foreseeable. That’s why you need to check out comprehensive home business coverage. This provides all of the workplace insurance protection you would expect in the office, but in your home. 

2. Home Foundation Coverage 

You might be wondering, does home insurance cover your foundation? A typical insurance policy would cover your home’s foundations in the event of a freak accident, such as a flash flood. However, a bare-bones homeowners insurance policy does not tend to cover your home’s foundations as a result of normal wear and tear. Since shaky foundations can be devastatingly expensive to fix, you should always take out full home foundation coverage.  

3. Home Disaster Coverage 

You would think that any property insurance policy would cover pretty much any natural disasters. However, this assumption is incorrect. Your home might be covered in the event of an earthquake, but not a flood or a fire caused by a lightning strike, for example. It is essential that you read through your policy and see exactly what kinds of disasters are covered. If you are not satisfied with your standard coverage, opt-in for some disaster insurance add-ons to truly cover your bases. 

4. Personal Injury Homeowners Insurance

This is an add-on that covers types of injury sustained in the home that is not actual physical damage to the body. Unlawful arrest, false eviction, defamation, and slander within your home are all covered by this type of property insurance add-on. It is a simple and inexpensive way to ensure coverage and the potential to claim damage for certain kinds of unfair treatment by an individual or by authorities when you are in your home. 

Make More Informed Financial Choices Understanding the most important homeowners insurance add-ons can help you make smarter and more secure financial decisions. For more tips and tricks for better finances, we have got you covered. Make sure to consult our Finance pages to learn more.