How to Determine Which Home Insurance Coverage Enhancements Will Make the Best Policy
Which home insurance coverage is right for you? Enhancements will tailor your policy to your lifestyle.
A home is the largest purchase most people will ever make, and getting the right insurance coverage can save a lot of money, time, and stress in the event of a disaster. But which home insurance coverage is best for a homeowner who wants to make sure he or she is totally covered and protected? There's no one-size-fits-all answer to this question. You can personalize your home insurance with coverage enhancements to create a custom policy that meets your needs.
An average homeowners insurance policy includes dwelling protection, protection for other structures (like a shed or detached garage), personal property protection, and liability protection (if someone you don't live with is injured on your property). The policy will have coverage limits for each type of loss.
Coverage enhancements are crucial add-ons for homeowners who are at risk of having gaps in coverage. For example, your policy may only allow up to $2,000 for a jewelry claim. However, if you own an expensive jewelry collection, you could need more than $2,000 of coverage. That's where a coverage enhancement for special items can come in handy.
Deciding which home insurance coverage enhancements fit your lifestyle
These enhancements are an easy way to ensure your home insurance matches your family's needs. Which home insurance coverage enhancements are there to choose from? Here are some common ones:
- Water back-up of sewers or drains
- Identity theft
- Breakdown of household mechanical equipment
- Refrigerated property
- Scheduled personal property
- Pet health insurance
- Water and sewer line breakage
See how different these enhancements can be? If you live in one of the 16 states identified as high risk for experiencing a damaging earthquake in the next half-century, earthquake coverage may be a smart addition to your insurance portfolio. If you're among the over 107 million U.S. households that own a dog or cat, a pet health insurance enhancement could give you added peace of mind. It really depends on the several unique factors that make up your life at home.
Questions to ask your insurance agent about home insurance enhancements
Whether you have an existing home insurance policy or you're in the market for a new one, get prepared before you call your insurance agent. You want to give them a complete picture of what your home—and everything inside—is worth. It may be tempting to fudge the truth a bit to get a "better" rate, but you'll only be hurting yourself in the event you need to file a claim in the future. You've invested so much into your home already—take the time to cover it the right way.
Be an active participant in the creation of your policy, and don't be afraid to ask which home insurance coverage will be best for you. Your agent will certainly be asking you plenty of questions, but here's a checklist of possible questions to ask:
- Will I be covered no matter how my home is damaged?
- How much would it cost to rebuild my home in its current location in the event of a total loss?
- I own XYZ and it's worth a great deal of money. Is it fully covered under my current policy?
- Are there any specific coverage enhancements you'd recommend for me?
- What are the most common claims filed in my area? And are they covered by typical home insurance policies?
- I can only afford a certain amount for my premium every month. Which coverage enhancements do you think are the most important for me?
Adding home insurance coverage enhancements doesn't have to send your premiums through the roof, either. For example, Pekin Insurance offers discounts for combined home and auto policies, burglar alarms, automatic sprinkler systems, and newly constructed homes. Mature homeowners age 52 and older are also eligible for a home insurance discount. And don't forget to check in yearly to review your coverage. You may find enhancements that you can drop or change to fit your current lifestyle.
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