You have a lot of time, money, and energy invested in your home. So why would you want to take the chance that an accident or disaster will cost you everything? Even if you have basic coverage, there are other types of policies that might be necessary to meet your needs. With the right homeowners insurance endorsement, you can protect yourself and your home from a variety of risks.
Typical Homeowners Insurance Policy Exclusions
In order to make sure you are getting the best coverage, start by reviewing your homeowners policy. Pay attention to what is excluded and find out if there is anything else that could be added in case of a loss.
Typical homeowner’s exclusions include losses from:
- Flood
- Business Equipment
- Earthquakes
- Valuable Personal Property
- Future Assets
- Damage from War
- Pollution
- Nuclear Accident
- Intentional Damage
- Normal Wear and Tear
- Construction Defects
- Vehicles
- Tenants’ Property
- Pets and Other Animals on Your Property
These items are largely excluded from coverage or have limited coverage, and should be insured individually on your homeowner’s insurance policy:
- Jewelry
- Guns
- Furs
- Silverware
- Collections
- Art
Special Endorsements for Added Protection
An endorsement, also known as a policy rider, adds coverage for perils not originally listed as covered in your policy. A policy rider can provide the additional coverage you need at an additional premium. You can also buy a specialty coverage policy if an endorsement cannot be added to your homeowners policy.
Types of Endorsements:
- Earthquake
- Inflation guard
- Sewer backup
- Scheduled personal property
- Personal property replacement cost
- Home business endorsement
- Watercraft endorsement
- Hidden water damage
- Matching endorsements
- Secondary residence premises endorsement
- Personal injury endorsement
Note that most policies will not include flood insurance. Coverage for floods is only provided through the National Flood Insurance Program and its authorized providers. This flood policy has a standardized base cost regardless of the provider; however, you can add modifications that can have various costs and levels depending on the provider.
It is also important to know that these are not all available with every insurance company.
Get the Proper Homeowners Insurance Coverage Today!
If owning a home is one of your dreams come true, then it’s important not only to think about how much house insurance costs but also what types of coverage provided by different companies may be best suited for protecting all the hard work involved in making this place as your own.
At Chastain Otis Insurance, we work with homeowners like yourself to make sure they are properly covered for their specific needs.