When it comes to selecting home insurance, it's essential to carefully consider the details. Every policy is different and can have various features and terms. For home insurance, there are often instances of exclusions. These are specific components of the policy that state what incidents will not be covered. It is never safe to assume your policy provides protection for all of your potential risks. Rather, it may be necessary to seek out a policy that does offer more protection or one that allows for additional, supplemental coverage instead.
There are some types of risk that are not commonly a part of a basic home insurance policy. If you are looking for a new policy or you want to ensure that your current one meets your needs, be sure to consider the supplemental need for these components:
- Earthquakes: This type of natural disaster, especially in high risk areas, tends to not be included in a typical home insurance plan. However, you can purchase earthquake insurance separately to help minimize your financial risks.
- Floods: The cause of the flood tends to be a key factor in determining coverage. If your water heater bursts, this may be covered by a standard home insurance policy. But flooding from torrential rain storms (and other external sources) probably will not be included. You can find out if you live in a flood zone by talking to your agent.
- High-value items: It is possible that your jewelry, collectibles and art will be covered by your home insurance policy. However, if these items are very valuable, you may need extra contents coverage to protect those belongings that exceed the value of your policy.
Take a look at what risks you face in owning a home, and spend a bit of extra time ensuring your home insurance plan is comprehensive enough to cover all of your risks. If not, supplement it with an additional layer of coverage to further reduce your risks and protect your family's finances in the event of a significant loss.
Are you familiar with the details of your policy? Call Alliance Insurance Group at (888) 279-9701 for more information on Denver home insurance.