3 Types Of Optional Coverage You May Need To Add To Your Home Insurance

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Discussing Insurance Coverage Hello, my name is Linda Suzanne. Welcome to my website about insurance. When I was first living on my own, I went without many different forms of insurance due to budget constraints. Unfortunately, luck was not on my side, so that decision did not serve me well. After suffering several major financial losses, I looked into affordable insurance options that would protect me from further complications. On this site, I want to help everyone understand how to acquire the insurance coverage that works best within their budget. Thank you for coming to visit my site. I invite you to come back often to learn more.

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While the law does require you to maintain homeowners insurance, the amount and type of coverage the law requires does not necessarily mean that you will be covered for all types of damage to your home. This is because while standard home insurance policies do offer a wide range of coverage, there are some types of damage that are typically excluded from these policies. That is why you may want to consider adding the three types of coverage outlined below to your homeowners insurance policy if you wish to ensure you truly are protected no matter what the future holds.

Flood Insurance

Despite the fact that many people simply assume that they are covered in the event of a flood, the truth is that most standard homeowners insurance policies do not provide flood protection. Since flooding is a very real problem for many people, adding this type of optional coverage really should be a priority when purchasing or renewing your home insurance policy. 

Hurricane Insurance

There was a point in time when only people who lived along the southern coast really needed to worry about purchasing additional hurricane insurance for their homes. However, thanks to the shift in weather patterns that many areas have experienced in recent years, more homeowners than ever are now needing to consider the addition of hurricane insurance. While this type of insurance is still most popular in coastal areas that are most likely to experience tropical weather, you may wish to add this type of insurance coverage to your basic policy if you are located in an area that can potentially fall victim to the devastating damage of a hurricane. 

Home-Based Business Insurance

Another change that the world has seen in recent years is a rather dramatic increase in the number of people that are working from home. This trend can be largely attributed to the Covid-19 pandemic. 

If you have chosen to start a home-based business, you should know that there is a good chance your homeowner insurance policy does not actually offer any coverage for the items in your home that relate to your business. For example, if you have a computer, copy machine, and landline telephone that you use to conduct business, none of this office equipment will be covered by your homeowners insurance policy since it is considered business equipment rather than personal property. In order to ensure these business assets are also covered in the event of damage or theft, you will need to add home-based business coverage to your existing policy. 

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