What types of additional coverage can I get from my home insurance company?
UPDATED: Feb 7, 2012
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Asked February 7, 2012
The standard home insurance policy leaves a few gaps in your coverage that can be filled with riders and supplemental policies. Some of the supplemental coverage should be purchased by everyone, but others are optional coverages that fill the gaps of your standard home insurance policy or give you added protection for covered items.
Flood insurance is not included in any standard home policy even though flooding is possible in every state in the country. Because the cost of flooding can be so high, most traditional insurance companies do not offer flood insurance at all, so purchasing the coverage will have to be done through a high risk insurance company or a government monitored insurance pool such as the FAIR plan.
Most home insurance policies insure your personal property up to 10% of the total policy value, but the average family can easily own many thousands of dollars of personal property. Your personal property is everything you own, from your clothing to your jewelry, inside the home and on the property being insured. Because your personal property may be worth far more than the default insurance covers, picking up an additional property insurance rider is usually a good idea.
Another policy that could be useful for a homeowner is a liability umbrella policy. This type of liability coverage will pay for damages and injuries to other people, but it only kicks in when your standard policy reaches its limits. The beauty of an umbrella policy, though, is that, as the name implies, it provides an umbrella of protection that extends to other insurance products, including your car insurance.
If you have pets, pet insurance might fill in another gap in your coverage. Home insurance does not provide for health care for the humans in your family, nor does it provide coverage for your furry and feathered friends. You will need to purchase health and pet insurance separately, but not having the coverage you need would be far more costly than having it and not filing a claim for many years.
Answered February 7, 2012 by Anonymous