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Saturday, 24 August 2019
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This Old House - Do-it-Yourself

First-Time Buyer? 4 Items to Include in Your Home Insurance Policy

Written by Posted On Thursday, 16 May 2019 10:24

You’ve invested a lot of time and money in your home, so it’s only natural that you would want to protect that investment. That’s where home insurance comes in. Home insurance is much more than protecting your home, though, since a comprehensive home insurance policy can include coverage for your property kept within the home (e.g., valuables like jewelry) and general liability insurance as well.

A Good Baseline Policy

Typically, homeowners insurance will cover major accidents that can threaten your home. Accidents like fires, storms, and hail damage are included in most policies these days. What’s important to bear in mind is that not all natural disasters are covered by home insurance policies.

The bottom line is that if you’re in an area of the country prone to natural disasters like tornadoes or earthquakes, then you might really want to think about including those in your home insurance policy. Those two events aren’t normally included in home insurance, so it could wind up saving you literally hundreds of thousands in recouped costs to include extra coverage along those lines.

Dwelling Protection

You might want to consider dwelling protection as well if you have a detached home or garage on your property. Dwelling protection usually also covers outdoor decks, but you might want to ask your future insurer whether that is actually covered under your basic policy or if dwelling protection is something that you need to stay fully covered.

Personal Property Protection

When you think about home insurance, your mind might not initially go to the valuables inside of your home. That’s natural, but what you store in your home might be the most important and irreplaceable part of your life. Wouldn’t you want to also insure that? Sure you would.

You can add personal property protection to your home insurance to cover all kinds of electronics, jewelry, and valuable musical instruments, as examples. It’s cliché but sometimes the wedding ring really does slip from your finger and wind up down the kitchen drain. For lost items, thefts, and fires, adding personal property protection can give you that added peace of mind and keep you covered.

A Higher Upper Limit

Another thing that people don’t always think of right away is the fact that home insurance usually has an upper limit to how much the insurance company will cover. Fortunately, you have the option of buying home insurance with a higher upper limit on the amount that the insurance policy covers.

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