Choosing Better Insurance Coverage

Few things are more important than having the right insurance coverage. About ten years ago, I was involved in a near-fatal crash where I experienced traumatic physical and emotional injuries. It was really challenging for me to endure the hospital stay and subsequent physical rehabilitation, but with the help of my medical team and my insurance company, I was able to overcome the challenge and completely recover. This blog is all about the importance of choosing the right insurance plan so that you can get on with your life and enjoy those precious years with your family and your friends.

Check If Your Homeowners Insurance Covers These Essential Things

Insurance Blog

Standard homeowners' insurance protects your house's structure and contents, as well as some of your liabilities for other people's damages. However, don't assume that you are fully protected if standard coverage is all you have. If you analyze your policy carefully, you are likely to find that these three things aren't fully covered:

Identity Theft

Millions of Americans have their identities stolen every year. Having your identity stolen can be costly. It can damage your credit rating, cost you money in terms of legal fees, and even make it hard for you to find employment if the perpetrator commits a crime in your name. That's why some insurance carriers are starting to include identity theft protection in their home insurance policies. If it isn't included in your policy, see if you can add it as an endorsement. That way, you will have money to repair or recover your identity if it gets stolen.

Expensive Items

Homeowners' insurance covers expensive items, such as sound systems or jewelry. These items are classed as your personal items, which usually have an aggregate overall limit of 70% of your overall coverage value. There may also be sub-limits for specific group of items-- for example, jewelry may be covered up to a limit of $1,000. As you can see, these per-item limits might not be adequate for replacing your lost valuable items. Therefore, if you have such items in your house, talk to your agent about increasing your coverage for them.

Home Business

If you have business equipment at home, they might not be covered by your standard homeowners' insurance. Even if they are covered, the limit might be as low as $2,500, which is likely to be inadequate.

For example, if you run a technology business at home, think about your computers, printers, scanners, photography equipment. The best way to ensure you will get money to replace them is to add a home business insurance rider to your existing standard coverage. There are various forms of such coverage-- talk to your insurance agent to see which one offers the best value for your case.

As you can see, standard homeowners' insurance isn't for everybody. In fact, few people are adequately protected by standard coverage. Analyze your house's contents, risks, and items before settling on a home insurance package. For example, a homeowner with expensive artwork requires serious coverage for personal belongings while a home-based computer technician requires adequate coverage for their business. Contact a company like Harris Insurance Services to learn more.


15 July 2016