Every person that owns a home knows that homeowners insurance will provide coverage if your house is damaged and needs to be repaired. A typical insurance policy will provide coverage against normal everday perils that include fire, theft, wind, explosion, riots, and falling objects..... but what else can a homeowners insurance policy cover?
Here are just a few optional coverages in case you need them:
- Personal Injury - Let's say you have a teenage daughter accidentally spreads a rumor at school about other classmates. And one day a sheriff knocks on your door with a court summons notifying you that you need to appear in court because your Jenny was bullying another child over the internet. It's real and it happens more than you think. A normal homeowners policy will not extend liability coverage for this type of claim. But if you make sure to add personal injury it can.
- Identity Theft - The fastest growing crime in the US is identity theft. Did you know that you can add identity theft reimbursement onto your homeowners policy? Yes you can. If someone steals a credit card and goes on a shopping spree and leaves you with a giant bill, the credit card companies will normally waive these charges. But what about the impact to your credit score. It can takes years to reestablish your credit score and get it back in good standing. This optional coverage will pay for the legal fees involved to get your credit score back in order.
- Home Business - This can be a great endorsement to add to your homeowners insurance if you operate a small business out of your home. This add-on can provide coverage for business property, business income, and accounts receivable that would normally be excluded from a normal homeowners policy. This coverage can be limited based on type of business and total annual revenues but great coverage if you fit the eligibility criteria.
- Sinkhole Coverage - What if your home were swallowed up by a sinkhole while you were away on vacation? Your homeowners would cover this, right? WRONG. A normal homeowners policy will specifically exclude earth movement including sinkhole formations. So it is possible that you could lose your entire house in the blink of an eye and not even be covered.
These are just some of the optional coverages that you can add on to expand the scope of your typical homeowners policy. We always suggest consulting with your local independent agent to find the appropriate coverage to fit your specific needs. -- @MooneyInsurance
