Most homeowners don’t think too much about their homeowner’s insurance policies. They sign on for the standard policy and leave it at that. They may not be aware of the details of their policy, let alone the options they may add to it in order to increase their coverage.
The standard homeowner’s policy covers your expenses for any damage done to your home or property by the following:
• Theft
• Lightning
• Fire or smoke damage
• Freezing pipes
• Wind unrelated to a hurricane or tornado
A standard home policy in most cases does not cover the expenses you incur due to:
• Mold
• Destruction by animals or insects
• Earthquakes
• Floods
• Wear and tear
• Electrical outages
Most standard policies also cover any injuries sustained by others while on your property. Additional riders can up the coverage amounts for medical care required due to such an injury, as well as any legal costs related to the injury.
If the standard policy isn’t well suited for your own situation, you can choose to add specific types of coverage for an additional cost. These add-ons are called riders. You can add specific coverage for your collection of antique dolls, or a rider that covers your professionally maintained heirloom flower garden. You can also add coverage of rental income lost when a property you own becomes unrentable due to any covered circumstance. You can add coverage of fire department bills you have to pay after a fire at your home is put out. There are riders available to cover those who run an in-home day care business, as well as those who suffer losses due to identity theft.
In fact, coverage is available, at a cost, for nearly anything you can imagine. You don’t have to settle for basic coverage. Talk to your insurance provider about the options and expenses.