Covering Your Assets with Homeowners Insurance. Many homeowners purchase a standard homeowners insurance policy because it’s required by the lender but many of us neglect to find out what is actually covered and if an umbrella policy is needed. Could you be paying for items you don’t need or perhaps you don’t have enough insurance?
If you’re thinking you’re covered against anything and everything you’ll be surprised to learn that there are exclusions to your policy.
The standard insurance policy covers
• The structure of your home
• Your personal property
• Liability damages
Your home’s structure is covered if damaged by any disaster listed in your policy such as fire, hurricane, hail or lightning but will not cover damage caused by flood, earthquake or wear and tear. You’ll need an umbrella policy for those types of damages.
Personal belongings are covered by your policy however policies vary and some will pay the “actual cash value” which is minus depreciation while others will pay the replacement costs. To be sure your most prized possessions are covered you should prepare a detailed inventory of your furniture, clothing, jewelry, electronics and any other personal items that are costly to replace and discuss with your insurance provider. Your carrier will let you know if you have enough insurance to replace these items.
High-ticket items such as furs, media room equipment, and art should be appraised and probably will need an addendum to your policy for full coverage.
Liability coverage is not only on-site but covers you away from your home. Say your luggage is destroyed by the airlines while you’re on travel; your standard policy will cover the replacement of your luggage up to a certain value.
And if your neighbor is hurt on your driveway because you neglected to shovel the snow and ice away or you failed to fill-in that major crevice in the cracked sidewalk that caused an injury – your insurance policy will cover the lawsuit and minor medical bills.
Another convenient attribute of the liability portion of your homeowners insurance is that the liability will cover your kids away at college – as long as they reside in the dormitory. Say your son’s laptop is stolen from his dorm room – it’s covered under your homeowner’s policy. Again, you should read the policy and exclusions to see how they figure the value.
Do you have a home business?
Unfortunately, many home business owners mistakenly believe they are automatically covered since they have homeowners insurance. This is untrue; your business computer, furniture and any business related items in the office may be covered for a small amount, but we’re talking maybe up to $1000.
While very few home businesses need this type of endorsement it’s wise to consult your insurance agent. If you store inventory, expensive equipment like a laser printer or high-tech computers or any business devices that cost over $1,000 you should invest in a rider or umbrella insurance. Average costs are approximately up to $20 per year to add this rider to your homeowners insurance.
Homeowner’s insurance policies all contain exclusions and limitations. Always read your documentation because assuming that you can replace your most valuable assets and finding out later that you are susceptible to a major loss is too big a chance to take.
About the Author: Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida. Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties. For more information please forward your request to communityinfo@comcast.net
View thousands of listings www.Northeast-Florida-Relocation.com, www.BoldRealEstateGroup.com, www.NewYork-Florida-RealEstate.com, www.PGAVillage-Homes.com, www.TheCascadesAtStLucieWest.com, www.HealthcareRelocationServices.com
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